REG - Ariana Resources PLC - High-Grade Intercepts Identified at Dokwe North
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RNS Number : 1047W Ariana Resources PLC 11 March 2026
11 March 2026
AIM: AAU
High-Grade Intercepts Confirm Significant Resource Growth Potential at Dokwe
Ariana Resources plc (AIM: AAU, ASX: AA2, "Ariana" or "the Company"), the
mineral exploration, development and production company with gold project
interests in Africa and Europe, is pleased to announce further positive assay
results from its 2025-2026 RC drill programme at its 100% owned Dokwe Gold
Project in Zimbabwe.
Highlights:
· Drilling at the 1.1Moz 1 (#_ftn1) Dokwe Project continues to
deliver, with results received from Dokwe North, adding to the positive drill
results reported on 23 December for Dokwe Central
(https://www.londonstockexchange.com/news-article/AAU/initial-drilling-results-dokwe-gold-project/17385851)
.
· High-grade intercepts confirm continuity within and beyond the
principal shear zone at Dokwe North and potential for near-surface oxide
resource growth, up to 150 metres beyond the current resource envelope to the
north-east.
· Key intercepts include:
o 4m @ 16.90 g/t Au from 69m (DRC25)
o 10m @ 7.67 g/t Au from 110m (DRC23)
o 10m @ 4.91 g/t Au from 156m (DRC22)
· The 2025-2026 RC drilling programme has now been completed and comprised
5,659m across 31 holes primarily across Dokwe North and Dokwe Central.
· Phase 2 diamond drilling to continue at Dokwe North and is now
planned for late March 2026 as a prelude to potential JORC resource review.
Dr Kerim Sener, Managing Director, commented:
"These results confirm that the Dokwe North mineralised system continues
beyond the limits of the current resource model towards the north-east. It is
particularly encouraging that we can report several high‑grade
intersections, including 4m at c.17g/t gold, which highlight the strength and
continuity of the mineralised shear zone.
"The programme has successfully tested extensions both along strike and
down‑dip of the shear zone, and the results reinforce the potential to
expand the existing Dokwe Mineral Resource, which currently stands at 1.1Moz @
1.52g/t. It is also apparent that such resource expansion potential lies
within a zone that is likely to represent oxide mineralisation. Our next
planned phase of diamond drilling for later this month in this area aims to
confirm the structural interpretation, test further extensions of the system
and support future resource growth at Dokwe."
This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014.
1 For Mineral Resource Estimate see below for the details
Programme Overview
On 4 November 2025
(https://www.londonstockexchange.com/news-article/AAU/exploration-drilling-commences-at-1moz-dokwe/17309387)
, Ariana announced the initiation of a 26-hole 4,000m RC drilling programme
designed to test four target areas within the 100% owned Dokwe Gold Project.
On 12 December 2025
(https://www.londonstockexchange.com/news-article/AAU/dokwe-drilling-update/17370569)
, Ariana announced an update on the programme and outlined several geological
interpretations of holes drilled within the Dokwe Central area. On the 23
December 2025
(https://www.londonstockexchange.com/news-article/AAU/initial-drilling-results-dokwe-gold-project/17385851)
, these interpretations were updated again when the first assay results (for
DRC9) were announced for Dokwe Central.
The programme has now been completed, comprising an enlarged programme of
5,659 metres of drilling across 31 holes. Additional holes, beyond the
original plan, were drilled at Dokwe Central and Dokwe North based on positive
geological indicators, which primarily confirmed the continuation of host
lithologies, deformation, silicification and sulphide mineralisation
associated with gold mineralisation within the Dokwe North shear zone (Figure
1).
This release expands on previous announcements by providing further laboratory
assay results supporting the geological interpretations for Dokwe North only.
Not all drill holes were sent for assay in sequence and assay results for
recent holes are still pending. Based on the logged geology and supporting
data, the exploration team plans to follow-up with diamond drilling over the
coming months.
Dokwe North Results
The mineralisation at Dokwe North is interpreted to represent a NE-SW trending
shear‑hosted gold system characterised by strong structural control, intense
foliation with lesser localised quartz veins. Gold mineralisation is
associated with silicification and pyrite mineralisation within strongly
deformed volcanic and volcaniclastic units.
Drill holes were typically oriented toward the northwest to intersect the
mineralised shear zone approximately perpendicular to its interpreted strike,
providing representative sampling of the mineralised system. The new 2025 and
2026 RC infill drillholes were primarily designed to test the northwest end of
the deposit, where mineralisation remains demonstrably open along strike.
The strike continuity of mineralisation has now been confirmed as the new
drilling has intercepted the continuation of host lithologies, deformation,
silicification and pyrite mineralisation. These latest assay results have also
confirmed the continuation of the gold mineralisation, with several high-grade
zones intercepted.
Figure 1: Summary map showing locations of all RC drill holes completed in the
2025-2026 programme. High-grade outline (in red) of the block model is shown
Significant intercepts:
The results from drillholes DRC19 to DRC25 are reported in this announcement
(Table 1). Key intercepts include the following:
· 23m @ 1.69g/t Au from 84m (DRC19)
· 3m @ 6.65g/t Au from 92m (DRC20)
· 3m @ 9.27g/t Au from 63m, 4m @ 11.00g/t Au from 113m and 10m @ 4.91g/t
Au from156m (DRC22)
· 10m @ 7.67g/t Au from 110m and 16m @ 3.70g/t Au from 147m (DRC23)
· 7m @ 1.29g/t Au from 95m (DRC24)
· 4m @ 16.90g/t Au from 69m (DRC25)
The intercept from 69m in DRC25 (4m @ 16.90g/t Au from 69m) represents one of
the highest-grade RC intersections drilled during the 2025-2026 programme and
occurs within the Inferred part of the current resource model.
Additional step-out holes (DRC28, DRC29, DRC30 and DRC31, results pending)
have tested a further 50m and 100m beyond DRC25. Visual geological indicators
from logging, such as silicification, shearing and pyrite mineralisation,
highlight the potential for mineralisation in these holes.
The mineralisation geometry remains consistent with a NE-SW trending
shear-hosted gold system, characterised by strong structural control, intense
foliation and mylonitisation. Occasional visible gold has been documented in
association with quartz veins and sulphide micro-fractures.
Figure 2: Plan view of the Dokwe North drilling showing key intercepts from
the 2025-2026 RC drilling programme. High-grade outline (in red) of the block
model is shown
Figure 3: Cross-sections through the Dokwe North deposit highlighting the
continuity of mineralisation and the potential to extend the mineralised
envelope beyond current limits
Forward Work Programme
Following these positive results, the Company intends to commence targeted
diamond drilling in the same area to:
o Confirm structural interpretations
o Test depth extension of mineralisation
o Conduct further step-out drilling to define potential strike extensions
o Assess opportunities to expand and upgrade the existing Mineral Resource
o Further review and revise optimisation parameters
Table 1: Significant intercepts from the 2025-2026 RC Drilling Programme.
Cut-off grade of 0.3g/t Au and maximum consecutive dilution below 0.3g/t Au of
1m
Hole ID From (m) To (m) Interval (m) Gold Grade (g/t)
DRC19 84 107 23 1.69
incl. 84 85 1 6.33
incl. 89 90 1 11.72
incl. 90 91 1 4.11
incl. 101 102 1 2.70
129 130 1 0.63
158 159 1 0.48
165 166 1 0.34
174 184 10 1.70
incl. 174 175 1 8.84
incl. 183 184 1 4.06
194 195 1 0.32
202 203 1 1.72
205 206 1 3.11
209 211 2 0.50
222 224 2 1.14
227 228 1 2.86
231 232 1 0.31
233 234 1 0.38
243 244 1 0.49
DRC20 57 63 6 1.17
incl. 58 59 1 2.57
70 71 1 0.40
73 76 3 5.56
incl. 73 74 1 14.51
78 80 2 0.38
92 95 3 6.65
incl. 92 93 1 18.81
100 101 1 2.19
113 114 1 0.61
DRC22 56 57 1 1.38
63 66 3 9.27
incl. 63 64 1 25.64
70 72 2 0.89
91 92 1 4.40
99 105 6 1.29
incl. 102 103 1 5.90
107 108 1 0.88
113 117 4 11.00
incl. 114 115 1 37.76
incl. 116 117 1 3.53
120 132 12 1.11
incl. 123 124 1 4.94
145 153 8 3.06
incl. 145 146 1 2.61
incl. 147 148 1 6.96
incl. 148 149 1 4.62
incl. 149 150 1 3.16
incl. 152 153 1 5.84
156 166 10 4.91
incl. 157 158 1 4.49
incl. 162 163 1 17.86
incl. 164 165 1 16.60
incl. 165 166 1 4.22
168 169 1 0.32
172 174 2 1.05
177 194 17 0.84
incl. 180 181 1 2.85
incl. 186 187 1 2.57
197 198 1 0.42
DRC23 60 62 2 1.34
incl. 61 62 1 2.24
90 92 2 2.68
incl. 90 91 1 5.04
110 120 10 7.67
incl. 111 112 1 10.22
incl. 112 113 1 54.41
incl. 114 115 1 6.96
122 124 2 1.14
127 129 2 5.05
incl. 128 129 1 9.46
132 133 1 0.67
142 144 2 1.16
147 163 16 3.70
incl. 147 148 1 4.22
incl. 151 152 1 7.67
incl. 152 153 1 3.93
incl. 153 154 1 3.56
incl. 155 156 1 19.81
incl. 157 158 1 6.98
incl. 158 159 1 3.94
165 168 3 0.50
170 171 1 0.54
173 183 10 1.71
incl. 180 181 1 8.69
incl. 182 183 1 3.74
187 188 1 0.32
DRC24 40 46 6 0.54
48 49 1 0.88
50 51 1 0.59
57 61 4 0.34
63 64 1 0.53
68 69 1 1.35
70 71 1 0.58
82 83 1 1.20
95 102 7 1.29
incl. 98 99 1 2.35
104 106 2 0.45
110 113 3 0.45
118 123 5 0.40
DRC25 59 63 4 2.20
incl. 62 63 1 5.79
69 73 4 16.90
incl. 69 70 1 43.31
incl. 70 71 1 22.99
89 90 1 0.51
100 105 5 1.39
incl. 100 101 1 3.32
109 116 7 0.58
121 124 3 0.35
142 143 1 1.29
Table 2: All new RC drill holes drilled to date, totalling 5,659 m.
