Dokwe Project: Revised Mineral Resource Estimate

Ariana Resources PLC

13 June 2024

 

13 June 2024

AIM: AAU

DOKWE PROJECT: REVISED MINERAL RESOURCE ESTIMATE

1.8Moz gold defined with 40% increase in Resources

Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed mineral exploration and development company with gold project interests in Africa and Europe, is pleased to announce the completion of a revised Mineral Resource Estimate ("MRE") of both Dokwe North and Dokwe Central, which now contain a combined 1.83Moz of gold. Ariana has entered into a conditional agreement to acquire 100% of Rockover Holdings Limited ("Rockover") via merger, and currently holds circa 2.1% of Rockover. Rockover owns 100% of the Dokwe North and Central Gold Projects in Zimbabwe ("Dokwe"). This Resource Estimate has been prepared by the Ariana technical team under the leadership of Mr. Zack van Coller and is based on a detailed review of all available drilling data acquired from 2004 through to 2023 over ten phases of drilling.

Highlights:

·    Global JORC 2012 Resource of 55.9Mt @ 1.02g/t Au for 1.83Moz of gold, with opportunities identified for further resource growth.*

·    40% increase in JORC 2012 Resources, with the addition of Dokwe Central and revisions to the geological models at both Dokwe North and Central.

·    Measured and Indicated Resuources are 1,341koz (previously 1,202koz) and Inferred Resources 490koz (previously 23koz).

·    JORC 2012 Reserves to be revised following new pit optimisations; current Reserves of 0.8Moz of gold as defined in the 2022 pre-feasibility study.

·    Opportunities identified in regional exploration datasets to further increase the resource potential of the wider Dokwe Project Area.

·    Planning for further revisions to the pre-feasibility study underway, with expectations that these will form part of a future feasibility study on conclusion of the Merger with Rockover.

Important Note:

* Stated gross with respect to Rockover Holdings Limited (RHL) which is the operator of which Ariana currently holds 2.1%. The resources quoted include Dokwe North and Dokwe Central. Accordingly, and taking into account the proposed acquisition of RHL by Ariana which is currently subject to Ariana Shareholder approval, the resource figures are only presented on a gross basis. Were this acquisition not to proceed, the resources will be represented on the basis of Ariana's net attributable interest as aforesaid. All resources stated herein are under JORC (2012).

To read a pdf version of the announcement, please click here:  http://www.rns-pdf.londonstockexchange.com/rns/2045S_1-2024-6-12.pdf

Dr. Kerim Sener, Managing Director, commented:

"The latest Mineral Resource Estimate for the Dokwe Gold Project demonstrates the considerable upside potential of this substantial exploration and development opportunity. With a Global JORC 2012 Measured, Indicated and Inferred Resource of over 1.8Moz of gold across Dokwe North and Central, this represents a 40% uplift in resources from the previous estimate. A significant contribution to this uplift is due to the update of Dokwe Central in compliance with JORC 2012. Measured and Indicated Resources currently comprise 73% of the total resource, much of which sits within the historic optimised pits. If Inferred Resources are also included, approximately 1.1Moz of gold sits within the previously designed or optimised pits. This suggests the potential to significantly enhance Reserves (currently 0.8Moz of gold) in future economic studies.

"In the coming weeks, we will be commencing a new set of pit optimisations for the Dokwe Project to better constrain the specific part of the resource that could be amenable to extraction via open-pit mining using current economic parameters. The prior optimisations on which the present in-pit resources were constrained were undertaken at a gold price of US$1,800 per ounce and are now considered too conservative for long-term planning purposes. The new pit optimisations will be undertaken at US$2,000 and US$2,500 per ounce, reflective of the current price range of the commodity.

"Our assessment of the Dokwe Project has improved significantly during the period in terms of diligence and we see opportunities for significant exploration upside to the established resources at North and Central, in addition to camp-scale potential in the wider area. As with many Archaean greenstone belt terranes, major gold deposits tend to occur as clusters within distinct multi-million ounce "camps", occurring along crustal-scale shear zones. All of these elements are present in the Dokwe region, including several untested gold-in-soil anomalies, and this bodes well for our long-range strategy to develop the Dokwe Project as a modern mining hub in Zimbabwe."

