Ariana Resources shared an update on the mine development programme at Tavşan project. Tavşan Project, 23.5% owned by Ariana, is operated by Zenit Madencilik in partnership with Proccea Construction and Özaltın Holding.
According to the company’s update, the project is expected to produce 30,000 oz annually over 8 years.
The company noted that over 3,900 meters of resource drilling completed at the project between December 2021 and March 2022.
Noting that land acquisition and access process has been completed the company shared that forestry permits applications remain in process with the Government. Ariana Resources also noted that discussions regarding debt financing of the required construction capital are continuing between Zenit and potential lenders.
Aiming to identify new zones of mineralisation Ariana Resources plans to conduct a new mapping and exploration programme across Tavşan in the next few months.
Ariana Resources Managing Director, Kerim Sener commented on the update: “The Tavşan mine development programme is advancing at pace, and activities across the project are ramping up significantly as the project is progressed towards construction.
“The latest Tavsan drilling programme experienced some delays due to exceptionally bad weather conditions and the decision to increase the scope of the programme as it proceeded. As a result, Zenit has now completed almost double the drilling metres that had been planned previously and successfully brought the programme to a close. We are now awaiting the receipt of assays from this 100-hole programme, following which a revised Resource and Reserve Estimate will be published as part of the Feasibility Study. All geotechnical drilling required for the finalisation of the study has been completed, which is being revised with improved and updated operating and capital cost estimates.
Essential freehold land acquisitions have also been concluded recently, allowing for the construction of mine infrastructure. Following the Environmental Impact Assessment, the necessary forestry permit applications were submitted and presently remain under review with the Government. Mine construction is expected to commence during Q2 2022, once the required permits are finalised and bank finance has been approved.”