Coordinates are UTM Zone 35S WGS84. Results in this announcement relate to the
drillholes in bold text
Hole ID Easting Northing Elevation (m) Depth (m) Dip (°) Azimuth (°) Target Area
DRC1 574997 7790710 1152 135 50 320 Dokwe NE
DRC2 575029 7790672 1153 199 60 320 Dokwe NE
DRC3 574953 7790608 1150 186 60 321 Dokwe NE
DRC4 574935 7790630 1150 271 60 321 Dokwe NE
DRC5 575034 7790665 1150 166 57 360 Dokwe NE
DRC6 574900 7788000 1156 97 50 360 Central West
DRC7 574850 7787950 1158 136 50 0 Central West
DRC8 574850 7787935 1156 253 60 0 Central West
DRC9 574978 7788143 1156 235 50 200 Central
DRC10 574850 7788039 1156 217 50 180 Central West
DRC11 575750 7788050 1159 68 50 0 Sinkwe
DRC12 575750 7787995 1158 163 50 0 Sinkwe
DRC13 575800 7788025 1159 158 50 0 Sinkwe
DRC14 574800 7788000 1155 127 55 180 Central West
DRC15 574815 7788004 1156 277 55 190 Central West
DRC16 574766 7787983 1156 166 55 180 Central West
DRC17 574840 7788000 1156 198 50 180 Central West
DRC18 574800 7787950 1156 265 60 180 Central West
DRC19 574348 7790189 1152 254 320 70 Dokwe North
DRC20 574178 7790152 1152 133 320 70 Dokwe North
DRC21 574159 7790107 1152 70 320 60 Dokwe North
DRC22 574343 7790127 1152 205 320 65 Dokwe North
DRC23 574297 7790181 1152 192 320 60 Dokwe North
DRC24 574335 7790257 1152 127 140 75 Dokwe North
DRC25 574419 7790222 1152 196 320 60 Dokwe North
DRC26 574956 7788098 1152 124 200 60 Central
DRC27 574880 7788074 1152 226 200 60 Central
DRC28 574355 7790413 1152 157 320 55 Dokwe North
DRC29 574471 7790240 1152 197 320 60 Dokwe North
DRC30 574438 7790278 1152 198 320 60 Dokwe North
DRC31 574503 7790280 1152 263 320 60 Dokwe North
Total Metres 5,659
Dokwe Mineral Resource Estimate
Table 3: In-pit Mineral Resource Estimate for the Dokwe Gold Project
PROJECT CLASSIFICATION TONNAGE GRADE CONTAINED GOLD (oz)
(t)
(g/t Au)
(REPORTING CUT-OFF GRADE 0.3g/t Au)
Dokwe North Measured 17,309,000 1.06 592,000
Indicated 18,562,000 0.90 537,000
Inferred 7,095,000 0.82 187,000
Total 42,966,000 0.95 1,316,000
Dokwe Central Indicated 1,811,000 1.60 93,000
Inferred 120,000 1.69 7,000
Total 1,931,000 1.61 100,000
Total Measured 17,309,000 1.06 592,000
Indicated 20,373,000 0.96 631,000
Inferred 7,214,000 0.83 193,000
TOTAL 44,896,000 0.98 1,416,000
PROJECT CLASSIFICATION TONNAGE GRADE CONTAINED GOLD (oz)
(t)
(g/t Au)
(REPORTING CUT-OFF GRADE 0.6g/t Au)
Dokwe North Measured 10,220,000 1.50 493,000
Indicated 8,260,000 1.50 399,000
Inferred 3,123,000 1.33 134,000
Total 21,604,000 1.48 1,025,000
Dokwe Central Indicated 1,207,000 2.19 85,000
Inferred 98,000 1.98 6,000
Total 1,306,000 2.18 91,000
Total Measured 10,220,000 1.50 493,000
Indicated 9,468,000 1.59 484,000
Inferred 3,222,000 1.35 140,000
TOTAL 22,909,000 1.52 1,116,000
Notes:
1. The Dokwe Mineral Resource Estimate is reported in accordance with the
JORC Code. Reported using cut-offs grades of 0.3g/t Au and 0.6g/t Au As at 4
March 2025.
2. The Dokwe Mineral Resource Estimate is stated both gross and net
attributable to Ariana's 100% interest and is inclusive of Reserves.
Compliance Statements
The information in this announcement relating to Mineral Resources has been
reported by the Company in accordance with the 2012 Edition of the
'Australasian Code for Reporting of Exploration results, Mineral Resources and
Ore Reserves' (JORC Code) previously refer to the Company's replacement
prospectus which was released to the ASX market platform on 8 September 2025
(Prospectus) and is available on the Company website at
http://www.arianaresources.com/ (http://www.arianaresources.com/) (Previous
Market Announcement).
The Company confirms that it is not aware of any new information or data that
materially affects the information included in the Previous Market
Announcement and, in the case of estimates of Mineral Resources and Ore
Reserves, that all material assumptions and technical parameters underpinning
the estimates in the Previous Market Announcement continue to apply and have
not materially changed.
Competent Persons Statement
The information in this announcement which relates to exploration targets,
exploration results, mineral resources, Ore Reserves and forward looking
financial information is based on, and fairly represents, information and
supporting documentation prepared by Alfred Gillman, Ruth Woodcock, Izak van
Coller, Hovhannes Hovhannisyan (together, the JORC Competent People), and
Richard John Siddle, Andrew Bamber and Daniel Van Heerdan (together, the
Qualified People). Refer to the Independent Geologist's Report for further
information in relation to the information compiled by each of the JORC
Competent People and the Qualified People, their professional memberships,
their relevant qualifications and experience, and their relationship with the
Company.
The information in this announcement relating to Exploration Results at the
Dokwe Gold Project is also based on, and fairly represents, information and
supporting documentation prepared by Ms. Ruth Woodcock, Exploration Group
Leader, Ariana Resources plc. Ms. Woodcock is a member of Recognised
Professional Organisations as defined by JORC 2012: a Chartered Geologist
(CGeol, Geological Society of London) and European Geologist (EurGeol,
European Federation of Geologists) and has sufficient experience which is
relevant to the style of mineralisation and type of deposit under
consideration and to the activity upon which she is reporting as a Competent
Person as defined in the 2012 Edition of "The Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves." Ms. Woodcock
consents to the inclusion in this report of the matters based on the
information compiled by her, in the form and context in which it appears.
The Company confirms that the form and context in which the Competent Persons'
findings are presented have not been materially modified from the Previous
Market Announcement.
Forward-looking statements and disclaimer
This announcement contains certain "forward-looking statements".
Forward-looking statements can generally be identified by the use of forward
looking words such as "forecast", "likely", "believe", "future", "project",
"opinion", "guidance", "should", "could", "target", "propose", "to be",
"foresee", "aim", "may", "will", "expect", "intend", "plan", "estimate",
"anticipate", "continue", "indicative" and "guidance", and other similar words
and expressions, which may include, without limitation, statements regarding
plans, strategies and objectives of management, anticipated production dates,
expected costs or production outputs for the Company, based on (among other
things) its estimates of future production of the Projects.