"Ultimately, we see an opportunity to define a multi-million-ounce resource development project at Dokwe. On conclusion of the merger with Rockover, we are excited to commence work on the Feasibility Study, which will investigate the potential to develop both Dokwe North and Central over an open-pit mine life of up to 15 years to produce at least 1Moz of gold. We are engaging with various project consultants concerning this work and are considering various finance approaches, including the planned ASX listing, to accelerate our work programmes at Dokwe and across our wider portfolio."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

About the Dokwe Project

The Dokwe North and Dokwe Central gold deposits are located 2km apart ("Dokwe Project") and are situated in the Tsholotsho District 110km WNW of Bulawayo, Zimbabwe (Figure 1). Bulawayo is the second largest city in Zimbabwe (population of c. 660,000) with excellent road, rail and air links to the rest of the country and internationally, and represents a significant mining services and educational centre, hosting both the Zimbabwe School of Mines and the National University of Science and Technology.

The Dokwe Project was discovered by Rockover in 2002, utilising innovative soil geochemical exploration methods capable of detecting mineralisation beneath cover, and subsequently drill-tested for the first time in 2004. It represents the largest undeveloped gold project in Zimbabwe and is currently owned by Rockover Holdings Limited ("Rockover"). Ariana is in the process of acquiring the Dokwe Project via an all-share merger with Rockover, which is due to close at the end of June, subject to an Ariana shareholder meeting and shareholder approval.

Between November 2023 and April 2024, the Ariana team conducted a detailed Due Diligence ("DD") review of the Dokwe North and Dokwe Central gold deposits to confirm historic results, and better understand their setting, style, and key ore characteristics (AIM: 6 June 2024). Ariana drilled four holes totalling 1,222 metres of orientated diamond drill core, which enabled confirmation of historic grades, density analysis and a study of the structural features within each deposit. This work was enhanced by 21,662 metres of new X-ray Fluorescence (pXRF) multi-element analysis on drill core at one-metre spacings across 37 historic holes. The new data has comprehensively advanced our understanding of the deposit geology and controls on mineralisation.

Background

In May 2022, An Independent Competent Person's Report, in accordance with the JORC Code, 2012 Edition, was completed as part of a pre-feasibility study on Dokwe North by Johannesburg-based company Minxcon Consulting (Pty) Ltd. This was contracted by Rockover Holdings Limited to validate Dokwe North's Mineral Resources and Ore Reserves. The study included a mine plan and financial analyses.

The Mineral Resources for Dokwe Central were last estimated by Digital Mining Services, and reported by Canister Resources Limited (a 100% owned subsidiary of Rockover Holdings Limited), in January 2011 in accordance with the JORC Code, 2004 Edition. The revised resource announced within this release expands on the work completed in 2011 and reports the new Mineral Resources in accordance with the JORC Code, 2012 Edition. The work presented here has validated and expanded on the prior work at Dokwe North and Central, and the Mineral Resource estimates have incorporated new data and revised modelling methods accordingly.

Figure 1: Summary map of Dokwe North and Central showing the outline of the designed pre-feasibility pit for Dokwe North and the optimised pit (not included in the pre-feasibility) for Dokwe Central. The 2024 MRE domain outlines are shaded in pink. Ariana's 2023-2024 due diligence drilling collars are also shown in magenta.

Resource Estimation

This Resource Estimate has been prepared by the Ariana technical team under the leadership of Mr. Zack van Coller and is based on a detailed review of all available drilling data acquired from 2004 through to 2023 over ten phases of drilling. This data comprises 141 diamond drill holes and 57 percussion drill holes across both resource areas. For Dokwe North, the total metres drilled is 32,663m (116 holes), and for Dokwe Central 5,271m (25 holes), for a combined total of 37,934m of drilling. The average collar spacing in Dokwe North is approximately 50m and 30m at Dokwe Central.

The estimation method used for the current iteration of the Dokwe North and Central Resources is an Inverse Distance Weighting Squared ("IDW2") estimation. For Dokwe North, the estimation was validated using a separate Ordinary Kriging ("OK") estimation study. A supporting Quantitative Kriging Neighbourhood Analysis ("QKNA") was completed to validate the 2022 estimation block size and number of sample inputs. A study of discretisation and drill hole limiting was not re-evaluated; inputs from previous work were deemed satisfactory. Additionally, a grade interpolation model, using a 0.15g/t Au cut-off, was used to further "test" the resource and validate statistics. The Mineral Resource Estimate was categorised based on the input data quality, validation of standards, the review of quality assurance and quality control protocols, range of the respective semi-variograms, number of drillholes, minimum and maximum number of samples and the performance of multiple search passes within the estimate.

In late 2023, the Ariana team completed a drone survey over the Dokwe North area which captured 2,600 detailed 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. Drill collars at Dokwe Central were visited and confirmed by handheld GPS to within 5m accuracy.

