Ariana Resources (AAU)

Sector:

Mining

Index:

FTSE AIM All-Share

2.45p
   
  • Change Today:
    -0.100p
  • 52 Week High: 3.10p
  • 52 Week Low: 1.63p
  • Currency: UK Pounds
  • Shares Issued: 1,834.18m
  • Volume: 2,088,100
  • Market Cap: £44.94m
  • RiskGrade: 232
  • Beta: 0.38

Ariana Resources upbeat on revised Dokwe mineral resources

By Josh White

Date: Thursday 13 Jun 2024

LONDON (ShareCast) - (Sharecast News) - Ariana Resources, an AIM-listed mineral exploration and development company with interests in gold projects across Africa and Europe, reported a revised mineral resource estimate (MRE) for its Dokwe North and Dokwe Central projects in Zimbabwe on Thursday.
The firm said the combined resource now stood at 1.83 million ounces of gold.

It came as Ariana entered into a conditional agreement to acquire 100% of Rockover Holdings, which owns the Dokwe projects.

Ariana currently holds a 2.1% stake in Rockover.

The company said the revised MRE was compiled by its own technical team under the guidance of Zack van Coller, drawing on comprehensive drilling data collected from 2004 to 2023 across 10 phases.

It said the updated estimate indicated a global JORC 2012 resource of 55.9 million tonnes at a grade of 1.02 grams per tonne of gold, reflecting a substantial 40% increase in resources.

That included both the incorporation of Dokwe Central and revisions to the geological models for Dokwe North and Central.

Measured and indicated resources had risen to 1,341,000 ounces from the previous 1,202,000 ounces, while inferred resources surged to 490,000 ounces from just 23,000 ounces previously.

The current JORC 2012 reserves, defined in the 2022 pre-feasibility study, stood at 0.8 million ounces of gold.

Those reserves were set to be revised following new pit optimisations.

The company said it had identified further opportunities to enhance the resource potential of the broader Dokwe Project area through regional exploration datasets.

Plans were in motion to update the pre-feasibility study, which would form part of a comprehensive feasibility study expected to follow the completion of the merger with Rockover.

"The latest mineral resource estimate for the Dokwe Gold Project demonstrates the considerable upside potential of this substantial exploration and development opportunity," said managing director Dr Kerim Sener.

"With a global JORC 2012 measured, indicated and inferred resource of over 1.8 million ounces 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."

Dr Sener said measured and indicated resources currently comprised 73% of the total resource, much of which sat within the historic optimised pits.

"If inferred resources are also included, approximately 1.1 million ounces of gold sits within the previously designed or optimised pits.

"This suggests the potential to significantly enhance reserves - currently 0.8 million ounces of gold - in future economic studies."

At 1150 BST, shares in Ariana Resources were up 4.04% at 2.45p.

Reporting by Josh White for Sharecast.com.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

AAU Market Data

Currency UK Pounds
Share Price 2.45p
Change Today -0.100p
% Change -3.92 %
52 Week High 3.10p
52 Week Low 1.63p
Volume 2,088,100
Shares Issued 1,834.18m
Market Cap £44.94m
Beta 0.38
RiskGrade 232

AAU Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
35.14% below the market average35.14% below the market average35.14% below the market average35.14% below the market average35.14% below the market average
53.97% below the sector average53.97% below the sector average53.97% below the sector average53.97% below the sector average53.97% below the sector average
Price Trend
11.96% below the market average11.96% below the market average11.96% below the market average11.96% below the market average11.96% below the market average
47.06% above the sector average47.06% above the sector average47.06% above the sector average47.06% above the sector average47.06% above the sector average
Income Not Available
Growth
79.33% below the market average79.33% below the market average79.33% below the market average79.33% below the market average79.33% below the market average
79.31% below the sector average79.31% below the sector average79.31% below the sector average79.31% below the sector average79.31% below the sector average

AAU Dividends

  Latest Previous
  Special Special
Ex-Div 18-Aug-22 03-Mar-22
Paid 03-Oct-22 25-Mar-22
Amount 0.17p 0.17p

Trades for 06-Dec-2024

Time Volume / Share Price
15:36 630,000 @ 2.36p
15:45 250,000 @ 2.41p
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15:35 200,000 @ 2.44p
15:06 10,000 @ 2.47p

AAU Key Personnel

Chair Michael de Villiers

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