To the extent that this document contains forward-looking information
(including forward-looking statements, opinions or estimates), the
forward-looking information is subject to a number of risk factors, including
those generally associated with the gold exploration, mining and production
businesses. Any such forward-looking statement also inherently involves known
and unknown risks, uncertainties and other factors that may cause actual
results, performance and achievements to be materially greater or less than
estimated. These factors may include, but are not limited to, changes in
commodity prices, foreign exchange fluctuations, general economic and share
market conditions, increased costs and demand for production inputs, the
speculative nature of exploration and project development (including the risks
of obtaining necessary licenses and permits and diminishing quantities or
grades of reserves), changes to the regulatory framework within which the
Company operates or may in the future operate, environmental conditions
including extreme weather conditions, geological and geotechnical events, and
environmental issues, and the recruitment and retention of key personnel.
- ENDS -
The Board of Ariana Resources plc has approved this announcement and
authorised its release.
For further information on the Company, please visit the website, or please
contact the following:
Contacts:
Ariana Resources plc Tel: +44 (0) 20 3476 2080
Michael de Villiers, Chairman
Dr. Kerim Sener, Managing Director
Beaumont Cornish Limited Tel: +44 (0) 20 7628 3396
(Nominated Adviser)
Roland Cornish / Felicity Geidt
Zeus Capital (Joint Broker) Tel: +44 (0) 203 829 5000
Harry Ansell / Katy Mitchell
Fortified Securities (Joint Broker) Tel: +44 (0) 203 411 7773
Guy Wheatley
Yellow Jersey PR Limited (UK Financial PR) Tel: +44 (0) 7983 521 488
Dom Barretto / Shivantha Thambirajah arianaresources@yellowjerseypr.com
M&C Partners (Aus Financial PR) Tel: +61 438 227 286
Christina Granger / Ben Henri christina.granger@mcpartners.com.au
Shaw and Partners Limited Tel: +61 (0)2 9238 1268
(Lead Manager - ASX)
Damien Gullone
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.
About Ariana Resources:
Ariana is a mineral exploration, development and production company dual
listed on AIM (AIM: AAU) and ASX (ASX: AA2), with an exceptional track
record of creating value for its shareholders through its interests in active
mining projects and investments in exploration companies. Its current
interests include a major gold development project in Zimbabwe, gold-silver
production in Türkiye and copper-gold-silver exploration and development
projects in Kosovo and Cyprus.
For further information on the vested interests Ariana has, please visit the
Company's website at www.arianaresources.com (http://www.arianaresources.com)
.
Zeus Capital Limited, Fortified Securities and Shaw and Partners Limited are
the brokers to the Company, and Beaumont Cornish Limited is the Company's
Nominated Adviser.
JORC Table 1 - Dokwe
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Sampling techniques · Nature and quality of sampling (eg cut channels, random chips, or · Soil samples were collected from 15cm deep pits, screened to
specific specialised industry standard measurement tools appropriate to the -1mm, on lines 400m apart with 50m samples composited over 400m. The samples
minerals under investigation, such as down hole gamma sondes, or handheld XRF were analysed by Intertek Genalysis in Perth Australia using their partial
instruments, etc). These examples should not be taken as limiting the broad extraction method (TL1) to determine Au, Ag, As, Co, Cu, Sb by ICP-MS.
meaning of sampling.
Sampling was carried in the Regional, Intermediate, follow-up and Detailed
· Include reference to measures taken to ensure sample representivity phases. For regional samples +-2kg samples were collected and sent to Peacock
and the appropriate calibration of any measurement tools or systems used. & Simpson & Associates laboratory in Harare for heavy mineral
concentration, and the concentrate sent to Intertek Genalysis laboratory in
· Aspects of the determination of mineralisation that are Material to Perth. Intermediate, follow-up, and detailed samples were passed through a
the Public Report. -1mm sieve, and +-100g of the fine sample was sent to Intertek Genalysis.
There was no QA/QC on the soil analyses apart from internal lab checks.
· In cases where 'industry standard' work has been done this would be
relatively simple (eg 'reverse circulation drilling was used to obtain 1 m · Portable XRF analysis for approximately 40,000 readings was taken
samples from which 3 kg was pulverised to produce a 30 g charge for fire across 138 archived diamond drill holes. Readings were taken at 1m intervals
assay'). In other cases more explanation may be required, such as where there directly onto cleaned core surfaces. The results obtained were used to
is coarse gold that has inherent sampling problems. Unusual commodities or identify relative geochemical characteristics of the Dokwe geology. The pXRF
mineralisation types (eg submarine nodules) may warrant disclosure of detailed unit used was an Olympus Vanta. QA/QC samples were utilised at the start of
information. each session and then at approximately every 100 readings.
· Portable XRF analysis for a total of 10,086 soil samples were
collected across the tenement area. Samples were collected on a grid of 50 m
by 200 m, reducing spacing to 50 m by 100 m in areas of priority interest.
Once the soil sample is dry, a pXRF reading is taken from the soil sample to
obtain multi-element geochemistry. The pXRF unit used was an Olympus Vanta.
QA/QC samples were utilised at the start of each session and then at
approximately every 100 readings.
· Next, a 250g sub-sample is weighed and placed into a plastic
pouch with 500ml of reagent added and a collector device (CD) attached to the
inside of the cap of the pouch. The pouches are placed in a barrel and tumbled
for 12 hours. After this, the pouches are removed from the drum and CDs are
removed from the pouches, rinsed gently in water, and dried in a dehydrator
oven for three hours. This detectORE(TM) technology has been used to analyse
811 of the pXRF soil samples from priority areas.
· Reverse circulation drill samples taken in 2025 were split using
a multi-tiered splitter to obtain a 3-5kg representative sample for dispatch
to the laboratory. RC chip samples for every meter were collected straight
from the drill rig using a sample cyclone. Wet samples were speared multiple
times to obtain a representative sample mass. Less than 10% of the obtained
samples were wet.
· The drill rig cyclone was typically cleaned after every rod run
(3m).
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary · Diamond drillholes were collared with HQ core size (63.5mm
air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or diameter) to a more competent ground and then continued with NQ core size
standard tube, depth of diamond tails, face-sampling bit or other type, (47.6mm diameter) to the end of drillhole. Some drillholes drilled between
whether core is oriented and if so, by what method, etc). 2003 and 2007 were drilled with narrower BQ core size (36.4mm diameter). The
diameter of the percussion drillholes was 152mm. Diamond drillholes drilled in
2020 for metallurgical purposes were collared with PQ core size (85mm) to more
competent ground and then continued with HQ core to the end of hole and the
diameter of sterilisation percussion drillholes was 133mm. Diamond drillholes
drilled in 2023-2024 for due diligence purposes were predominantly drilled
using standard HQ drill rods. However, some holes were collared with PQ-sized
rods to approximately 100m. Deeper holes (>250 metres), were drilled to
final depth using NQ rods after HQ (DPD132).
· The drill core since 2019 was oriented using the Boart Longyear
TruCore(TM) UPIX core orientation system. The NQ core was oriented but highly
weathered and broken HQ core was not oriented. The whole of the geotechnical
drillhole core was oriented. The due diligence drillholes (DPD129 - DPD132)
core were oriented.
· Reverse Circulation drilling completed in 2025 used a Thor 5000
drill rig with a 5-inch hammer size and 24 bars of air pressure on the rig,
with an additional 14 bars of pressure from an off-rig booster. All RC holes
drilled were surveyed using a multishot and later gyroscopic survey tool on
approximately 20m intervals.
Drill sample recovery · Method of recording and assessing core and chip sample recoveries and · Drillhole recoveries were measured during each diamond drilling
results assessed. campaign and a total average recovery of 94% was achieved for the diamond
drillholes to 2020, whereas 73% was achieved for the 2021 sterilisation
· Measures taken to maximise sample recovery and ensure representative percussion drillholes. However, recovery data pertaining to the percussion
nature of the samples. drillholes (32 drillholes) and five additional diamond drillholes drilled
between 2003 and 2004 were not available at the time of reporting. Recovery
· Whether a relationship exists between sample recovery and grade and for the 2023-2024 programme was 98.62%.
whether sample bias may have occurred due to preferential loss/gain of
fine/coarse material. · The sample recoveries were maximised through drilling techniques
and consistent monitoring.
· Sample recoveries versus grade relationships were not assessed.
It is the CP's opinion that there is no bias with respect to drilling
technique and sampling methodology utilised.
· Drill sample recovery for the 2025 RC drilling was monitored by
weighing each raw sample directly from the cyclone for every meter. The
average sample mass of all samples to date is 32kg (80% recovery). Samples
with poor recovery (i.e. <40%) were dominantly samples from within 10
meters of the surface, where poor recoveries are expected due to the lithology
(Kalahari sands). No mineralisation intervals were documented within the first
10 metres of any of the holes drilled.
Logging · Whether core and chip samples have been geologically and · All drillholes drilled on Dokwe Project were logged geologically
geotechnically logged to a level of detail to support appropriate Mineral and the logging included "from" and "to" depth, lithology, colour, grain size,
Resource estimation, mining studies and metallurgical studies. weathering, oxidation, and mineralisation.
