Anglo-Turkish precious metals miner Ariana Resources has almost doubled its estimates for gold reserves at the Kepez North site in Turkey.
The reassessment to 36,400 Troy ounces is a 97% increase on the last survey in 2020, and 310% on a feasibility survey conducted in 2013.
Optimism over the increase in the average grade of gold to 7.14 grammes per tonne and of silver to 64.65 grammes per tonne was matched by a “substantially improved” resource classification.
Although subject to further checks, the mine is expected to increase extraction rates both in gold and silver. The figure for silver reserves has been upgraded to 329,400 ounces. Progress will be helped by the addition of five new diamond drill holes, announced on 30 June, which will capture 81% of the total resource by volume and more than 87% by weight. Kepez North is part of the Zenit Madencilik joint venture with Proccea Construction and Ozaltin Holding, of which Ariana Resources owns a 23% stake.
Commenting on the results of the latest survey, Ariana managing director Dr Kerim Sener said: “This is a great outcome from the recent drilling undertaken in the Kepez area. We remain highly encouraged by this area as a potential source of very high-grade mineralisation.
“Based on the significant increase in the resource at Kepez… the joint venture has taken the decision to bring the drill rig back to this area to complete further drilling.
“This work, in addition to further mining studies and associated permitting is being expedited in order to bring this area forward in the mining schedule. Importantly, the geometry of the mineralisation lends itself well to near complete resource extraction.”