Ariana Resources PLC (AIM:AAU) this week updated investors on new discoveries at its Dokwe Gold project in Zimbabwe, as well as progress on its projects in Türkiye, and managing director Kerim Sener joined the Proactive studio.
The company announced the discovery of the Maboe prospect at Dokwe, identifying a vein system along the granite-greenstone boundary. While gold levels were low, the company highlighted substantial silver concentrations, which could positively impact the project’s economics.
Managing Director Kerim Sener said further studies would assess the significance of silver enrichment in the area.
Here we take a closer look at what was said.
Proactive: We’re joined by Ariana Resources managing director Kerim Sener. You're out with an update on new exploration at your Dokwe Gold Project in Zimbabwe, and it looks like it's yielding positive results.
Kerim Sener: Yes, we're very pleased with the progress underway on the Dokwe project.
Earlier this year, we announced work on Dokwe North and Central, demonstrating further resource upside across both areas, building on the 1.8 million-ounce resource that has already been defined.
The work we recently announced relates to broader exploration across the Dokwe claims area, extending south of Dokwe North and Central, towards the boundary between greenstone units and granitoids. In the southern part of the area, previously referred to as Dokwe South, we discovered the Maboe prospect.
This includes a vein system spanning several hundred meters, located along the granite-greenstone boundary region, which aligns with a major controlling shear structure.
What's particularly important about this discovery is the identification of mineralisation. While gold levels are lower, there are significant concentrations of silver.
This finding builds on prior studies indicating that Dokwe's mineral systems might be enriched in silver, which had not been thoroughly investigated before.
We are now exploring this aspect further as it could enhance Dokwe's future economic potential.
In the Maboe prospect, we identified a splay of the main shear zone, which may have other gold-enriched splays. Initial geochemical analysis of soil samples supports this potential, and we plan to investigate further westward opportunities.
Proactive: As you move towards a feasibility study, you’ve recently announced a $5 million financing agreement. Do you have the cash in place to proceed?
Kerim Sener: That’s absolutely right. We’re pleased to have secured this funding arrangement with RiverFort Global Capital.
We're progressing with early-stage feasibility work, some of which is already underway. For example, we are building on new pit optimisations for Dokwe North and Central, which identified 1.2 million ounces within optimised pits.
We’re sending material from geotechnical holes drilled at Dokwe North for assay, which will contribute to a new reserve estimate.
On the basis of this reserve, we’ll advance the feasibility study. Several preparatory activities have been ongoing in the background, and we’re now substantially ready to formally begin the feasibility process.
Proactive: Moving away from Zimbabwe, you also announced progress in your partnership in Türkiye. Could you share more about that?
Kerim Sener: Yes, we’ve continued mining and processing operations at Kiziltepe using the CIL processing plant. Meanwhile, construction of the new processing plant at Tavsan has progressed rapidly and is nearing completion.
By early next year, Tavsan will commence heap leach operations. Mining at Tavsan has been underway since the start of the year, with some material already processed through the Kiziltepe plant.
We’re working to ensure that Kiziltepe and Tavsan can operate semi-simultaneously to maintain an annual production rate of around 30,000 ounces of gold. Further drilling at Tavsan is planned, and we expect to begin soon.
Additionally, operations at Salinbas are ongoing, with drilling currently underway in the Ardala area.
Results from this campaign are expected in the first quarter of 2024.