· Whether logging is qualitative or quantitative in nature. Core (or · All drillholes have been geologically logged to a level of detail
costean, channel, etc) photography. to support Mineral Resource estimation.
· The total length and percentage of the relevant intersections logged. · Drillhole logging is qualitative in nature. During the 2019
drilling, the diamond drill core was also photographed both wet and dry at the
drill site and photos.
· All diamond core and percussion chips were completely logged from
the top to the bottom of drillhole including all intersections.
· RC chips for every metre of drilling completed during the 2025
campaign were sieved, washed and logged. The company has retained a full
archive of chips for every metre drilled. These have been photographed in
their respective chip trays for further documentation. Geological logs are
digitised and loaded into Leapfrog software to review.
Sub-sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core · During sampling, samples were marked at 1m intervals apart from
taken. where the sampling crossed lithological boundaries where each side of the
lithological contact was sampled separately.
· If non-core, whether riffled, tube sampled, rotary split, etc and
whether sampled wet or dry. · After logging and marking of samples, the diamond drill core was
then split in half by a diamond saw with one half stored for future reference
· For all sample types, the nature, quality and appropriateness of the and the other half core was sent to the laboratory for analyses.
sample preparation technique.
· Diamond drill core was logged from the top to the bottom of the
· Quality control procedures adopted for all sub-sampling stages to drillhole including all the intersections, after logging, the drill core was
maximise representivity of samples. marked for sampling by a senior geologist. The core was sampled nominally in
1m length apart from where sampling crossed lithological boundaries where each
· Measures taken to ensure that the sampling is representative of the side of the boundary was sampled separately. Drill core was split in half with
in situ material collected, including for instance results for field a diamond saw with one half core sample bagged in a plastic bag and then sent
duplicate/second-half sampling. to the laboratory and the other half was retained in the core trays. In most
drillholes, the entire core was sampled apart for the younger sedimentary
· Whether sample sizes are appropriate to the grain size of the cover. In later drillholes, only the mineralised portions of the drill core
material being sampled. were sampled.
· During percussion drilling, samples were collected every 1m into
a large plastic bag and then split using a riffle splitter to desired amount
for the laboratory analysis.
· Sample representativity was tested by taking field duplicates and
internal laboratory duplicates.
· Sample size is in line with international practice and is
appropriate to the grain size of the material being sampled.
· Sample preparation and handling for the 2025 RC drilling were all
completed at the drill site as each hole progressed. The illustration below is
a summary of the sample splitting procedure used during this programme.
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and · Sample analyses were carried out at Antech, SGS Lakefield
laboratory procedures used and whether the technique is considered partial or Research Africa, Intertek Genalysis Laboratories and ALS Global in South
total. Africa.
· For geophysical tools, spectrometers, handheld XRF instruments, etc, · Sample preparation at Antech laboratories involved drying the
the parameters used in determining the analysis including instrument make and sample, crushing, pulverising, riffle splitting, and packaging. A small
model, reading times, calibrations factors applied and their derivation, etc. portion of the pulverised material, 50g, was analysed for gold by fire assay
with atomic absorption ("AA") finish.
· Nature of quality control procedures adopted (eg standards, blanks,
duplicates, external laboratory checks) and whether acceptable levels of · At Intertek Genalysis South Africa, the sample preparation
accuracy (ie lack of bias) and precision have been established. involved drying the sample, crushing, pulverising, riffle splitting, and
packaging. After going through the sample preparation stages, the final sample
for analysis weighed approximately 50g and was shipped to Australia for
analysis. All samples were assayed for gold by 50g fire assay with optical
emission spectrometers ("OES") finish.
· Details pertaining to the analytical procedure at SGS Lakefield
Research Africa was not available at the time of reporting.
· Analytical techniques utilised at the laboratories are considered
total.
· No assay methods other than those conducted at the accredited
laboratory (Antech, Intertek Genalysis, SGS Lakefield Research Africa
Laboratory), were utilised in the generation of the Dokwe sampling database.
Note that the details pertaining to the accreditation status for SGS Lakefield
Research Africa Laboratory was not available, however, this data was not used
in the MRE work outlined here.
· Between 2003 and 2007, blanks and duplicates were inserted into
the sampling sequence. Between 2008 and 2011, CRMs, blanks and duplicates were
inserted into the sampling sequence.
· During 2019 and 2020 sampling campaigns, the QA/QC protocol for
insertion of QA/QC samples was that one in every 10th sample sent to the
laboratory will either be a blank or one of the four CRM.
· During the 2023 sampling, every batch of 34 samples sent to
Antech included 1 CRM, 1 blank, 1 field duplicate and 1 pulp duplicate.
· An adequate number of control samples were utilised during core
sampling.
· During Ariana's 2023 due diligence review of the Dokwe Project
approximately 10% of samples extracted from DPD129 (Dokwe North) and DPD131
(Dokwe Central) were duplicated as quarter core and sent to ALS Global in
South Africa for check analysis against the Antech laboratory in Zimbabwe.
Results are satisfactory.
· pXRF readings are taken on diamond drill core using a 3-beam
Vanta M Series (VMR) with test timings set to Beam 1: 30s - Beam 2: 20s - Beam
3: 20s. Soil samples for pXRF are collected and air dried prior to analysis.
Test timings for soils are set to Beam 1: 40s - Beam 2: 30s - Beam 3: 30s. For
all pXRF analyses the unit is calibrated (cal check) at the start of the
session. Following this, other QA/QC samples (blank, CRM, calibration disc)
were utilised at the start and end of each session and at approximately every
100 readings.
· For detectORE(TM) analyses, each batch of 90 samples contains two
reference materials supplied by Portable PPB which are processed and analysed
in the same way as the other samples. The reference materials are not
certified but have known concentrations of gold. They are used to check that
the leach and collection process has worked as intended for that batch. In
addition, two blanks and two field duplicates were included in every 90
samples. The pXRF detectORE(TM) mode is firmware installed on portable XRF
devices to allow detection of gold values from the CD's, controlled via API
coupled to pLIMS™ software that also manages the QA/QC. The pXRF
detectORE(TM) mode is calibrated using five Calibrated Collector Devices of
varying concentrations of gold from 0 to 1,000 ppb equivalent. Once dried, the
CDs are analysed for gold using Evident's detectORE(TM) mode on a Vanta M
Series (VMR) pXRF.
· RC samples from DRC1 - DRC22 were submitted to the Antech
Laboratory and subjected to the same 50g shot assay procedure as used in all
other programs described above. Samples from DRC22 - DRC31 were submitted
to Performance Laboratories.
· Antech: 17 samples per batch (including 1 CRM and alternating 1
duplicate or 1 blank) at a 11.8% insertion rate. Performance: 19 samples per
batch (including 1 CRM and alternating 1 duplicate or 1 blank) at a 10.5%
insertion rate. Each lab also includes their own internal CRMs, blanks and
duplicates. QA/QC results are satisfactory.
· Umpire laboratory checks are underway.
· An adequate number of control samples were utilised during RC
sampling.
· Antech Laboratories and Performance Laboratories are both SADCAS
accredited (ISO/IEC 17025:2017).
Verification of sampling and assaying · The verification of significant intersections by either independent · Dokwe North is an advanced exploration property that has a
or alternative company personnel. database with 101 diamond drillholes, 15 percussion drillholes and 25
sterilisation RC drillholes.
· The use of twinned holes.
· Less than 2km SE, Dokwe Central has 19 diamond drill holes and 5
· Documentation of primary data, data entry procedures, data percussion holes and has been audited by Digital Mining Services (DMS) in the
verification, data storage (physical and electronic) protocols. past. Individual significant intersections were, therefore, not verified
separately. In addition to the Dokwe North and Central holes 40 holes were
· Discuss any adjustment to assay data. drilled in prospects in the vicinity of Dokwe.
· As part of verification, the QA/QC for the various drilling
campaigns were reviewed and the drilling database was verified.
· The original Dokwe drilling database was in the form of Microsoft
Access database. The Dokwe drillhole database included 2003- 2004, 2007, 2008,
2009, 2010, 2019 and 2020 drilling campaigns. The database was checked for
duplicates, overlapping, and missing intervals, whilst all fields were checked
for spurious or out-of-range values.
· The database has been uploaded to MXDeposit as part of the Due
Diligence study.
· The Due Diligence drilling included a twin hole (DPD129), which
correlated very well with its twin DPD49.
· For detectORE(TM) analyses all samples and sample information are
tracked using the bar codes on the pouches and the CD's. The sample numbers
are entered into proprietary pLIMS(TM) software, Portable PPB's software
interface for sample management and results. The barcodes prevent manual
errors in data entry.
