Market Flashes

Ariana Resources targeting a 1Moz gold JORC Resource at Salinbas (AAU)

16 Jul 2019 | by: Richard Mason

It’s been a good year for shareholders in Arian Resources (LSE:AAU). The recent rally in the gold price has helped bolster the company’s share price, which is now up 50% this year at 2.25p per share. Gold production at the low cost Kiziltepe mine in western Turkey continues to increase and the firm has embarked on exploration campaigns at its other assets. Of these perhaps the project that holds the most potential is at Salinbas and on Thursday the firm announced positive preliminary drill results here.

Ariana originally acquired Salinbas from Eldorado Gold Corporation (NYSE:EGO), which retains a 2% net smelter royalty over future revenue. The project is located in north-eastern Turkey and already hosts a 650,000oz (Indicated and Inferred) JORC Resource. Ariana’s exploration target here is 1.4M to 2.7M ounces of gold and the company ultimately aims to be able to prove up a final JORC of 1Moz.

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