Ariana Resources (AAU) has updated including MD Kerim Sener emphasising results which “demonstrate that the sampled areas of outcropping mineralised jasperoid are typically higher grade than the overall resource. Some of these results are exceptional, such as 18.2m @ 5.03 g/t Au, suggesting that there is an opportunity to identify several rich zones of structurally-controlled mineralisation within the orebody as a whole, and that these higher-grade areas are likely to be encountered from surface to a depth of 10-20m below surface”…
This is from a resource sampling programme on the Tavsan gold project in Turkey, with the company adding “over 60 outcrop locations sampled which will be incorporated in to the next resource estimation for Tavsan, scheduled for completion during Q2 2020”. Tavsan is part of the company’s 50%-owned Red Rabbit joint venture and this latest enhances confidence in the upcoming resource estimation. It may also enhance the development of a potential $30 million+ deal to partially monetise Red Rabbit and other assets, including, for example, only 53% of the company’s interest in the joint venture.
With also a detailed quarterly financial update and 2020 production guidance shortly expected in addition to resource and deal updates, there are plenty of upcoming potential catalysts here. The shares are already responding – now approaching 2.90p from a 2.3p offer price re-recommendation, sub 2p as recently as November and sub 2.50p at the commencement of this year.
However, the latest still capitalises the company at only circa £30 million (currently circa $39.5 million). With interims having included “Ariana’s share of profits from our Joint Venture Kiziltepe Mine amount to £3.0m in 6 months to June”, whilst Ariana’s administrative costs were £0.6 million, and the above and positive latest preliminary production results, we continue to see clear potential for a well in excess of 3p share price here. As such, at this stage, our stance here remains buy.
Filed under: Ariana Resources, RBS, Alison Rose, 7digital, Plutus Powergen, ShareSoc, Sirius Minerals
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