The environmental impact assessment (EIA) for the Tavsan mine, in western Turkey, has been approved, Aim-listed Ariana Resources reported on Thursday.
Tavsan, which will be a 300 000 oz/y gold and silver mine, is part of Zenit Madencilik San and is 32.5% owned by Ariana.
Ariana MD Kerim Sener said Zenit would now proceed through the final permitting and construction phases, while the Ariana team would continue its focus on value-accretive exploration.
Further drilling to potentially expand the Tavsan resource base would start during the current quarter.
“As recently reported, there remains the potential to substantially increase the resource base at Tavsan with further drilling and development work,” said Sener.
Construction capital expenditure for Tavsan would be sourced from debt at the Zenit level. Discussions regarding debt funding were progressing “encouragingly”, said Ariana.