· For detectORE(TM) analyses the gold concentration is calculated
based on the weight of the original sample and moisture content, and the
amount of gold on the CD (i.e., gold leached into solution). The gold
concentration is given as dU (detectORE(TM) units), where a dU represents the
leached and collected gold in micrograms of gold. This is a partial
extraction, not a total gold result. The laboratory results from the trial
batches are compared to the detectORE(TM) results, and a correlation
coefficient is established. This equation is used to predict the ppm (g/t)
values the dU correlates with, and thus help define samples to be analysed at
a laboratory using conventional assay. The detectORE™ results when compared
to fire assays also provide detailed geometallurgical insights and leach
characteristics, further adding value to this process.
· During pXRF analyses, samples are analysed in numerical order,
and a sheet is completed to note the inserted QA/QC samples. These are
digitised and combined with the data export from the pXRF on a daily basis. No
adjustment is made to pXRF data for soils or core in the raw data set.
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar · The coordinate utilised for Dokwe is WGS84 Universal Transverse
and down-hole surveys), trenches, mine workings and other locations used in Mercator ("UTM") Zone 35 South.
Mineral Resource estimation.
· All drillhole collars up to 2019 have been surveyed by qualified
· Specification of the grid system used. professional surveyors Drysdale and Associates using RTK GPS (3 - 5mm
accuracy) which is linked to the national grid. The coordinates were provided
· Quality and adequacy of topographic control. in Universal Transverse Mercator ("UTM") on Cape Datum. The geotech,
metallurgical and due diligence holes were located using hand-held GPS.
· During 2019 and 2020 drilling programme, all drillholes were
downhole surveyed at 6m intervals using Boart Longyear - TruShotTM digital
survey tools. In order to obtain the complete survey of the holes, the surveys
were done separately for the HQ and NQ diameter of the holes. Earlier
drillholes (DPD001 - 010) were downhole surveyed at 50m intervals using Reflex
EZ- Shot™ equipment. Subsequently drillholes were downhole surveyed with
Reflex EZ-Shot (Reflex single shot) and DeviFlexi tools and were surveyed at
25m and from DPD060 to DPD084 the interval decreased to 4m to 6m. No downhole
survey was carried out on the percussion drillholes and six diamond drillholes
drilled between 2003 and 2004 as well as the sterilisation drillholes drilled
in 2021. Downhole surveys were carried out for the 2023-24 drilling.
· In 2016, Southern Mapping Company (Pty) Ltd, was contracted by
Canister to carry out a LiDAR survey of the topography. This was tied into
WGS84 with better than 10cm accuracy, non-ground points were filtered out and
an orthophoto and topographical contours were generated at 0.5m contour
intervals.
· In 2023, a drone survey over the Dokwe North area captured 2,600
detailed 12-megapixel aerial images to produce a high- resolution (4cm/pixel)
photogrammetry map. This was used to validate and locate all historic collars
within the immediate Dokwe North area to within 1m accuracy.
· Collar positions of the 2025 RC drilling were recorded in the
field by handheld GPS.
· Each collar was preserved by a concrete block with the hole ID
and coordinates clearly engraved.
· Downhole surveys for the 2025 RC drilling were completed on 20m
intervals using an OMNIx42 multishot tool, and then later after the first four
holes a DeviGyro gyroscopic survey tool.
Data spacing and distribution · Data spacing for reporting of Exploration Results. · Data spacing and distribution are sufficient to establish the
degree of geological and grade continuity appropriate for the Mineral Resource
· Whether the data spacing and distribution is sufficient to establish estimation and classification.
the degree of geological and grade continuity appropriate for the Mineral
Resource and Ore Reserve estimation procedure(s) and classifications applied. · A 1m compositing interval was selected and applied to the de-
surveyed drillholes. Composites were selected from all drill holes except
· Whether sample compositing has been applied. sterilisation RC holes.
DOKWE NORTH
· A total of 141 drillholes (including percussion and geotechnical
drillholes) have been drilled at Dokwe North. At Dokwe North, drillholes were
systematically laid out on 15 section lines (approximately 320º azimuth)
spaced 50m apart and the collars were also spaced at 50m along the section
lines.
· Of these 141 holes, a total of 25 sterilisation percussion
drillholes were drilled on a square grid of 350m over the proposed waste dump,
plant, heap leach, tailings dam, and solar farm sites to the southeast of
Dokwe North.
· The total metres drilled within the resource area (i.e. excluding
sterilisation holes) is 32,727m (116 holes).
DOKWE CENTRAL
· A total of 24 drillholes (including percussion drillholes) have
been drilled at Dokwe Central. At Dokwe Central, most drillholes were
systematically laid out on 3 section lines (E-W azimuth) spaced 50m apart and
the collars were also spaced at 25m along the section lines, resulting in an
average of 30m between holes.
· In the resource area there are 5,166m (24 holes).
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of · Dokwe North drillholes were systematically laid out on a section
possible structures and the extent to which this is known, considering the line (approximately 320º azimuth) generally perpendicular to the strike and
deposit type. most of the drillholes were drilled towards the northwest to intersect the
mineralised orebodies very close to normal relative to the reef plane.
· If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to have introduced a · At Dokwe Central, drillholes were systematically laid out on
sampling bias, this should be assessed and reported if material. section lines (E-W azimuth) generally perpendicular to the strike and most of
the drillholes were drilled towards the north to intersect the mineralised
orebodies very close to normal relative to the reef plane.
· Available information indicates that the drilling orientation
would provide unbiased sampling of the mineralisation zones.
· Due diligence drilling in 2023 drilled from various orientations
to better test the mineralisation and confirm that the drilling has provided
unbiased sampling.
· The geotechnical drilling was also completed in various
orientations.
Sample security · The measures taken to ensure sample security. · The core was then transported to the core yard for geological
logging and sampling. After logging and marking of samples, the diamond drill
core was then cut in half by a diamond saw with one half stored for future
reference and the other half core was sent to the laboratory for analyses.
· During percussion drilling, samples were collected in large bags
and then split using a sample riffle splitter. After splitting, samples were
bagged in plastic bags, the remaining bulk sample was transported to the main
office about 125km from site and stored at a shed in the early years, but
stored on site in the recent sterilization program.
· All samples were transported by company personnel to the
laboratory. They were signed off for dispatch from the core yard and on
receipt to the laboratory.
· All drill core is stored at the Dokwe Camp.
· RC drilling completed during 2025 - all samples were handled on
the active drill sites. Split samples for laboratory analysis were bagged,
securely sealed, and stored at the base camp sample dispatch (approximately
2km from the drill sites) until ready to be sent directly to Antech
Laboratories and Performance Laboratories.
Audits or reviews · The results of any audits or reviews of sampling techniques and data. · In 2008 Digital Mining Services completed a data review and
verification of the drilling results to date.
· The sampling for the Due Diligence study has been supervised by
the CP of this MRE.
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including · Ariana owns 100% of the Dokwe Project following the all-share
agreements or material issues with third parties such as joint ventures, merger with Rockover Holdings Limited in June 2024.
partnerships, overriding royalties, native title interests, historical sites,
wilderness or national park and environmental settings. · Dokwe is held through 81 blocks of gold claims and 22 copper base
metal claims totalling 4,040ha which are protected up until at least April
· The security of the tenure held at the time of reporting along with 2026. The claims can be extended through annual inspection. Canister made
any known impediments to obtaining a licence to operate in the area. application to the Ministry of Mines and Mining Development in March 2021
under Part VIII of the Mines and Minerals Act (MMA) to convert the claims into
a Mining Lease with the aim is to facilitate the development of a significant
new gold mine at Dokwe. The Mining Lease application is for gold and base
metals, and the area applied for is 6,622ha. The Ministry requested additional
information in support of the application which has been submitted.
· The Project is currently not subjected to payment of royalties or
other payments. Government royalties will be payable once mining operations
are developed. A private royalty of 0.5% will also be payable once production
starts.
· As far as the CP is aware, no statutory instrument has been
gazetted implementing an environmental fund as yet, so no fees are due or
anticipated. In addition, the CP is not aware of any requests being made to
Rockover by the Minister to implement an environmental fund. As such, no
environmental rehabilitation trusts and guarantees have been established for
Dokwe.
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. · Acknowledgement is hereby made for the historical exploration
conducted by Reunion Mining in 1993. Reunion Mining undertook a detailed
airborne magnetic survey over an area of approximately 1,000km(2). The
detailed airborne magnetic survey indicated the presence of an east-northeast
trending linear magnetic feature buried beneath the younger sedimentary cover.
Geology · Deposit type, geological setting and style of mineralisation. GENERAL DOKWE AREA
· The Dokwe gold deposits are situated in Archaean basement rocks
buried by up to 40 metres of Karoo and Kalahari sedimentary cover.
· The Dokwe area can be subdivided into a number of
litho-structural domains which are juxtaposed against each other by a series
of shear zones. The three known gold occurrences within the Claims Area are
within shear zones, which have a combined strike length of approximately 12km.
DOKWE NORTH
· The geology of Dokwe North primarily consists of a sequence of
Late Archean-aged greenstone volcaniclastics. These include dacite-to-andesite
flows featuring amygdaloidal rich horizons, interbedded felsic tuffs,
agglomerates, and irregular rhyolite flows.
