Red Rabbit

Ariana Resources plc




2016 / 01 / 19




1.0% NSR until 100 kozs are produced; then
1.5% NSR until next 100 kozs are produced; then
2.0% NSR on any production thereafter.

2.0% NSR on all other metals

Tavşan is located in western Türkiye about 210 km north-east of Izmir. Tavşan and the Kiziltepe mine, located 72 km away, form the Red Rabbit Gold project owned in a 50/50 joint venture between Ariana Resources plc and Proccea Construction Co.

Gold mineralization at Tavşan is epithermal in style, with associated silver and antimony, broadly situated along the thrust contact between Jurassic massive-bedded limestone and an overlying Cretaceous multi-lithic ophiolite sequence. Gold was discovered in an area of outcropping mineralized jasperoids covering 4 km by 4 km and is up to 30 metres thick. The mineralized jasperoid units at Tavşan are extensive and contain additional exploration potential for the project.

The Tavşan Feasibility Study proposes an open-pit, heap leach operation with ore being trucked to the Kiziltepe mill. Preliminary column-leach test work has shown recoveries of 80% for gold and 26% for silver.

A JORC Mineral Resource Estimate for Tavşan was announced in March 2024 outlining:

Proven Reserves: 2.48 Mt grading 1.5 g/t Au and 5.0 g/t Ag for 116.4 koz Au and 401.1 koz Ag
Probable Reserves:1.99 Mt grading 1.3 g/t Au and 4.15 g/t Ag for 84.6 koz Au and 266.2 koz Ag

Measured Resources: 3.76 Mt grading 1.35 g/t Au and 4.75 g/t Ag for 163.5 koz Au and 574.9 koz Ag
Indicated Resources:2.41 Mt grading 1.2 g/t Au and 4.1 g/t Ag, for 94.0 koz Au and 319.1 koz Ag

Inferred Resources:1.47 Mt grading 1.1 g/t Au and 4.5 g/t Ag for 53.4 koz Au and 210.4 koz Ag

Mineral Resources are inclusive of Mineral Reserves (cut-off grades 1.5 g/t Au high-grade and 0.5 g/t Au).

The Tavsan royalty was part of the royalty package acquired from Teck Resources in January 2016. The royalty is a 1.0% NSR on the first 100,000 ozs of gold equivalent produced, 1.5% on the next 100,000 ozs and then is a 2.0% NSR royalty thereafter.

Recent Activity

    May 2024

    Construction is ongoing at the Tavşan project, with the expectation that production will commence in late 2024. Going forward, production will be reported on a consolidated basis, with production from both Kiziltepe and Tavşan represented.

    January 2023

    Mine construction is advancing on schedule, with earthworks progressing well and concrete for the Adsorption-Desorption-Recovery plant due to be poured in February. Drilling is also underway to provide for a further revision to the Resource Estimate.

    June 2022

    Positive drill results were announced, lending support for the release of an updated Mineral Resource Estimate expected in Q3 2022, along with receipt of final permits to pave the way for project construction.

Use the link below to browse a list of available technical reports for the projects within Sandstorm’s portfolio. For the most up-to-date information on each project, please refer to the project operator or developer.

Investor Presentation

Download the latest Investor Presentation to learn why Sandstorm is a gold investment that stands out from the rest.


Asset Handbook

With 250 royalties acquired since 2009, we offer an exciting investment opportunity in a diverse portfolio of royalty assets. Discover all of Sandstorm’s royalties around the globe.


Annual Report

Our 2023 Annual Report includes our annual Financial Statements and Management Discussion & Analysis and a letter from Sandstorm’s President & CEO.


Sustainability Report

Learn more about Sandstorm’s approach to sustainability including our due diligence process, mining partnerships, and employee engagement.