Ariana Resources plc (AIM: AAU; ASX: AA2) has reported significant progress at its wholly owned Dokwe Gold Project in Zimbabwe, with drilling returning gold grades of up to 93.72 grams per tonne and the company ending the September quarter with £17.3 million in cash.
The gold exploration and development company is advancing Dokwe towards a feasibility study, supported by extensive drilling, metallurgical testing and infrastructure assessments.
Dokwe currently hosts 1.6 million ounces of gold, with a previously estimated pre-tax net present value of US$1.056 billion, based on a 10% discount rate.
During the quarter, Ariana completed 2,822 metres of metallurgical drilling across 15 diamond holes, confirming broad zones of gold mineralisation at the Dokwe North and Dokwe Central deposits.
One of the standout results came from hole DPD141 at Dokwe North, which intersected 24 metres grading 4.71g/t gold from 172 metres, including a particularly high-grade interval of 2 metres at 46.95g/t.
At Dokwe Central, hole DPD150 returned 98 metres at 2.85g/t gold from 91 metres, including a one-metre section grading 93.72g/t gold.
Other notable intersections included 68 metres at 2.03g/t, seven metres at 9.75g/t and 41 metres at 1.51g/t at Dokwe North, alongside 59 metres at 1.52g/t at Dokwe Central.
The results are being incorporated into updated geological models as Ariana works to refine the project’s mineral resource and ore reserve estimates.
A further four diamond drill holes totalling 1,005 metres were completed on the eastern flank of Dokwe North, testing potential extensions to the existing mineralised system.
The programme identified additional gold mineralisation, including eight metres at 1.45g/t and two metres at 17.31g/t, supporting further investigation of the deposit’s potential beyond the currently defined resource.
Not all holes returned significant gold intersections, but the geological information will help guide future drilling and infrastructure planning.
Approximately 11,000 metres of recent drilling will contribute to the revised Mineral Resource Estimate and Ore Reserve assessment, being undertaken by independent consultants AMC Consultants and Auralia Mining Consultants respectively.
Ariana has also made progress across several technical workstreams required for the Dokwe feasibility study.
Eight tonnes of metallurgical samples have been prepared for testing in China and Australia, with work being conducted through Xinhai Mining Services and specialist consultants.
The programme is designed to improve understanding of processing performance and support the development of an appropriate gold recovery flowsheet.
Water supply investigations are also progressing, with 12 priority boreholes planned for a total of 2,155 metres, targeting potential aquifers north of the project.
Geotechnical drilling has been completed at Dokwe Central, while engineering consultants are assessing waste rock storage, tailings management and infrastructure layouts.
Further sterilisation drilling is planned during the final quarter of 2026 to investigate areas potentially required for mine infrastructure.
Ariana has continued simplifying its portfolio in Türkiye, completing the sale of its remaining 9.9% interest in the Kiziltepe Sector for US$3.7 million in cash during July.
The company also received approximately US$800,000 from Zenit in settlement of an outstanding intercompany loan.
Ariana retains a 9.9% interest in Zenit, which operates the Tavşan Gold Mine and holds the Salinbaş Gold-Silver Project.
Tavşan produced and sold 8,102 ounces of gold during the September quarter, generating US$34.6 million in revenue as the operation benefited from higher gold prices and sustained production following completion of its ramp-up.
Across the first nine months of 2026, Zenit’s mining operations produced 17,940 ounces of gold and generated US$81.4 million in revenue.
These figures relate to the Zenit operations as a whole rather than revenue attributable entirely to Ariana.
Ariana ended the September quarter with £17.3 million in cash, equivalent to approximately A$32.7 million, providing financial resources to support its ongoing exploration and feasibility activities.
Managing Director Dr Kerim Sener said the company had made encouraging progress towards completing the Dokwe feasibility study, highlighting the drilling results and advancement of metallurgical, water supply and engineering programmes.
He also welcomed the streamlining of Ariana’s Turkish investments and the appointment of Michael Atkins as Executive Chairman, as management focuses increasingly on developing Dokwe.
For investors, the latest quarterly update highlights Ariana’s transition towards advancing a major gold development project, with encouraging drilling results, a strengthened cash position and progress across the technical studies needed to assess commercial development.
However, Dokwe’s US$1.056 billion pre-tax NPV is a modelled project valuation rather than a current market value or guaranteed financial return, and development remains dependent on feasibility results, financing, permitting and execution.
Attention will now turn to the updated Dokwe Mineral Resource and Ore Reserve estimates, metallurgical test results and completion of the feasibility programme, as Ariana Resources works towards establishing a development pathway for its flagship Zimbabwean gold project.