Estimation Methodology

The latest MRE is based primarily on the input of new geological understanding derived from over 21,000 pXRF readings taken on drill core throughout the main resource areas. Detailed studies of the multi-element data have identified key pathfinder elements attributed to various mineral-hosting lithologies; resulting in accurate three-dimensional lithostratigraphic models produced in Leapfrog Geo. The new lithostratigraphic models are used in the latest MRE as domains within which gold is estimated. This type of model differs from more commonly used estimation methods where a commodity grade shell is created either by multiple sections or through mathematical interpolation.

Both deposit areas use lithological composites manually created in Leapfrog Edge using a combination of geological logging and pXRF results of specific pathfinder elements including; Ca, Ce, Co, Cu, Mn, Ni, Rb, Zn and Zr. These were used to determine the lithological boundaries and volumes of a domain. Estimation composites of gold grade within each lithology domain were completed using a 1m best-fit routine. The application of a "semi-soft" boundary with a 1m range was used in the estimation to allow data points with value located outside (to a maximum distance of 1m) of the domain boundaries to influence the internal boundary estimation grade.

At Dokwe North, analysis of gold grade composite values within each lithological domain identified bias of higher gold values exceeding 20g/t Au and up to 1,885g/t Au in some of the major lithologies (quartz-feldspar porphyry, felsic tuff, dacite and the lower agglomerate). A closer evaluation of the data showed no significant clustering of higher grade to warrant high-grade sub-domaining. To preserve some of the documented high grade within the deposit, it was determined that an Outlier Restriction should be applied instead of a top-cut. This reduces the bias by constraining the effect of high values at a distance (approximately 17 metres in this case). To prevent excess influence of extreme grades (over 100g/t Au), values beyond the restricted distance were clamped to 50g/t Au. This was further constrained in the "Pass 3" (Inferred) component of the resources to a 10g/t Au clamp.

Composite domain values at Dokwe Central displayed similar bias of higher grades. However, concerning average grades overall, the deposit is sensitive to the application of an upper cut due to a high variability in grade between the 95^th and 99^th percentile spread. Further work is required to sub-domain higher grades within the deposit, particularly at depth, where fewer drill holes are available for the current modelling. An appropriate top-cut application for Dokwe Central would be 10g/t Au. However, to preserve high-grade (multiple composites above 20g/t Au) locally within the estimation domain, an Outlier Restriction was applied with a grade clamp of 20g/t Au. The Outlier Restriction within the Indicated portion of the Resource allows high-grade samples to influence surrounding blocks to 40% of the sample search distance (approximately 16 metres).

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 DD review. Average SG measurements across Dokwe North range from 2.71g/cm³ in the oxide zone, 2.76g/cm³ in the transitional zone to 2.81g/cm³ in the sulphide zone. No historic SG data exists for Dokwe Central. However, Ariana acquired 92 measurements through the deposit profile from two drill holes completed during its 2023 DD programme. The average SG for these 92 measurements is 2.69g/cm³. This was applied to the Dokwe Central model as a constant value.

The Dokwe North database has over 17,000 structural measurements which have dominantly been acquired digitally from historic core photos from 25 orientated diamond drill holes. Most of this data was accumulated between 2020 and 2021 with the use of specialist software; SteroCore PhotoLog. Ariana has applied this data in its geological modelling studies to identify key structural inputs, which may provide further insight into specific controls on mineralisation. Furthermore, during Ariana's logging of the DD diamond holes, 198 structural measurements were manually taken using a Rocket Launcher tool. These measurements are being used as a means for validating all other structural data held in historic archives. To date, at least three dominant structural features have been identified within Dokwe North. These features have been modelled into the latest MRE work and used to supplement the variography supporting the MRE. Dokwe Central has very limited structural measurements. However, Ariana acquired 148 new measurements using a Rocket Launcher tool. These readings are being used to support the 3D geological modelling completed as a foundation for the Dokwe Central Mineral Resource estimate.

Variogram modelling for Dokwe North was completed to support estimation search ellipse orientations, and also for cross-checking the IDW2 estimation with an OK model. Good variography was generally achieved for the majority of mineralised lithological domains. However, coefficient of variation ("CV") values within the supporting statistics suggests that further sub-domaining of lithological volumes is required to achieve better variograms. This is likely because the Dokwe North deposit displays at least two episodes of folding. Sub-domaining of fold limbs in future work will provide more robust statistical analysis. Further work will also look to create additional sub-domains of key mineralising controls, such as fault zones.

