Red Rabbit Project

Red Rabbit Project Overview

Overview

The Red Rabbit Project Area is located in western Turkey and comprises the Kiziltepe and Tavsan sectors which are held in a 50:50 joint venture with Proccea Construction Co. Ariana also holds several 100% owned exploration licences within and in the vicinity of this project area, notably the Kizilcukur project. Kizilcukur which is not part of the JV, is of potential future importance to the Red Rabbit JV 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 open-pit mine expected to achieve production of 20,000 oz gold per annum on average over its life of mine.

The links below take you to details of the specific project sectors:

Global Resources

Gobal Totals by Area

Tonnes

(t)

Grade Au

(g/t)

Grade Ag

(g/t)

Au

(oz)

Ag

(oz)

Kiziltepe

3,813,340

2.1

39.7

257,463

4,886,059

Kepez

370,855

2.0

13.8

23,854

164,348

Tavsan

3,979,000

1.3

4.5

168,900

571,700

Click here for detailed resource breakdown.

Maps

RR01 Red Rabbit location map Turkey
RR02 Red Rabbit Sindirgi Gold Corridor
Overview

Overview

The Red Rabbit Project Area is located in western Turkey and comprises the Kiziltepe and Tavsan sectors which are held in a 50:50 joint venture with Proccea Construction Co. Ariana also holds several 100% owned exploration licences within and in the vicinity of this project area, notably the Kizilcukur project. Kizilcukur which is not part of the JV, is of potential future importance to the Red Rabbit JV 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 open-pit mine expected to achieve production of 20,000 oz gold per annum on average over its life of mine.

The links below take you to details of the specific project sectors:

Kiziltepe Mine – Production

360° virtual tour of Red Rabbit project

Ariana Resources - 360° virtual tour of Red Rabbit project

Ariana Resources - 360° virtual tour of Red Rabbit project

Kiziltepe Mine – Production Details

Overview

The Kiziltepe Mine area contains all of the primary mining infrastructure for the project, including the open pits of Arzu South, Arzu North, Banu and Derya. The Kiziltepe Mine progressed to commercial operation in July 2017. The mine has been generating positive cashflow since the start of commercial operations.

2018 Production Figures

Stage of Development:

Production

Mine life:

6 yrs remaining

Average Cash Costs per oz FY2018:

US$415/oz
Processing: CIL/CIC
Designed Production Rate: 20,000 oz Au pa
JORC Resource: 365,000oz (Measured, Indicated and Inferred) – targeting 500,000oz
JORC Reserve: 1.1M tonnes for 140,000oz Au eq. (Proven and Probable)
Royalty: State Right and 2.5% NSR to Franco-Nevada Corporation
Overview

Overview

The Kiziltepe Mine area contains all of the primary mining infrastructure for the project, including the open pits of Arzu South, Arzu North, Banu and Derya. The Kiziltepe Mine progressed to commercial operation in July 2017. The mine has been generating positive cashflow since the start of commercial operations.

Tavsan - Development

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Tavsan - Development Details

Overview

The Tavsan Project area currently consists of five mineralised zones; Main, West, East, North and Far North. The project represents an opportunity to deliver 30,000 oz of gold per annum to the Red Rabbit Joint Venture via the development of a stand-alone heap-leach operation.

Following completion of a scoping-level assessment for the Tavsan Project in 2016, the JV is planning to incorporate Tavsan in to the Red Rabbit global mining schedule, increasing production from approximately 20,000 oz pa to 50,000 oz pa between the two operations.

Scoping Study Summary

Mine Life:

4 years (targeting 8)

Cash Costs:

US$630/oz

Processing:

Heap Leach
Planned Production Rate: 30,000oz Au pa
JORC Resource: 178,000 oz (Measured, Indicated and Inferred) – targeting 300,000oz
JORC Reserve: Subject to feasibility
Royalty: State Right and up to 2% NSR to Sandstorm Gold
Overview

Overview

The Tavsan Project area currently consists of five mineralised zones; Main, West, East, North and Far North. The project represents an opportunity to deliver 30,000 oz of gold per annum to the Red Rabbit Joint Venture via the development of a stand-alone heap-leach operation.

Following completion of a scoping-level assessment for the Tavsan Project in 2016, the JV is planning to incorporate Tavsan in to the Red Rabbit global mining schedule, increasing production from approximately 20,000 oz pa to 50,000 oz pa between the two operations.

KEPEZ & KARAKAVAK - EXPLORATION

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KEPEZ & KARAKAVAK - EXPLORATION

Overview

Kepez and Karakavak prospects lie within short trucking distances of the Kiziltepe processing plant (12km and 27km respectively) and they collectively represent the most significant areas for near-surface resource growth in the immediate area of Kiziltepe.

The total combined resource 27,000oz Au. eq. in the Kepez area has the capacity to be improved upon with further exploration and resource drilling and demonstrates potential for the development of several satellite open-pits in the future. Exploratory drilling at Karakavak has identified several near-surface mineralised veins which have the potential to yield mineable resources in the future.

Maps

Overview

Overview

Kepez and Karakavak prospects lie within short trucking distances of the Kiziltepe processing plant (12km and 27km respectively) and they collectively represent the most significant areas for near-surface resource growth in the immediate area of Kiziltepe.

The total combined resource 27,000oz Au. eq. in the Kepez area has the capacity to be improved upon with further exploration and resource drilling and demonstrates potential for the development of several satellite open-pits in the future. Exploratory drilling at Karakavak has identified several near-surface mineralised veins which have the potential to yield mineable resources in the future.