Ariana Resources proceeding with Dokwe due diligence

(Sharecast News) - Mineral explorer and developer Ariana Resources updated the market on the Dokwe Gold Project - a venture of Rockover Holdings - on Wednesday. The AIM-traded firm holds a 1.3% interest in the project and has secured project exclusivity through the Asgard Metals Fund.

It said it had initiated a due diligence drilling programme on the asset, exploring the possibility of further involvement in the project.

Ariana said it planned to conduct up to 1,500 metres of diamond drilling to assess two significant resources at Dokwe North and Dokwe Central.

The Dokwe Gold Project was reported to contain around 1.3 million ounces of gross gold resources categorised as JORC measured, indicated and inferred resources.

Notable historic drilling results at Dokwe North included an eight-metre intercept with a gold grade of 197.22 grams per tonne, including a one-metre intercept with a grade of 1,568 grams per tonne.

Additionally, a 14-metre intercept yielded 54.75 grams of gold per tonne, and an 85-metre intercept returned 5.23 grams per tonne, including a 15-metre section with a grade of 13.64 grams per tonne.

At Dokwe Central, significant historic drilling results included a 49-metre intercept with 4.42 grams of gold per tonne, a 27-metre intercept with 6.53 grams per tonne, and a 57-metre intercept with 2.72 grams per tonne, which included a 17-metre section grading 5.91 grams per tonne.

The Ariana team was conducting an extensive review of historical data, using the company's exploration technology and specialist teams to gain deeper insights into the project.

Ariana said it was actively evaluating its involvement in the Dokwe Gold Project, aiming to leverage its expertise to unlock its full potential.

"We are excited to report the commencement of our highly anticipated due diligence drilling programme on the Dokwe Gold Project in Zimbabwe, as previously announced to the AIM market on 13 November," said managing director Dr Kerim Sener.

"This represents a compelling and unique opportunity for the company as we advance on our strategy to become a multi-asset, multi-jurisdiction gold and copper-focused mid-tier mining enterprise.

"Building on the operational base we have established in Turkiye with strong and experienced local partners, we are making strides to expand our portfolio with the potential addition of the Dokwe Gold Project."

Dr Sener said the project represented a potential bulk-tonnage mining opportunity upon which a positive pre-feasibility study has been delivered and could be advanced to feasibility soon.

"At this stage, we see potential at Dokwe to identify further resources in the vicinity and to develop a multi-decade mining opportunity in Zimbabwe.

"This due diligence drilling represents an essential first step to verify the historical exploration data and to add to our understanding of the opportunity before we advance discussions with Rockover with respect to the asset."

At 1321 GMT, shares in Ariana Resources were down 2.44% at 2p.

Reporting by Josh White for Sharecast.com.