Validation of the variogram was attempted for Dokwe Central. However, no reasonable variogram could be obtained without cutting the data to the 95^th percentile, which in the case of Dokwe Central is 10g/t Au. With this cut applied, a nugget effect of 2.74g/t Au is recorded; but without the top-cut, the nugget effect is considered to be approximately 18g/t Au, which is unreasonable. On this basis, an OK estimation was not completed. Variography was used in creating a search ellipse to support an IDW2 estimation.

Weathering is deemed to be logged consistently through the Dokwe North deposit. A total of 14,220 metres of core was logged as "Primary" or Sulphide; 3,016 metres as "Moderate" or Transitional, and 5,671 metres as "Weathered" or Oxide across 103 diamond drill holes (Table 4).

For both deposit areas, an orthogonal non-rotated block model was established using block sizes determined to be optimal for the dataset and wireframe geometry. For Dokwe North this was 20m x 20m x 5m (X, Y, Z), and for Dokwe Central 10m x 10m x 5m (X, Y, Z). Oblique views of the block models, drilling and open pits for Dokwe North and Dokwe Central can be seen in Figures 2 and 3, respectively.

Figure 2: Summary section of Dokwe North showing the outline of the 2022 designed pre-feasibility pit for Dokwe North.

 

Figure 3: Summary sections of Dokwe Central showing the outline of the historic optimised pit (not included in the 2022 pre-feasibility) for Dokwe Central.

Resource Classification

The Dokwe Project MRE is classified in accordance with the JORC Code (2012) as Measured, Indicated and Inferred Resources (Tables 1- 4). The style of mineralisation has been identified, the controls on mineralisation are well understood and measurements and sampling completed to a reasonable degree of confidence for the mineralisation present (Appendix 1). Approximately 33% of the global resource is classified as Measured and 40% is classified as Indicated. It is considered reasonable to expect that some of the Inferred Mineral Resources could be re-classified as Indicated Mineral Resources with continued exploration; however, due to the uncertainty of Inferred Mineral Resources it should not be assumed that such upgrading will always occur. It is also reasonable to expect that portions of the Indicated Mineral Resources could be upgraded to Measured Mineral Resources with some additional infill data. Reporting of tonnages and metal content is based on the application of a 0.3g/t Au reporting cut-off for both Dokwe North and Dokwe Central (Table 1, 2 and 3). Indicated resources for Dokwe Central are presented here by only what is captured by optimisation work completed previously. Confidence in the estimate of the Mineral Resources is sufficient to allow the results of the application of technical and economic parameters to be used for further planning in a Feasibility Study. However, additional drilling may be required to help support an Environmental Impact Assessment as well as other technical studies. In addition to supporting a Feasibility Study, this new Mineral Resource Estimate will assist in the targeting of future exploratory and resource drilling to expand the resource further, particularly in areas surrounding the northern extents of Dokwe North and the deeper extents of Dokwe Central.

Table 1: Summary of Global Resources for the Dokwe Project at various reporting cut-off grades. The pre-feasibility study completed in 2022 used a 0.3g/t Au cut-off grade and the variation around this grade is shown in the table below, based on the new geological model. The extended modelling of peripheral low-grade within the Dokwe North deposit in this latest study has allowed a significant increase to overall Inferred Resources. It is deemed that 0.3g/t Au reporting cut-off (in bold) presently best represents the economic cut-off based on prior optimisation studies. Figures in the table may not sum precisely due to rounding.

Reporting cut-off (g/t Au)	Measured			Indicated			Inferred			Total
	Tonnes	Au (g/t)	Au(oz)	Tonnes	Au (g/t)	Au(oz)	Tonnes	Au (g/t)	Au(oz)	Tonnes	Au (g/t)	Au(oz)
0.2	16,923,000	1.15	624,000	28,930,000	0.87	811,000	33,418,000	0.54	579,000	79,271,000	0.79	2,014,000
0.3	13,757,000	1.35	599,000	20,137,000	1.15	742,000	21,994,000	0.69	490,000	55,888,000	1.02	1,831,000
0.4	11,335,000	1.57	572,000	15,441,000	1.39	690,000	14,951,000	0.86	412,000	41,727,000	1.25	1,674,000
0.5	9,285,000	1.82	542,000	12,202,000	1.64	644,000	12,098,000	0.95	371,000	33,585,000	1.44	1,557,000

Table 2: Summary of 2024 Dokwe Project JORC 2012 compliant Mineral Resource Estimate, based on 141 drill holes (dated 13 June 2024). Reporting is based on a 0.3g/t Au cut-off grade for both Dokwe North and Dokwe Central. Figures in the table may not sum precisely due to rounding.

