Ariana Resources upbeat on revised Dokwe mineral resources

13th Jun 2024 12:22

(Sharecast News) - Ariana Resources, an AIM-listed mineral exploration and development company with interests in gold projects across Africa and Europe, reported a revised mineral resource estimate (MRE) for its Dokwe North and Dokwe Central projects in Zimbabwe on Thursday.

The firm said the combined resource now stood at 1.83 million ounces of gold.

It came as Ariana entered into a conditional agreement to acquire 100% of Rockover Holdings, which owns the Dokwe projects.

Ariana currently holds a 2.1% stake in Rockover.

The company said the revised MRE was compiled by its own technical team under the guidance of Zack van Coller, drawing on comprehensive drilling data collected from 2004 to 2023 across 10 phases.

It said the updated estimate indicated a global JORC 2012 resource of 55.9 million tonnes at a grade of 1.02 grams per tonne of gold, reflecting a substantial 40% increase in resources.

That included both the incorporation of Dokwe Central and revisions to the geological models for Dokwe North and Central.

Measured and indicated resources had risen to 1,341,000 ounces from the previous 1,202,000 ounces, while inferred resources surged to 490,000 ounces from just 23,000 ounces previously.

The current JORC 2012 reserves, defined in the 2022 pre-feasibility study, stood at 0.8 million ounces of gold.

Those reserves were set to be revised following new pit optimisations.

The company said it had identified further opportunities to enhance the resource potential of the broader Dokwe Project area through regional exploration datasets.

Plans were in motion to update the pre-feasibility study, which would form part of a comprehensive feasibility study expected to follow the completion of the merger with Rockover.

"The latest mineral resource estimate for the Dokwe Gold Project demonstrates the considerable upside potential of this substantial exploration and development opportunity," said managing director Dr Kerim Sener.

"With a global JORC 2012 measured, indicated and inferred resource of over 1.8 million ounces of gold across Dokwe North and Central, this represents a 40% uplift in resources from the previous estimate.

"A significant contribution to this uplift is due to the update of Dokwe Central in compliance with JORC 2012."

Dr Sener said measured and indicated resources currently comprised 73% of the total resource, much of which sat within the historic optimised pits.

"If inferred resources are also included, approximately 1.1 million ounces of gold sits within the previously designed or optimised pits.

"This suggests the potential to significantly enhance reserves - currently 0.8 million ounces of gold - in future economic studies."

At 1150 BST, shares in Ariana Resources were up 4.04% at 2.45p.

Reporting by Josh White for Sharecast.com.