Ariana receives licence for Ivrindi project
Aim-listed exploration and development company Ariana Resources on Monday announced that Turkey had renewed the operating licence for its Ivrindi gold project for another ten years.
Ivrindi is 100% held by Ariana, outside its 50:50 Red Rabbit joint venture, which owns the producing Kiziltepe operation.
"Exploration and development activities at our Ivrindi project were slowed down last year while we went through the process of renewing of our operating licence, which we have now secured successfully for a further ten years,” said MD Kerim Sener.
Prior to this, the company has demonstrated significant upside and has indicated its objective to mine and truck material from Ivrindi to the Kiziltepe processing plant.
The property lies 100 km by road from the Kiziltepe sector of the Red Rabbit project.
“We currently maintain a stockpile of ore at Ivrindi which is expected to be trucked to Kiziltepe for trial processing in the future,” said Sener.
Trial mining started within the central part of the resource area during 2018 and further trial mining is planned for 2020/21. To date, about 16 000 t of mineralised material has been extracted from the trial mining area at an average grade of 1.2 g/t gold.
A 1 500 m reverse circulation drilling programme is planned to test the full strike-length of the mineralised structure at Ivrindi once new forestry permits are secured.
The mineral resource estimate for the Ivrindi project is 207 000 t at 1.65 g/t gold, for 11 000 oz gold, in the inferred category and demonstrates potential for further growth with additional drilling. The management resource target for future exploration at Ivrindi is currently 500 000 t at 2 g/t gold.
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