· The sequence is intruded by earlier quartz-feldspar porphyries
and later altered dolerite. Brittle deformation, characterised by fracturing,
is common in felsic tuff whilst more ductile deformation characterises dacite
and andesite.
· A major brittle fault, the "Western" fault is post-mineralised
structure dissecting offsetting mineralisation.
· The main Dokwe North orebody occurs within a NE-SW trending shear
zone that displays a central core with intense foliation and mylonitisation of
the host rocks.
· Primary gold mineralisation at Dokwe is preserved as free gold
and occasionally as inclusions in quartz veins, micro-fractures in pyrite, and
other open-space micro-features.
· The mineralisation is primarily structurally controlled and
associated with the intensity of shearing and with lithological contacts.
Visible gold has been documented multiple times and is often associated within
the foliation planes formed by shearing.
· Overlying all the basement stratigraphy is a sequence of barren
sedimentary rocks.
DOKWE CENTRAL
· Dokwe Central is higher-grade pipe-like deposit containing
abundant quartz veins and several steeply plunging high-grade zones.
Mineralisation is contained within a series of strongly sheared intermediate
chlorite schists and biotite-chlorite schists in a covered Archean Greenstone
Belt, extending from the border with Botswana (Maitengwe Greenstone Belt) and
linking up with the Bulawayo-Bubi Greenstone Belt to the east. The Archaean
greenstone units are overlain by Karoo and Kalahari sedimentary units of up to
25-40m in thickness.
· Mineralisation appears to be dominantly constrained within
intensely sheared and brecciated zones, and in association with disseminated
sulphides (dominantly pyrite).
· The defined mineralisation extent is abruptly terminated against
a package of sedimentary rocks to the north, marking a major east-west
trending fault.
Drill hole Information · A summary of all information material to the understanding of the DOKWE NORTH
exploration results including a tabulation of the following information for
all Material drill holes: · Drillhole database consists of a total of 141 drillholes
totalling 34,477m. The database is split with:
o easting and northing of the drill hole collar
o 101 diamond drillholes (incl. 5 geotechnical holes) totalling 31,286m.
o elevation or RL (Reduced Level - elevation above sea level in metres) of
the drill hole collar o 15 percussion drillholes totalling 1,441m.
o dip and azimuth of the hole o 25 RC sterilisation holes totalling 1,750m.
o down hole length and interception depth DOKWE CENTRAL
o hole length. · Drillhole database consisted of a total of 24 drillholes,
totalling 5,166m. The database is split with:
· If the exclusion of this information is justified on the basis that
the information is not Material and this exclusion does not detract from the o 19 diamond drillholes totalling 4,816m.
understanding of the report, the Competent Person should clearly explain why
this is the case. o 5 percussion drillholes totalling 350m.
Details of the ongoing 2025 RC Drilling Programme are provided within the main
body of this announcement.
Data aggregation methods · In reporting Exploration Results, weighting averaging techniques, · The sample intervals from the raw de-surveyed drillhole dataset
maximum and/or minimum grade truncations (eg cutting of high grades) and were analysed for the most appropriate composite length to be applied for
cut-off grades are usually Material and should be stated. geostatistical analysis. The mean of the population is 1.13m, with
approximately 75% of the population being exactly 1m in length. Given the
· Where aggregate intercepts incorporate short lengths of high grade data, a 1m compositing interval was selected and applied to the de-surveyed
results and longer lengths of low grade results, the procedure used for such drillholes. Composites were selected from all drill holes, except RC
aggregation should be stated and some typical examples of such aggregations sterilisation drilling data.
should be shown in detail.
· No metal equivalents were calculated.
· The assumptions used for any reporting of metal equivalent values
should be clearly stated.
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of · At Dokwe North, drillholes were systematically laid out on
Exploration Results. section lines (approximately 320º azimuth) generally perpendicular to the
strike, and most of the drillholes were drilled towards the northwest to
· If the geometry of the mineralisation with respect to the drill hole intersect the mineralised orebodies very close to normal relative to the
angle is known, its nature should be reported. structural plane.
· If it is not known and only the down hole lengths are reported, there · At Dokwe Central, drillholes were systematically laid out on
should be a clear statement to this effect (eg 'down hole length, true width section lines (E-W azimuth) generally perpendicular to the strike and most of
not known'). the drillholes were drilled towards the north to intersect the mineralised
orebodies very close to normal relative to the reef plane.
· Downhole true widths are not calculated. All significant grades
presented represent the value attributable to the real sample length and not
corrected true width.
Diagrams · Appropriate maps and sections (with scales) and tabulations of · All relevant diagrams pertaining to sampling type and its
intercepts should be included for any significant discovery being reported. distribution, as well as geological and block models are presented in their
These should include, but not be limited to a plan view of drill hole collar respective sections and have been generated in accordance with the guidelines
locations and appropriate sectional views. described in the JORC Code.
Balanced reporting · Where comprehensive reporting of all Exploration Results is not · The Mineral Resource Estimate is based on the information resulting
practicable, representative reporting of both low and high grades and/or from sampling and drilling campaigns. This Mineral Resource estimation summary
widths should be practiced to avoid misleading reporting of Exploration contains information for all sampling and drilling campaigns within the
Results. Project Area to date.
· All material intercepts are included in the Intercepts Table in
this announcement.
Other substantive exploration data · Other exploration data, if meaningful and material, should be · Exploration works other than drilling conducted by or on behalf
reported including (but not limited to): geological observations; geophysical of the issuer includes soil geochemistry, geophysical survey (induced
survey results; geochemical survey results; bulk samples - size and method of polarisation survey, real section induced polarisation, magnetic survey), and
treatment; metallurgical test results; bulk density, groundwater, geotechnical lidar survey. Some of this data has been incorporated into the Mineral
and rock characteristics; potential deleterious or contaminating substances. Resource Estimation work completed here.
· Soil geochemistry surveys have been completed in the periphery of
Dokwe North and at the Dokwe Central prospect. A total of 10,086 samples have
been collected to date. detectORE(TM) technology has been used to analyse 811
of these samples in the first instance.
· pXRF soil sampling grid.
· detectORE(TM) soil sampling grid.
Further work · The nature and scale of planned further work (eg tests for lateral · Further exploration will be carried out in the region,
extensions or depth extensions or large-scale step-out drilling). particularly exploring the downdip of Dokwe North. Additional target areas
defined previously will also be followed up.
· Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas, · pXRF work is ongoing across all Dokwe North drillholes, and is
provided this information is not commercially sensitive. being used in the geological modelling. Approximately 40,000 readings have
been taken to date.
· Follow up of significant grades intercepted in DPD004
approximately 800m east of Dokwe Central.
· Exploration drilling at Dokwe North and Dokwe Central extensions.
Section 3 Estimation and Reporting of Mineral Resources
(Criteria listed in the preceding section also apply to this section.)
NOTE: THIS SECTION IS ONLY RELEVANT FOR DOKWE NORTH AND DOKWE CENTRAL.
Criteria JORC Code explanation Commentary
Database integrity · Measures taken to ensure that data has not been corrupted by, for · The original Dokwe drilling database was in the form of a
example, transcription or keying errors, between its initial collection and Microsoft access database. The Dokwe drillhole database included all drilling
its use for Mineral Resource estimation purposes. prior to 2023. This data was imported to MXDeposit. All data collected during
the 2023-2024 due diligence drilling programme was added directly to
· Data validation procedures used. MXDeposit.
· The QA/QC for the various drilling campaigns was reviewed and
deemed suitable for the results to be used in a mineral resource estimate. The
Dokwe drillhole database was checked for duplicates, overlapping and missing
intervals on import into Leapfrog, whilst all fields were checked for spurious
or out-of-range values. Any errors were corrected prior to modelling.
Site visits · Comment on any site visits undertaken by the Competent Person and the · As Competent Person for the Mineral Resources presented in this
outcome of those visits. Report, Zack van Coller conducted site visits in November 2023, March 2024 and
January 2025. Drillhole collar positions were confirmed, and diamond drill
· If no site visits have been undertaken indicate why this is the case. core was inspected in the core yard. It was confirmed that the mineralisation
is disseminated and not related to a distinct lithology or structural feature.
Varying degrees of deformation were observed in association with more
mineralisation. The CP was present for some of the due diligence diamond
drilling programme and sampling.
Geological interpretation · Confidence in (or conversely, the uncertainty of ) the geological · There is a high level of confidence in the geological
interpretation of the mineral deposit. interpretation, the deposit is well sampled, and the density of data allows
for a suitable interpretation of the grade distribution.
· Nature of the data used and of any assumptions made.
· A sub-selection of the original drillhole logs and laboratory
· The effect, if any, of alternative interpretations on Mineral assay certificates were compared to the final Dokwe drillhole database. The CP
Resource estimation. was present during the logging of the 2023-2024 drillholes, and again in
January 2025 for detailed review of high-grade zones.
