Ariana Resources (AAU)

Sector:

Mining

Index:

FTSE AIM All-Share

3.30p
   
  • Change Today:
      0.050p
  • 52 Week High: 4.75
  • 52 Week Low: 2.60
  • Currency: UK Pounds
  • Shares Issued: 1,146.36m
  • Volume: 596,262
  • Market Cap: £37.83m
  • RiskGrade: 232

Ariana Resources upbeat on recent progress in Turkey

By Josh White

Date: Thursday 10 Nov 2022

LONDON (ShareCast) - (Sharecast News) - Gold-focussed explorer and developer Ariana Resources updated the market on its Turkish projects on Thursday, which are 23.5% owned by the company through its shareholding in Zenit.
The AIM-traded firm said gold production at Kiziltepe was still performing in line with guidance, while the ongoing drilling programme had now completed more than 11,000 metres of diamond drilling, which was continuing to test extensions of various vein systems.

Geophysical programmes involving electrical and magnetic methods were meanwhile underway across Kiziltepe, Kepez and Kizilcukur, to aid future drill targeting.

The construction of a second gold mine at Tavsan was progressing as planned, the board said, with earthworks "well-advanced", and site infrastructure works underway.

A soil geochemical programme was also underway across the Tavsan project licences, following the detailed geological mapping programme completed over the summer.

Following the identification of further targets during the mapping programme, drilling for up to 4,600 metres had recently started in a bid to identify potential resource extensions.

Drilling at the Salinbas project was also underway, with more than 6,300 metres drilled and a second drill-rig due to begin work on-site this week as part of a "substantially extended" programme.

Geological mapping and soil sampling was underway at the Hizarliyayla prospect - part of the Salinbas project - in preparation for a future drilling programme.

"We are highly encouraged by the simultaneous and substantial progress being made across all advanced Turkish projects in which we hold an interest through Zenit," said managing director Dr Kerim Sener.

"Following the restructuring of our Turkish operations, Zenit has since completed over 36,000 metres of drilling across the projects in the past two years alone, which significantly represents over 40% of the total drilling completed in Turkey by Ariana to date.

"Drilling is currently expected to be maintained across all of our advanced projects through 2023, supported by site specific teams established by Zenit."

Meanwhile, under the supervision of the firm's geophysicist, Dr Sener said an induced polarisation-resistivity survey was being completed across the Kiziltepe project area.

"A drone magnetic survey has also commenced over the Kizilcukur Project.

"These survey results will be utilised to improve drill targeting for potential extensions of mineralisation during future programmes.

"These are the first new geophysical programmes conducted by the company on our Turkish projects since 2014."

Dr Kerim Sener said during the summer, the company's exploration team completed a programme of geological mapping and sampling across the Tavsan Project in support of the work being conducted by Zenit to continue building on the resource, while construction remained underway.

"More recently our team has mobilised to the Salinbas Project to commence geological mapping and soil geochemistry across the Hizarliyayla Prospect.

"We conclude that this prospect displays signs of high-level alteration and mineralisation which may be related to the same hydrothermal system which gave rise to the more-than-four million ounce Hot Maden deposit, located just seven kilometres to the south."

Ariana would provide further updates on the Turkey exploration programmes in the coming months, Dr Sener said, including resource estimation at Tavsan and drilling results.

"We are also aiming to provide updates on the progress of our various investee companies prior to the end of this year."

At 1342 GMT, shares in Ariana Resources were up 4.92% at 3.2p.

Reporting by Josh White for Sharecast.com.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

AAU Market Data

Currency UK Pounds
Share Price 3.30p
Change Today 0.050p
% Change 1.54 %
52 Week High 4.75
52 Week Low 2.60
Volume 596,262
Shares Issued 1,146.36m
Market Cap £37.83m
RiskGrade 232

AAU Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
98.01% above the market average98.01% above the market average98.01% above the market average98.01% above the market average98.01% above the market average
95.42% above the sector average95.42% above the sector average95.42% above the sector average95.42% above the sector average95.42% above the sector average
Price Trend
10.25% below the market average10.25% below the market average10.25% below the market average10.25% below the market average10.25% below the market average
13.89% above the sector average13.89% above the sector average13.89% above the sector average13.89% above the sector average13.89% above the sector average
Income
64.07% above the market average64.07% above the market average64.07% above the market average64.07% above the market average64.07% above the market average
46.15% above the sector average46.15% above the sector average46.15% above the sector average46.15% above the sector average46.15% above the sector average
Growth
14.57% below the market average14.57% below the market average14.57% below the market average14.57% below the market average14.57% below the market average
52.24% below the sector average52.24% below the sector average52.24% below the sector average52.24% below the sector average52.24% below the sector average

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AAU Dividends

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Ex-Div 18-Aug-22 03-Mar-22
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