The Kiziltepe Sector is located in western Turkey and includes Kiziltepe Gold-Silver Mine, the company’s first operating asset, as well as the exploration and development prospects of Kepez, Karakavak, Kizilcukur and Ivrindi. Ariana advanced the Kiziltepe Gold-Silver Mine over the course of 10 years from early exploration to production in 2016.
Zenit Madencilik San. ve Tic. A.S. is a three-way partnership operating in Turkey, now owned 23.5% by Ariana. The joint venture is operated by Proccea Construction Co., which also owns 23.5%, with the remaining 53% owned by Ozaltin Holding A.S.
(to end 2021)
/Au ozor $6.47 /oz Au eq.
2.5 Yearsof resources & reserves
based on current estimates,
with additional upside
for further discovery
Ariana’s first operating asset, the mine has average production costs of $490 per gold ounce, and has been profitable since early 2017, with profits funding exploration across other Ariana projects. Production capacity has been increased to 400,000 tpa following a process plant expansion in 2021.
This vein system occurs over a total area of 3.8km2, comprising 3,735m of outcropping veins with only 14% of the veins drill tested to date. The geometry of the veins is favourable to low strip ratio open pit development. Very low silver values suggest formation higher in the epithermal system, with potential remaining to discover more steeply dipping feeder structures.
Located 22km from the Kiziltepe Mine, Kizilcukur is being developed with the intention of trucking and processing ore at the Kiziltepe plant in the future, with metallurgical test work and trial production demonstrating the suitability of the ore for this.
Mineralisation at Ivrindi lies in the Kinik prospect, with a 450m long zone of mineralised alteration, extending from surface to 70m vertical depth, developed along a faulted contact between andesitic volcanic rocks and limestones.