· The use of geology in guiding and controlling Mineral Resource
estimation.
· The factors affecting continuity both of grade and geology. DOKWE NORTH
· Digital Mining Services completed an MRE as an updated statement
in January 2020. This estimate was largely focused around two explicitly
modelled grade wireframes at 0.5g/t and 0.2g/t Au. Only composites from within
the 0.5g/t Au grade shell were considered in that estimate, whilst for the
0.2g/t Au shell estimate, the remainder of the composites (excluding
composites from within the 0.5g/t Au shell) were used for interpolation of
that shell. This resulted in a distinct grade boundary between the two shell
estimates. This "hard" boundary in grades may not necessarily be evident in
the distribution of grades present in the drillhole data.
· The estimation and Mineral Resource categorisation methodologies
between the January 2020 estimate and the estimate presented in the 2022 PFS,
are significantly different, and have resulted in significant differences in
terms of both volume and grade for all Mineral Resource categories.
· The 2022 Minxcon Mineral Resource estimate presented in the PFS
represents a broader implicit grade shell (at 0.2g/t Au) estimate, and an
internal 0.7g/t Au sub-domain, and would result in larger volumes and lower
average grades than the previous estimation methodology.
· 2024 Estimation: A lithological model was used to constrain the
estimation of grade into the block model, with gold estimated separately into
each lithology domain. Grade clamping was applied (instead of a top-cut) so as
to preserve the high grades, but minimise the distance the grade can be
spread. This was a 50, 20 and 10g/t Au clamp for passes 1, 2 and 3,
respectively.
· 2025 Estimation: The biggest change since the previous resource
work is the new mineralisation model, which constrains mineralisation in three
geologically and structurally defined domains, leading to a far more robust
mineralisation interpretation model. A high-grade interpolant model at a
modelling cut-off of 0.7g/t Au was used to isolate high-grade data through the
deposit. High-grade within this particular domain was capped to 200g/t Au and
then further constrained with the application of an Outlier Restrictor,
clamping of high grades were set to 100g/t Au and limited to 5-10 meter
extrapolation. High grades were also evaluated during the variography analysis
stage of the estimation, where further capping was applied to improve
variogram correlation.
DOKWE CENTRAL
· DMS completed an MRE in 2011. The 2011 estimation domains were
manually constructed wireframes base on three vertically dipping bodies. The
2011 MRE was evaluated to be very conservative with wireframe boundaries being
very restrictive in joining clusters of mineralised composites.
· 2024 and 2025 Ariana Estimates: A lithological model was used to
constrain the estimation of grade into the block model, with gold estimated
separately into each lithology domain. A top-cut of 30g/t Au was applied to
minimise the distance the grade can be spread. The estimate was completed in
two search passes of 10x20x40m and 20x40x80m.
· The 2024 and 2025 estimation domains are based on a lithological
model between two primary geological packages (hanging wall biotite schists
(mineralised) and footwall sedimentary gritstones/conglomerates (barren)).
Separating the two geological packages is a significant east-west trending
fault (very similar to the 2011 interpretations). Mineralisation was
restricted from extrapolating across to the "barren" sedimentary units. Within
the biotite mineralisation package search ellipse inputs were used from the
2011 MRE to re-establish and validate mineralisation continuity in the new
model.
· Interpolation modelling with support from pXRF data from eight
diamond drill holes, as well as additional new drill holes drilled at the
deposit since 2011 (mainly two new holes drilled by Ariana in 2023), is
thought to have made more representative iso-surface volumes as an update to
mineralisation interpretations.
· In 2025 the Dokwe Central geological model was further refined to
include a second major N-S fault zone, adding restrictions to the model's
mineralisation extrapolation. As a result, Inferred resources were reduced to
better reflect the influence of the bounding structures.
Dimensions · The extent and variability of the Mineral Resource expressed as · The Dokwe North orebody is 780m along strike, 470m across strike
length (along strike or otherwise), plan width, and depth below surface to the (across the thickest portion of the deposit), and the depth from the surface
upper and lower limits of the Mineral Resource. is between 42m and 320m.
· The Dokwe Central orebody is 260m by 200m across and the depth from
the surface is between 25m and 350m.
Estimation and modelling techniques · The nature and appropriateness of the estimation technique(s) applied · Leapfrog Geo 2023.2 software was used to construct the geological
and key assumptions, including treatment of extreme grade values, domaining, wireframes/mineralised halos, while Leapfrog Edge 2023.2 was used to conduct
interpolation parameters and maximum distance of extrapolation from data statistical and geostatistical analyses and generate the estimated block
points. If a computer assisted estimation method was chosen include a model.
description of computer software and parameters used.
· No assumptions were made in terms of selective mining units with
· The availability of check estimates, previous estimates and/or mine respect to the cell size selected.
production records and whether the Mineral Resource estimate takes appropriate
account of such data. · No assumptions were made regarding correlation between variables.
· The assumptions made regarding recovery of by-products. · Several data-model reconciliations were performed. Firstly, a
visual inspection of drillhole composite values with respect to the estimated
· Estimation of deleterious elements or other non-grade variables of block model was completed.
economic significance (eg sulphur for acid mine drainage characterisation).
DOKWE NORTH
· In the case of block model interpolation, the block size in relation
to the average sample spacing and the search employed. · An Ordinary Kriging estimate was completed. Swath plots indicate
a good correlation between drilling data and estimated block grades.
· Any assumptions behind modelling of selective mining units.
· A variography study was completed for each mineralisation domain
· Any assumptions about correlation between variables. used in the estimation. All domains produced good variograms. To reduce bias
and improve the variography, a top-cut analysis was completed during the
· Description of how the geological interpretation was used to control variography study. This is separate from the additional top-cut and Outlier
the resource estimates. Restriction analysis completed later in the estimation.
· Discussion of basis for using or not using grade cutting or capping. · In summary, the various validations and reconciliation techniques
demonstrate that the block model estimates show a good correlation between
· The process of validation, the checking process used, the comparison interpolation methods and with the informing composites. Furthermore, the
of model data to drill hole data, and use of reconciliation data if available. estimation quality and low conditional bias parameters appear to indicate that
the estimation technique has provided an acceptable estimate without excessive
smoothing.
· A 47 degree rotated sub-block model was established using block
sizes determined to be optimal for the dataset (50m collar spacing) and
wireframe geometry, with sub-blocks triggered by mineralisation boundaries.
For Dokwe North the parent blocks are 10m x 20m x 10m (X,Y,Z), with sub-blocks
of 5m x 5m x 5m (X,Y,Z).
· Three domains were modelled and estimated.
1) Zones of intense ductile deformation logged through the deposit as
foliation intensity; as a means to map out the primary extent of a
mineralising shear zone (Shear Zone Domain)
2) A sub-domain within the Shear Zone Domain, which is statistically defined
to be a sub-population of "high-grade" data, which uses a 0.7g/t Au
interpolant shell with extrapolation to a maximum distance of 150m (High-grade
Domain)
3) A wider interpolant, modelling the maximum footprint of mineralisation in
all peripheral areas away from the main shear zone; modelled at a 0.1g/t Au
model cut-off with a 150m extrapolation (Low-grade Domain).
Table below: Kriging ellipse input for all domains:
Table below from top to bottom, Low-grade domain, High-grade domain and wider
Shear Zone domain:
Summary of Variography inputs used for the High Grade Domain:
Summary of Variography inputs used for the Low Grade Domain:
Summary of Variography inputs used for the Shear Zone Domain:
DOKWE CENTRAL
· An IDW2, Inverse Distance estimation, was used for Dokwe Central,
as this was deemed most appropriate for the nature of the deposit, and
statistical outputs An Ordinary Kriging estimate was also completed as a means
to check the IDW2 estimation. This produced similar grades and tonnages to the
IDW2 method. However, suitable variograms were not defined.
· In summary, the various validations and reconciliation techniques
demonstrate that the block model estimates show a good correlation between
various interpolation methods and with the informing composites. Furthermore,
the estimation quality and conditional bias parameters appear to indicate that
the estimation technique has provided an acceptable estimate without excessive
smoothing.
· An orthogonal non-rotated block model was established using block
sizes determined to be optimal for the dataset (30m collar spacing) and
wireframe geometry. For Dokwe Central this was 10m x 10m x 5m (X,Y,Z).
Moisture · Whether the tonnages are estimated on a dry basis or with natural · The density is based on water displacement measurements which give
moisture, and the method of determination of the moisture content. the dry rock mass.
Cut-off parameters · The basis of the adopted cut-off grade(s) or quality parameters · Using the mining factors refined from the 2022 pre-feasibility study
applied. on Dokwe, the actual cut-off grade that was determined was 0.26g/t Au.
However, the CP have opted for a higher cut-off grade of 0.6g/t Au for the
Mineral Resource cut-off grade.
