Ariana Share News (AAU)

(Sharecast News) - Europe-focussed gold explorer and developer Ariana Resources updated the market on its operations on Thursday, reporting that the Tavsan project development was being transitioned into the construction stage.

The AIM-traded firm said a revised mineral resource estimate and feasibility study for the project was currently underway.

Simultaneous diamond drilling programmes, meanwhile, were underway at Kiziltepe, for up to 14,000 metres, and at Salinbas, for an extended programme that would involve "several" drilling rigs.

Elsewhere, Western Tethyan Resources was undertaking fieldwork across its licences in Kosovo, and evaluating several other projects in south-eastern Europe in conjunction with Newmont.

Venus' exploration and development work in Cyprus was also ongoing, and preparations for its initial public offering were continuing.

Investee companies of the Asgard Metals Fund were also undertaking various geochemical and geophysical exploration programmes and drilling, with the aim of identifying new mineral resources.

Finally, the company said its new office facilities had opened in Ankara, from which its core geoscientific team would operate globally.

"Significant progress is being made across the company's projects and interests in south-eastern Europe and further afield," said managing director Dr Kerim Sener.

"Most notably, we are advancing into the construction stage of the Tavsan Project and associated development activities are being ramped up.

"Tavsan will become the second mine developed by Ariana through its interests in Zenit Madencilik in Turkey."

At 1149 BST, shares in Ariana Resources were down 0.56% at 3.58p.

Reporting by Josh White at Sharecast.com.