Classification	Tonnage  (t)	Grade	Metal Content
		Au (g/t)	Au  (oz)
Measured	13,757,000	1.35	599,000
Indicated	20,137,000	1.15	742,000
Inferred	21,994,000	0.69	490,000
Global Total	55,888,000	1.02	1,831,000

Table 3: Summary of the 2024 Dokwe Project JORC 2012 compliant Mineral Resource Estimate outlining the weathering state by classification for each deposit area at a reporting cut-off of 0.3g/t Au. Figures in the table may not sum precisely due to rounding.

Deposit Area	Weathering	Classification	Tonnage (t)	Grade	Metal Content
				Au (g/t)	Au (oz)
DOKWE NORTH	Oxide	Measured	2,895,000	1.27	118,000
		Indicated	2,971,000	1.00	96,000
		Inferred	3,137,000	0.82	83,000
		Sub Total	9,003,000	1.03	297,000
	Transitional	Measured	3,380,000	1.15	125,000
		Indicated	2,827,000	0.80	73,000
		Inferred	1,535,000	0.66	32,000
		Sub Total	7,741,000	0.92	230,000
	Sulphide	Measured	7,482,000	1.48	356,000
		Indicated	13,089,000	1.22	512,000
		Inferred	14,998,000	0.57	275,000
		Sub Total	35,570,000	1.00	1,142,000
DOKWE CENTRAL	Sulphide	Indicated	1,250,000	1.54	62,000
		Inferred	2,324,000	1.34	100,000
		Sub Total	3,574,000	1.41	162,000
		Global Total	55,888,000	1.02	1,831,000

Table 4: A summary of the 2024 Dokwe Project JORC 2012 compliant Mineral Resources captured by the 2022 PFS designed (Dokwe North), and optimisation (Dokwe Central) pits defined from the previous iteration of the Dokwe North 2022 and Dokwe Central 2011 Mineral Resources. New optimisation work will be completed to accommodate the latest 2024 estimation as part of the declaration of revised Reserves. Figures in the table may not sum precisely due to rounding. Resources are stated at a 0.3g/t Au reporting cut-off.

Project Area	Pit Status	Classification	Tonnage (t)	Grade	Metal Content
				Au (g/t)	Au (oz)
DOKWE NORTH	In Pit 2022 Designed	Measured	13,296,000	1.37	587,000
		Indicated	10,141,000	1.36	443,000
		Inferred	1,693,000	0.86	47,000
		Sub Total	25,130,000	1.33	1,077,000
	Out of Pit	Measured	461,000	0.81	12,000
		Indicated	8,746,000	0.84	237,000
		Inferred	17,890,000	0.59	342,000
		Sub Total	27,097,000	0.68	591,000
DOKWE CENTRAL	In Pit Optimisation	Indicated	1,250,000	1.54	62,000
	Out of Pit	Inferred	2,324,000	1.34	100,000
		Sub Total	3,574,000	1.41	162,000
		In Pit Total	26,380,000	1.34	1,139,000
		Total	55,801,000	1.02	1,830,000

Important Note:

All resources in the tables above are under JORC (2012) and are stated gross with respect to Rockover Holdings Limited (RHL), which is the operator, taking into account the proposed acquisition of RHL by Ariana which is currently subject to Ariana Shareholder approval. Were this acquisition not to proceed, the resources will be represented on the basis of Ariana's net attributable interest of 2.1%.

Mineral Resource Comparison (Dokwe North)

Mineral resources for Dokwe North were previously reported in May 2022 by Johannesburg-based company Minxcon Consulting (Pty) Ltd ("Minxcon"). The estimation methodology used by Minxcon was a cross-validation Ordinary Kriging with secondary Inverse Distance Weighting Squared estimation.

The resource domains used within Minxcon's estimation were based on a 0.2g/t Au grade-shell interpolation with a "soft" boundary higher-grade 0.7g/t Au internal core. In the absence of good geological data, and to identify grade continuity, this method of mineralisation modelling is widely accepted. The three-dimensional modelling and estimation method by Minxcon was completed to an excellent standard. However, the grade-shell interpolations created have two complications: 1) Other than grade continuity correlations, no geological factors are built into the model i.e., lithological units, folding, faulting and/or other potential geological controls; and 2) Numerical interpolation models tend to be very conservative with regards to Inferred Resources as iso-surfaces only form volumes in proximity to known data points.

Key comparisons between the 2022 Minxcon MRE and the 2024 Ariana MRE includes (Dokwe North):

·    The latest iteration of the Dokwe North modelling is based on accurately identifying logged geological units with the support of over 21,000 multi-element pXRF readings.

