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Ariana Resources shared its quarterly update, highlighting significant progress and financial details related to its mineral projects. As of the end of September, the company reported a healthy cash reserve of £17.3 million, which supports ongoing and future project advancements.
The focus of Ariana’s recent activities has been the Dokwe gold project in Zimbabwe, a wholly-owned venture boasting a 1.6 million-ounce gold resource. During the quarter, the company made strides in advancing the feasibility work necessary for the project’s development.
Ariana completed 2,822 meters of metallurgical drilling across 15 holes. This drilling campaign yielded promising results, notably:
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- 24 meters grading 4.71 grams per tonne of gold at Dokwe North
- 98 meters at 2.85 grams per tonne at Dokwe Central
These results are instrumental in supporting revised resource and reserve estimates, currently being independently prepared by AMC Consultants.
The company has prepared eight tonnes of samples for detailed metallurgical testing, with analyses set to occur in China and Australia. Additionally, the company is advancing its studies on mine layout, waste rock, and tailings storage, alongside water-bore drilling essential for the project’s infrastructure.
In a strategic move, Ariana completed the sale of its remaining 9.9% interest in the Kiziltepe operation in Türkiye to its partner, Proccea Construction, for US$3.71 million in cash. Despite this divestment, Ariana retains a 9.9% stake in Zenit, which operates the Tavşan mine. During the quarter, Tavşan produced and sold 8,102 ounces of gold, generating a substantial revenue of US$34.6 million.
The exploration expenditure for the quarter amounted to £737,000, primarily allocated towards the Dokwe drilling, assays, and feasibility studies. Looking ahead, Ariana plans further drilling activities to assess potential infrastructure areas at the Dokwe site during the fourth quarter.
This quarterly report underscores Ariana Resources commitment to advancing its key projects and highlights its strategic maneuvers to optimize its portfolio and financial position.
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