Mining factors or assumptions · Assumptions made regarding possible mining methods, minimum mining · Table below: Optimisation inputs used for the 2024/2025 MRE work
dimensions and internal (or, if applicable, external) mining dilution. It is for Dokwe North and Dokwe Central:
always necessary as part of the process of determining reasonable prospects
for eventual economic extraction to consider potential mining methods, but the
assumptions made regarding mining methods and parameters when estimating
DOKWE NORTH
Mineral Resources may not always be rigorous. Where this is the case, this
should be reported with an explanation of the basis of the mining assumptions · Measured, Indicated and Inferred Mineral Resources have been
made. stated within a revised 2025 optimisation resource pit shell based on a $2750
gold price.
DOKWE CENTRAL
· The Mineral Resource has been declared both within a resource
open pit shell and no pit shell. The pit shell is a preliminary optimisation
carried out in 2022 by Axe Valley Mining Consultants Limited.
· Work was completed post-resource update to review the
optimisation outputs based on a revised gold oz price ($2,000/oz and
$2,500/oz).
Metallurgical factors or assumptions · The basis for assumptions or predictions regarding metallurgical DOKWE NORTH
amenability. It is always necessary as part of the process of determining
reasonable prospects for eventual economic extraction to consider potential · The processing of oxide material is envisaged to be done using
metallurgical methods, but the assumptions regarding metallurgical treatment conventional CIL processing as limited preg-robbing properties were
processes and parameters made when reporting Mineral Resources may not always identified. The transitional and sulphide material will likely be processed
be rigorous. Where this is the case, this should be reported with an through flotation with high-intensity leaching (CIP) of the flotation
explanation of the basis of the metallurgical assumptions made. concentrate.
· The table below shows the metal recoveries determined from
metallurgical test work. In summary, of the total gold content, 25.9% is
recovered by gravity, with 61.35% by flotation and intense leach - giving a
total recovery of 87.35%.
Table Below: Dokwe North MRE in 2025 optimisation pit (at $2750 gold price),
by oxidation state of mineralisation based on detailed drill core logging.
Reporting at a 0.3g/t Au cut-off.
DOKWE CENTRAL
· Detailed metallurgical testwork has not been completed on Dokwe
Central but some samples were included in early composites. There are no
indications that gold recovery will be problematic, particularly following the
results of the detectORE(TM) analysis undertaken on the due diligence drilling
core.
· Oxide and Transitional components of the sulphide zone dominant
Dokwe Central mineralisation have been defined and make up a small proportion
of the mineralisation. Since Dokwe Central will be processed alongside Dokwe
North, it is assumed processing of oxide material will be done using
conventional CIL processing. The transitional and sulphide material will
likely be processed through flotation with high-intensity leaching (CIP) of
the flotation concentrate.
Table Below: Dokwe Central MRE in 2025 optimisation pit (at US$2750/oz gold
price), by oxidation state of mineralisation based on detailed drill core
logging. Reported at a 0.3g/t Au cut-off.
Environmental factors or assumptions · Assumptions made regarding possible waste and process residue · No environmental factors or assumptions were applied to this Mineral
disposal options. It is always necessary as part of the process of determining Resource Estimation.
reasonable prospects for eventual economic extraction to consider the
potential environmental impacts of the mining and processing operation. While
at this stage the determination of potential environmental impacts,
particularly for a greenfields project, may not always be well advanced, the
status of early consideration of these potential environmental impacts should
be reported. Where these aspects have not been considered this should be
reported with an explanation of the environmental assumptions made.
Bulk density · Whether assumed or determined. If assumed, the basis for the · Specific gravity measurements have been collected during the
assumptions. If determined, the method used, whether wet or dry, the frequency resource drilling at Dokwe. A programme of sampling across strike on 3 lines
of the measurements, the nature, size and representativeness of the samples. was undertaken on the pre-2019 drilling resulting in 100 density measurements.
During the 2019 drilling campaign, 6 drillholes on 6 lines in the
· The bulk density for bulk material must have been measured by methods south-eastern portion of the project were sampled for density in a much more
that adequately account for void spaces (vugs, porosity, etc), moisture and comprehensive programme, with 327 measurements being taken.
differences between rock and alteration zones within the deposit.
· On average, 18cm core samples were measured. The samples were
· Discuss assumptions for bulk density estimates used in the evaluation weighed in the air, and then weighed in water, the SG was calculated, by
process of the different materials. dividing the weight of the sample in the air by the weight of the sample in
the water. Samples were sealed with grease to prevent water ingress and ensure
that they any porosity was taken into account. The table below presents
average SG for different oxidation type.
· A Specific Gravity ("SG") estimation model was established for
Dokwe North. 475 SG readings from 22 drillholes were coded into the final
block model. This data includes 158 verification samples taken by Ariana
during the company's due diligence review. Average SG measurements across
Dokwe North range from 2.71g/cm(3) in the oxide zone, 2.76g/cm(3) in the
transitional zone to 2.81g/cm(3) in the sulphide zone.
· No historical SG data exists for Dokwe Central. However, Ariana
acquired 92 measurements through the deposit profile from two drill holes
completed during its 2023 due diligence drilling programme. The average SG for
these 92 measurements is 2.69g/cm(3). This was applied to the Dokwe Central
model as a representative flat rate.
Classification · The basis for the classification of the Mineral Resources into DOKWE NORTH
varying confidence categories.
· The Mineral Resource is classified and reported in accordance
· Whether appropriate account has been taken of all relevant factors with the 2012 JORC Code as Measured, Indicated, and Inferred. The
(ie relative confidence in tonnage/grade estimations, reliability of input classification is determined based on kriging efficiency and distance from
data, confidence in continuity of geology and metal values, quality, quantity drilling. These are given in more detail under the section "Estimation and
and distribution of the data). modelling techniques".
· Whether the result appropriately reflects the Competent Person's view · Measured Mineral Resources have been defined using a search pass
of the deposit. ellipse with a search diameter of 30mx15mx10m, as well as a review of kriging
efficiency and slope of regression statistics. From this, a volume was built
to capture the most appropriate volume for the highest confidence-spaced
data.
· Indicated Mineral Resources have been defined using a search pass
ellipse with a search diameter of 60mx30mx20m, as well as a review of kriging
efficiency and slope of regression statistics. From this, a volume was built
to capture the most appropriate volume for the next highest confidence-spaced
data.
· Inferred Mineral Resources have been defined using a search pass
ellipse with a search diameter of 180mx60mx40m, as well as a review of kriging
efficiency and slope of regression statistics. From this, the remaining
available volume within the mineralisation model was filled to maximise the
expanse of mineralisation extrapolation to a maximum distance of 180m.
DOKWE CENTRAL
· The Mineral Resource is classified and reported in accordance
with the 2012 JORC Code as Measured, Indicated and Inferred. The
classification is determined based on search pass spacing, with increasing
confidence with proximity to drill holes. These are given in more detail under
section "Estimation and modelling techniques".
· Measured Mineral Resources have not been defined.
· Indicated Mineral Resources have been defined by Pass 1 (up to
10m x 20m x 40m).
· Inferred Mineral Resources have been defined in areas beyond the
Indicated search radius to the limits of the resource wireframes in Pass 2 (up
to 20m x 40m x 80m).
Audits or reviews · The results of any audits or reviews of Mineral Resource estimates. · Internal reviews of the Mineral Resource estimate were completed.
Discussion of relative accuracy/ confidence · Where appropriate a statement of the relative accuracy and confidence · Several data-model reconciliations were performed. Firstly, a
level in the Mineral Resource estimate using an approach or procedure deemed visual inspection of drillhole composite values with respect to the estimated
appropriate by the Competent Person. For example, the application of block model was completed. Visually there is a good correlation between the
statistical or geostatistical procedures to quantify the relative accuracy of estimated ordinary kriging gold values and the composite gold values, and the
the resource within stated confidence limits, or, if such an approach is not raw assay data.
deemed appropriate, a qualitative discussion of the factors that could affect
the relative accuracy and confidence of the estimate. · Basic statistics have been compiled comparing the model estimates
and composites.
· The statement should specify whether it relates to global or local
estimates, and, if local, state the relevant tonnages, which should be · In summary, the various validations and reconciliation techniques
relevant to technical and economic evaluation. Documentation should include demonstrate that the block model estimates show a good correlation between
assumptions made and the procedures used. various interpolation methods and with the informing composites. Furthermore,
the estimation quality and conditional bias parameters appear to indicate that
· These statements of relative accuracy and confidence of the estimate
should be compared with production data, where available. the estimation technique has provided an acceptable estimate without excessive
smoothing.
· Overall wider block distribution accuracy is considered
acceptable as evidenced by direct drillhole verses block model checks,
ensuring acceptable localised accuracy.
· Accuracy of the estimate relative to production data cannot be
ascertained at this point as there is no production.
NOTE: Section 4 isn't provided here as no ore reserves are being reported.
Section 5 is not relevant to this work as there is no estimation or reporting
of diamonds or other gemstones in this project
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