BRITISH miner, Ariana Resources (Ariana) has positioned its Dokwe Gold Project (Dokwe) as a transformational opportunity within the company’s portfolio and provides an exceptional foundation for long-term growth.
Last month, Ariana confirmed further high-grade gold intercepts from the completion of its reverse circulation (RC) drill programme at Dokwe, concluding this phase of the exploration.
This comes as Dokwe is one of the largest undeveloped gold projects in Zimbabwe, located in Tsholotsho district approximately 110km northwest of Bulawayo.
Ariana has previously revealed that the project’s mineral resource estimate is 1 416 000 ounces of gold, translating to nearly US$7 billion.
“During 2025 the company undertook substantial work aimed at advancing the project through its feasibility study,” Ariana managing director Kerim Sener revealed to shareholders in the group’s annual report for last year.
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“Activities included updated geological modelling, exploration drilling and a Strategic Options Study designed to refine understanding of the deposit and optimise potential development scenarios.”
He added: “Further scenario planning also continued in order to evaluate capital-efficient development pathways appropriate to prevailing gold prices and market conditions.”
Sener said a central priority for the company will be the continued advancement of Dokwe toward production, amid the project’s potential to produce approximately 60 000 ounces of gold annually over a projected 13-year mine life.
“With its favourable project economics, large-scale resource base, and potential for expansion through exploration, Dokwe represents a transformational opportunity within the company’s portfolio and provides an exceptional foundation for long-term growth.”
Twenty years after its UK AIM listing as a junior gold exploration company focused originally on greenfields opportunities in Türkiye, Ariana achieved a transformative dual-listing on the Australian Securities Exchange (ASX).
This was through an AU$11 million (US$7,61 million) capital raise.
“This milestone marked the launch of Ariana v2.0, representing a diversified exploration and development group with interests across multiple jurisdictions,” Ariana chairman Michael de Villiers said.
“Key among these is the wholly owned and advanced >1Moz Dokwe Gold Project in Zimbabwe, alongside exposure to gold–silver production through two operating gold–silver mines in Türkiye.”
Ariana also secured a significant strategic investment of AU$8 million (US$5,54 million) from Hongkong Xinhai Mining Services Ltd (Xinhai), together with additional support of up to AU$3 million (US$2,07 million) for technical studies at Dokwe, to be settled in equity.
This has made Xinhai the second largest shareholder in Ariana.
Cash and cash equivalents increased significantly to £5,4 million (US$7,84 million) last year, from the prior year’s £0,9 million (US$1,19 million), following the successful ASX listing in September and the strategic investment completed with Xinhai in December.
“Capitalised exploration and evaluation assets across Türkiye, Zimbabwe and Kosovo increased to £19,3 million (2024: £18,1 million), primarily driven by an increased focus and investment in the Dokwe Gold Project in Zimbabwe,” Sener said.