·    It is now understood from the geologically driven model that 40% of identified mineralisation is hosted within a weakly metamorphosed dacite unit, with a further 35% within a felsic tuff (Table 5). Interestingly, the felsic tuff unit has been identified with mineralisation in several holes away from the main deposit core, outlining significant direction for future exploration work.

·    The new lithologically driven volumes created in Ariana's estimation have resulted in each lithology being considered as its domain with its estimation inputs, giving a more robust estimation result, and allowing for suitable extrapolation of Inferred Resources to aid future exploration.

·    The Minxcon estimation utilised a 39.62 g/t Au top-cut on its high-grade domain and 21.31g/t Au top-cut on its low-grade domain. Ariana's evaluation identified the application of a grade outlier-restriction method to be more suitable for the preservation of high-grades (grades exceeding 50g/t Au). This has partly affected the average grade in the Measured and Indicated categories of the deposit by 30% and 9%, respectively.

·    Both Minxcon and Ariana utilise a three-pass search volume method in which to classify resources. Both companies further utilise Kriging Slope of Regression ("SoR") outputs to aid classification. However, to improve uniformity of the classification categories within Ariana's estimation a Pass 1 and Pass 2 interpolation volume was built.  

·    The 2022 MRE is dominated by Indicated Resources (22.92Mt), versus Ariana's (20.14Mt) (Figure 4). Additional drilling completed by Ariana and a better understanding of the data has led to some of the Indicated Resources being converted to Measured Resources. Other differences are likely the result of peripheral inputs attributed to the classification methods being used.

·    Ariana's 2024 MRE demonstrates significant resource upside in terms of Inferred Resources. This is a direct result of a better understanding of the geology to allow appropriate extrapolation of mineralisation to occur within the model.

·    In terms of domain volumes, Ariana's model shows a 33% increase in mineralisation volume (Figure 5). However, this additional volume is generated entirely from the geological extrapolation of the Inferred Resources. Due to the lack of accurate lithological data and type of modelling method used by Minxcon, it was not possible to identify potential zones for Inferred Resources. The Measured and Indicated components of the both resources have very similar volumes.

Figure 4: A summary comparison of the 2022 Minxcon MRE estimation tonnages and ounces versus the Ariana 2024 MRE. The Ariana estimate shows some conversion of Indicated Resources outlined in 2022 to Measured Resources. The Minxcon modelling lacks the identification of potential resource growth in the Inferred category.

Figure 5: A summary comparison of the 2022 Minxcon MRE estimation volumes, and Ariana's 2024 MRE volumes. With respect to Measured and Indicated Resources, both models have produced similar volumes, this is because both companies have utilised similar methods to categorise these resources. However, with Ariana's increase in geological confidence, additional volumes have been created for Inferred Resources.

Table 5: A summary of the 2024 Dokwe Project JORC 2012 compliant Mineral Resources compartmentalised by the modeled lithological units within each deposit area. Resources are stated at a 0.3g/t Au reporting cut-off. For Dokwe North, the primary mineralised lithologies are the Felsic Tuffs, and the underlying dacite which make up 75.1% of the DN resource. Significant exploration potential exists within the "Northern Limb" Felsic Tuff, and the "Faulted Deep" Felsic Tuff. Figures in the table may not sum precisely due to rounding.

Project Area	Lithology	Density (g/cm3)	Tonnage (t)	Grade	Metal Content	% of Local Resource	% of Global Resource
				Au (g/t)	Au (oz)
Dokwe North	Upper Agglomerate	2.67	1,670,000	0.61	32,900	2.0	1.8
	Quartz Feldspar Porphyry	2.72	4,773,000	0.91	140,000	8.4	7.7
	Felsic Tuff	2.81	17,353,000	1.05	583,600	35.0	31.9
	Dacite	2.83	16,730,000	1.25	669,800	40.1	36.6
	Lower Agglomerate	2.85	2,697,000	0.95	82,500	4.9	4.5
	Andesite	2.86	5,766,000	0.53	97,700	5.9	5.3
	"Northern Limb" Felsic Tuff	2.83	1,479,000	0.50	23,900	1.4	1.3
	"Faulted Deep" Felsic Tuff	2.79	1,846,000	0.65	38,500	2.3	2.1
	Dokwe North Sub Total	2.81	52,314,000	0.99	1,668,900	100.0	91.2
Dokwe Central	Biotite Schist	2.69	3,574,000	1.41	161,700	100.0	8.8
	Dokwe Central Sub Total	2.69	3,574,000	1.41	161,700
GLOBAL TOTAL		-	55,801,000	1.02	1,830,000

Mineral Resource Comparison (Dokwe Central)

The Mineral Resources for Dokwe Central were last estimated by Digital Mining Services, and reported in January 2011 in accordance with the JORC Code, 2004 Edition. The work completed by Ariana aimed to validate input parameters and supporting statistics.

