Significant Discovery by Erdemir: 424,000 Ounces of Gold Reserve Found in Sivas
In the exploration activities conducted by Erdemir's subsidiary, Erdemir Mining Industry and Trade Inc. (Ermaden), 424,000 ounces of gold were identified in the Alacahan Village area of Kangal district in Sivas province.
According to the company's statement, integrated steel producer Erdemir has taken a significant step as part of its growth initiative in the mining sector. As a result of the exploration activities conducted by its subsidiary Ermaden in the mentioned area, approximately 424,000 ounces of gold content was identified in about 14.9 million tons of ore with an average gold grade of 0.89 grams per ton.
In the disclosure made to the Public Disclosure Platform (KAP), it was stated that the source in question was reported at the "Inferred Resource" level, prepared in compliance with the standards of the National Mineral Resource and Reserve Reporting Commission (UMREK) and the Australasian Joint Ore Reserves Committee (JORC).
Drilling and exploration activities continue
The work carried out by Ermaden in the Alacahan area was conducted with drilling activities over an area of 45 hectares within a licensed area of 5,804 hectares to date. A total of 360 core drillings were completed with 96,649 meters of drilling, and 96,533 "fire assay" results were obtained. The analyses were conducted by Bureau Veritas Ankara Laboratory, which has international validity.
Continuing infill drilling in the current modeling area, Ermaden also plans new exploration activities in potential areas of the site that have not yet been drilled. Following the infill drilling and ongoing resource enhancement activities, feasibility studies will be initiated for updating resource classification and reserve calculations based on new data.
"It is very important to reveal our economically viable value"
In the statement, OYAK General Manager and Erdemir Chairman Murat Yalçıntaş, whose views were included, stated that they have transformed their strength in the steel sector into a strategic growth initiative in the mining field.
Emphasizing that bringing Turkey's underground wealth into the economy with a sustainable approach constitutes the most important part of their strategies, Yalçıntaş evaluated, "Ermaden has revealed a very valuable inferred resource of 424,000 ounces as a result of its meticulous and continuous drilling activities in the Sivas-Alacahan area. We see this discovery as the first and significant fruit of our correct strategy and determined efforts."
Yalçıntaş stated that they will continue new resource exploration activities in the same region, aiming to transform this domestic resource into added value to both strengthen the future of the industry and provide long-term contributions to the Turkish economy.
Referring to the first step towards their goals, Yalçıntaş noted:
"By the end of the second quarter of next year, we aim to quickly complete our infill drilling in the mentioned area and turn our inferred resource into a measured reserve. Revealing our economically viable value with our reserve report is very important. Simultaneously, we will continue our exploration and resource identification drillings in the area outside the 45 hectares to increase the total potential of our site."
Source: Dünya Gazetesi