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100% Increase in Kizilcukur Resource - Replacement
100% Increase in Kizilcukur Resource - Replacement.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n \nRNS Number : 2135R Ariana Resources PLC 07 March 2016 \n\nAssociated PDF Amendment\n \nThe following replaces the 100% Increase in Kizilcukur Resource announcement released on 7 March 2016 at 07:00 under RNS No 1826R.\n \nThe announcement text is unchanged and is reproduced in full below.\n \n \n \n \n7 March 2016\nAIM: AAU\n \nAriana Resources\n \n100% INCREASE IN KIZILCUKUR RESOURCE\n \nAriana Resources plc (\"Ariana\" or \"the Company\"), is pleased to announce an increase and upgrade of its JORC compliant Mineral Resource estimate for the Kizilcukur Project following its recent drilling programme in Turkey. Kizilcukur is located outside of the Red Rabbit joint venture with Proccea Construction Co. and is 100% owned by Ariana.\n \nHighlights:\n \n· 100% increase in the Mineral Resource to c.308,000 t @ 2.11g/t gold and 73.4g/t silver, for 33,000 oz gold equivalent (Indicated + Inferred)\n \n· Mineral Resource largely defined within three shallow (40-90m deep) open-pit shells following Whittle optimisation\n \n· Potential for 18 months of add-on mine life for the Kiziltepe mining operation if the Kizilcukur area is developed as a satellite mining region\n \n· Significant exploration upside along strike and on sub-parallel vein splays; potential remains for resource growth\n \n· Mining permit already in place for seven years, as announced on 18 November 2015\n \nDr. Kerim Sener, Managing Director, commented: \n \n\"This is a very encouraging result from our first drilling programme at Kizilcukur. For only 1,598m drilled we have been able to expand the Mineral Resource by approximately 100%. This represents an exploration discovery cost of approximately US$7 per ounce, which has again emphasised how cost-effectively we are able to deliver on our exploration programmes.\n \nThe merits of Kizilcukur as a potential satellite operation to the Kiziltepe Mine are obvious, as early scoping works point to a potential 18 months of additional combined project mine life. In addition, due to the high grades encountered at Kizilcukur, the ore is of higher value on a dollar per tonne basis than some ex...