Dokwe Gold Project

Dokwe
Project

The Dokwe Gold Project is located in Tsholotsho District 110km WNW of Bulawayo, Zimbabwe. The Dokwe deposits, comprising Dokwe North and Central were discovered by Rockover in 2002, utilising innovative soil geochemical exploration methods capable of detecting mineralisation beneath cover, subsequently drilltested for the first time in 2004. Dokwe represents the largest undeveloped gold project in Zimbabwe and is currently 100% owned by Ariana Resources. A private Net Smelter Return (“NSR”) royalty of 0.5% applies to the project. Dokwe is located within a covered Archaean 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.
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1.8Moz

in JORC

Measured, Indicated and Inferred Resources*,
with significant scope to grow.
Average production rate of up to

65,000 oz

over a
13 year mine life
at 1.6-1.1 g/t Au.

(Dokwe North only)
Identified several opportunities to increase life of mine economics and output to

c.100,000 oz gold

per annum over a mine life of 10 years
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PFS and additional technical studies show robust economic metrics – PFS revision currently underway.
Bulk-tonnage mining with a strip ratio of c. 6:1 for main pit and 5:1 for smaller high-grade satellite pit.
Process route via gravity and CIL, with flotation later in the mine life.

Dokwe North

Characterised as a large low-grade deposit containing relatively few quartz veins, with several very highgrade zones including visible gold developed within a sheared and folded volcaniclastic sequence. The gold mineralisation is associated with silicified zones containing thin quartzcarbonate pyrite veins and narrow shears. There is also an association with strongly disseminated, fine-grained pyrite in the host rocks. Much of the economic gold mineralisation occurs in the dacitic unit and in the overlying felsic tuff, with lesser mineralisation within quartz porphyry and andesitic units. 
 
A positive Pre-Feasibility Study (“PFS”) completed in 2022 by Minxcon (Pty) Ltd in South Africa (“Minxcon”) on Dokwe North only was revised as a financial model update in May 2024. The PFS outlined a plan to develop the project as an open pit mining operation producing 1.5Mt of ore per annum from a single four-stage pit, at a stripping ratio of 5:1. Processing via CIL at rate of 125,000tpm, allows for production of c.60,000 ounces per annum (up to 76,000 ounces p.a.). The revised PFS economic results provide for a mine life of 13 years at a post-tax NPV10 of US$160 million and an IRR of 41% at a gold price of US$2,000/oz. The Project’s all-in sustaining cost (AISC) is US$1,144 per ounce with an AISC margin of 42%. A capital investment of US$82 million (peak funding requirement) is required. The expected payback period for the Project is 2.7 years from the start of production.
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Dokwe Central

Dokwe Central is a smaller higher-grade pipe-like deposit containing abundant quartz veins and several steeply plunging high-grade zones. The North and Central deposits appear to be strongly structurally controlled, occupying two distinct structural domains within a broad ENE trending shear zone. 
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