AIM-listed Turkish gold-miner Ariana Resources (AAU) has announced promising drilling results from Arzu South, one of the feeder sites for its joint venture Kiziltepe production plant. In short, it looks as though head honcho Kerim Sener is fairly convinced that an underground operation may be viable. Further, we are told that the resource estimate for Kiziltepe is due to be revised during Q1 next year with a view to extending the formal mine life beyond the current eight years...
Kiziltepe was never going to last only eight years, of course, but now it seems that Ariana senses a priority in increasing the life formally. Could that have anything to do with the proposed buy-in of a new partner into Ariana’s Kiziltepe and Salinbas projects? I fancy that may have something to do with it, but also with the bank a matter of five months from full pay-off at Kiziltepe and a consequent increased cashflow, work put off will be caught up with at some point. And with the risen gold price, the cashflow from Kiziltepe will have been stronger than previously planned for.
Things do seem to be looking very good for Ariana and with a proposed transaction to bring in a third partner and sell off part of Ariana’s holdings for enough cash to match the current market capitalisation (more-or-less) in cash and come out with 23.5% of Kiziltepe and Salinbas – and the option to sell in other projects for three times exploration cost – not to mention a much healthier looking gold market, it looks as though there remains much to play for here.
At 2.2p mid-price, I am tempted to say buy more but I will keep to my current top-slice target of 2.5p and in the event of the proposed buy-in by a new partner happening, a 4p longer term target. Of course, if the gold price shoots higher - as is predicted by many - then that 4p target will come into view anyway, especially if Kiziltepe production is doubled and Salinbas gets underway. There is much to like here. For any non-holders, I think it is well worth a look.
Filed under: Ariana, Bidstack, Bearcast, Verseon, Plant Health Care, brokerage Christmas lunch
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