Ariana Resources PLC (AIM:AAU) has said production from its Kiziltepe gold mining interests in Turkey should be around 18,000 ounces of gold in 2023, with a reduction from 2022 due to lower grade ore and scheduled reduced mill throughput.
Kerim Sener, Ariana managing director, said output at this level would still be more than twice the projected level when it drew up its original feasibility plan.
Kiziltepe, 23.5% owned by Ariana through its shareholding in Zenit Madencilik, produced a record 28,421 ounces in 2022.
Sener noted that Kiziltepe has now produced 50% more gold over its life than projected in the Feasibility Study and within three-quarters of the time expected.
“Furthermore, recent exploration successes have highlighted the potential to make further discoveries in the area, such as beneath Kiziltepe Hill at Kepez Main, albeit they represent deeper targets,” he added in a statement.
“While Kiziltepe represents our oldest project, we are encouraged that even 18 years since we purchased it from Newmont, it still yields significant exploration upside.
“We have successfully demonstrated the progression of a project from the greenfields stage with just under 4,000m of drilling when purchased in 2005, to one with over 55,000m of drilling, delineating a Global Resource of 380,000 ounces of gold and over 6 million ounces of silver, of which perhaps half may be mined economically at this time,” he concluded.