The 2011 estimation domains were manually constructed wireframes base on three vertically oriented mineralised bodies (Figure 6A). The 2024 Ariana 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 (Figure 6B).

The 2011 MRE was evaluated to be very conservative with wireframe boundaries being very restrictive in joining clusters of mineralised composites. 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), has made more representative iso-surface volumes as an update to mineralisation interpretations (Table 6).

The work completed by Ariana at Dokwe Central has validated historic resources and expanded on the mineralisation interpretations. The supporting data and resulting estimations have been updated and are now reported in accordance with the JORC Code, 2012 edition.

Figure 6: A) the 2011 geological interpretation of the Dokwe Central deposit. B) The 2024 interpretation. Both models have identified the same trends and constraints on mineralisation. However, the 2024 estimation is backed by additional drilling, pXRF geochemistry and updated modelling methods; resulting in an overall larger volume of mineralisation being established.

Table 6: A comparison table of the 2011 estimation results for Dokwe Central against the revised 2024 estimation results at 0.2, 0.4 and 1g/t Au reporting cut-offs. The revised Ariana estimation utilised new drilling data, modelling methods and the input of pXRF geochemistry to define the extent of mineralisation (also showing the 0.3 g/t Au case).

	Reporting cut-off (g/t Au)	Indicated			Inferred			Total
		Tonnes	Grade (g/t)	Au(oz)	Tonnes	Grade (g/t)	Au(oz)	Tonnes	Grade (g/t)	Au(oz)
2011 MRE	0.2	661,000	2.09	44,000	528,000	2.09	36,000	1,189,000	2.09	80,000
	0.4	645,000	2.13	44,000	495,000	2.21	35,000	1,139,000	2.17	79,000
	1	527,000	2.46	42,000	373,000	2.73	33,000	900,000	2.57	74,000
	Reporting cut-off (g/t Au)	Indicated			Inferred			Total
		Tonnes	Grade	Au(oz)	Tonnes	Grade	Au(oz)	Tonnes	Grade	Au(oz)
2024 MRE	0.2	2,081,000	1.22	82,000	2,627,000	1.05	89,000	4,708,000	1.13	171,000
	0.3	1,250,000	1.54	62,000	2,324,000	1.34	100,000	3,574,000	1.41	162,000
	0.4	1,357,000	1.72	75,000	1,486,000	1.64	78,000	2,843,000	1.68	154,000
	1.0	799,000	2.48	64,000	998,000	2.11	68,000	1,797,000	2.28	131,000

Both of the final JORC Tables for the revised MRE for the Dokwe Project will be made available on the corporate website.

Contacts:

Ariana Resources plc	Tel: [phone]
Michael de Villiers, Chairman
Kerim Sener, Managing Director
Beaumont Cornish Limited (Nominated Adviser)	Tel: [phone]
Roland Cornish / Felicity Geidt
Panmure Gordon (UK) Limited (Joint Broker)	Tel: [phone]
Hugh Rich / Atholl Tweedie / Rauf Munir
WHIreland Limited (Joint Broker) Harry Ansell / Katy Mitchell / George Krokos Yellow Jersey PR Limited (Financial PR)	Tel: [phone] Tel: [phone]
Dom Barretto / Shivantha Thambirajah / Bessie Elliot	[e-mail]

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.

Editors' Note:

The information that relates to Exploration Results is based upon information compiled by Mr. Zack van Coller BSc (Hons), Targeting Group Leader, Ariana Resources plc. Mr. van Coller is a Fellow of The Geological Society of London, and has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined by the 2012 edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code). Mr. van Coller has over 10 years of relevant experience in the Technical Assessments of Mineral Properties. Mr. van Coller consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this announcement that relates to exploration results is based on information compiled by Dr. Kerim Sener BSc (Hons), MSc, PhD, Managing Director of Ariana Resources plc. Dr. Sener is a Fellow of The Geological Society of London and a Member of The Institute of Materials, Minerals and Mining and has sufficient experience relevant to the styles of mineralisation and type of deposit under consideration and to the activity that has been undertaken to qualify as a Competent Person as defined by the 2012 edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) and under the AIM Rules - Note for Mining and Oil & Gas Companies. Dr. Sener consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

About Ariana Resources:

Ariana is an AIM-listed mineral exploration and development company 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 gold production in Türkiye and copper-gold exploration and development projects in Cyprus and Kosovo.

