Within the WAVE province, the Company is focused on the Red Rabbit Project Area, comprising the Kiziltepe and Tavşan sectors, which it holds in a joint venture with Proccea. Ariana also holds several 100% owned exploration licences within and in the vicinity of this project area, notably the Kizilçukur project. Kizilcukur whilst not officially part of the JV, is of importance to the project as it holds a resource which is within truckable distance to the Kiziltepe mine.
First gold production was achieved at the Kiziltepe Sector of the Red Rabbit Project in March 2017. It is an environmentally friendly commercially productive open-pit mine expected to achieve in excess of 20,000 oz gold per annum in its first year of production.
RRGP 2016 - 2019 Project Schedule
Joint venture structure
The Red Rabbit Gold Project is a Joint Venture (JV)between Proccea Construction Co. and Galata Madencilik (Ariana’s operating subsidiary in Turkey). The JV operates through Zenit Madencilik, an incorporated joint stock company. Proccea has earned into 50% on expenditure of US$8 million.
• Phase 1: DFS & EIA - initial commitment of US$3.5m
• Phase 2: Construction - further commitment of US$4.5m
Proccea is responsible for the management of the day to day operations at the Kiziltepe gold mine.
Since plant commissioning the share of profit within Zenit will be 51% Galata (Ariana) and 49% Proccea.
Find out more about our project partners Proccea