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Ariana Resources PLC - exploration firm with interests in Turkey - Says its Tavsan gold and silver mine located in western Turkey is targeting production of up to 30,000 ounces of gold per annum over the next eight years. Notes it completed over 3,900 meters of resource drilling at Tavsan between December and March. To conduct a new mapping and exploration project at Tavsan to identify new zones of mineralisation.
The project is operated by Zenit Madencilik San ve Tic AS in partnership with Proccea Construction Co and Ozaltin Holding. Ariana 24% interest in Zenit.
‘The Tavsan mine development programme is advancing at pace, and activities across the project are ramping up significantly as the project is progressed towards construction,’ Managing Director Kerim Sener comments.
‘The latest Tavsan drilling programme experienced some delays due to exceptionally bad weather conditions and the decision to increase the scope of the programme as it proceeded. As a result, Zenit has now completed almost double the drilling metres that had been planned previously and successfully brought the programme to a close.’
Current stock price: 4.14 pence, up 6.2% on Wednesday
12-month change: down 5.9%
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