The Company holds 23.5% interest in Zenit Madencilik San. ve Tic. A.S. a joint venture with Ozaltin Holding A.S. and Proccea Construction Co. in Türkiye which contains a depleted total of c. 2.2 million ounces gold equivalent (as at March 2024, using a price ratio of 90 Ag to 1 Au). The joint venture comprises the Kiziltepe Mine and the Tavsan and Salinbas projects.

The Kiziltepe Gold-Silver Mine is located in western Türkiye and contains a depleted JORC Measured, Indicated and Inferred Resource of 171,700 ounces gold and 3.3 million ounces silver (as at March 2024). The mine has been in profitable production since 2017 and has been producing at an average rate of c.22,000 ounces of gold per annum. A Net Smelter Return ("NSR") royalty of 2.5% on production is being paid to Franco-Nevada Corporation.

The Tavsan Gold Mine is located in western Türkiye and contains a JORC Measured, Indicated and Inferred Resource of 311,000 ounces gold and 1.1 million ounces silver (as at March 2024). Following the approval of its Environmental Impact Assessment and associated permitting, Tavsan is being developed as the second gold mining operation in Türkiye and is currently in construction. A NSR royalty of up to 2% on future production is payable to Sandstorm Gold.

The Salinbas Gold Project is located in north-eastern Türkiye and contains a JORC Measured, Indicated and Inferred Resource of 1.5 million ounces of gold (as at July 2020). It is located within the multi-million-ounce Artvin Goldfield, which contains the "Hot Gold Corridor" comprising several significant gold- copper projects including the 4 million ounce Hot Maden project, which lies 16km to the south of Salinbas. A NSR royalty of up to 2% on future production is payable to Eldorado Gold Corporation.

Ariana owns 100% of Australia-registered Asgard Metals Fund ("Asgard"), as part of the Company's proprietary Project Catalyst Strategy. The Fund is focused on investments in high-value potential, discovery-stage mineral exploration companies located across the Eastern Hemisphere and within easy reach of Ariana's operational hubs in Australia, Türkiye, UK and Zimbabwe.

Ariana owns 75% of UK-registered Western Tethyan Resources Ltd ("WTR"), which operates across south-eastern Europe and is based in Pristina, Republic of Kosovo. The company is targeting its exploration on major copper-gold deposits across the porphyry-epithermal transition. WTR is being funded through a five-year Alliance Agreement with Newmont Mining Corporation (www.newmont.com) and is separately earning-in to up to 85% of the Slivova Gold Project.

Ariana owns 61% of UK-registered Venus Minerals PLC ("Venus") which is focused on the exploration and development of copper-gold assets in Cyprus which contain a combined JORC Indicated and Inferred Resource of 16.6Mt @ 0.45% to 0.80% copper (excluding additional gold, silver and zinc.

Panmure Gordon (UK) Limited and WH Ireland Limited are brokers to the Company and Beaumont Cornish Limited is the Company's Nominated Adviser.

For further information on Ariana, you are invited to visit the Company's website at www.arianaresources.com.

Glossary of Technical Terms:

"Au" chemical symbol for gold;

"DD" Due Diligence;

"g/t" grams per tonne;

"JORC" Joint Ore Reserves Committee;

"k" thousand

"km" Kilometres;

"m" Metres;

"MRE" Mineral Resource Estimate;

"M" million

"oz" Troy ounces;

"pXRF" portable XRF;

"t" tonnes;

"Inferred Mineral Resource" is that part of a Mineral Resource for which quantity and grade (or quality) are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade (or quality) continuity. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to an Ore Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.

"Indicated Mineral Resource" is that part of a Mineral Resource for which quantity, grade (or quality), densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes, and is sufficient to assume geological and grade (or quality) continuity between points of observation where data and samples are gathered. An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured Mineral Resource and may only be converted to a Probable Ore Reserve.

"Measured Mineral Resource" is that part of a Mineral Resource for which quantity, grade (or quality), densities, shape, and physical characteristics are estimated with confidence sufficient to allow the application of Modifying Factors to support detailed mine planning and final evaluation of the economic viability of the deposit. Geological evidence is derived from detailed and reliable exploration, sampling and testing gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes, and is sufficient to confirm geological and grade (or quality) continuity between points of observation where data and samples are gathered. A Measured Mineral Resource has a higher level of confidence than that applying to either an Indicated Mineral Resource or an Inferred Mineral Resource. It may be converted to a Proved Ore Reserve or under certain circumstances to a Probable Ore Reserve.

Ends.

 

END