24 October 2024

AIM: AAU

DOKWE PROJECT EXPLORATION UPSIDE

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 provide an update on its internal exploration data review for the 100% held 1.8Moz Dokwe Gold Project in Zimbabwe, focusing on the near-term potential exploration upside at Dokwe North and Dokwe Central.

Highlights:

·    The resources at both Dokwe North and Central remain open along strike and at depth, and there are excellent prospects of increasing the resource with further drilling in the following areas, specifically:

o  Several moderately angled southwest plunging higher-grade shoots at the Dokwe North deposit remain untested at depth and demonstrate that the deposit remains open to the south.

o  Northwest flank of the Dokwe North deposit shows potential for further mineralisation to be identified at depth within an area of repeated prospective stratigraphy.

o  The Dokwe Central deposit remains open to the west and historical intercepts (notably 7.3m @ 6.63g/t gold intercept from 32.2m) to the east indicate that the prospectivity of the Dokwe Central fault zone extends for at least 1km.

·    Step-out and infill drilling are being planned to enable appropriate testing of the exploration potential defined to date, with a view to increasing the resource to 2Moz of gold.

Dr. Kerim Sener, Managing Director, commented:

"Our review of the exploration data and geology of the Dokwe North and Central areas has led to the identification of several zones showing potential for significant resource upside. Based on our current assessments, we are targeting potential enhancement of the resource to at least 2Moz of gold.

"At Dokwe North, a detailed reassessment of the geology and the structural controls on mineralisation is yielding a refined understanding of the upside opportunities. In particular, several high-grade zones are noted which display good strike continuity through the deposit, trending northeast-southwest and plunging at a moderate angle to the southwest. This opens up the southern end of the deposit for further exploration. In addition, deeper holes on the deposit in the northwest, suggest the potential for repeated prospective stratigraphy, notably dacite and tuff, indicating that there is an opportunity to encounter good mineralisation on the northern flanks of the deposit.

"At Dokwe Central, we have now demonstrated an opportunity to define further mineralisation along strike over a distance of approximately 1km along a faulted contact between volcanic and sedimentary units. Several historic drill hole intercepts along this structure suggest that a well-defined mineralised zone developed in the immediate vicinity of the fault zone and trends broadly east-west. Notably, a historic 7.3m @ 6.63g/t gold intercept from 32.2m identified gold mineralisation within the Archaean units just beneath the cover sequence and has not yet been followed up with further drilling.

"In summary, there is excellent potential at Dokwe North and Central to continue growing the resource base in a material way and we are designing new drilling programmes accordingly. We look forward to updating the market on this work in due course."

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

Background

The prospective Archaean rocks at the Dokwe Project were buried, deformed, metamorphosed, and mineralised, before being uplifted and partially eroded to form a basin into which the post-Permian Karoo sedimentary and volcanic rocks were deposited. The Karoo-aged rocks and the later Kalahari sediments form a cover layer over the Archaean rocks, ranging in thickness from a few metres at Dokwe South, gradually thickening northwards to approximately 40 metres at Dokwe North (Figure 1).

Figure 1: Map and schematic cross-section highlighting the distribution of Karoo and Kalahari cover across the Dokwe Project.

In 2001, a regional soil sampling programme commenced, and over the following few years, several areas of gold anomalism were highlighted as targets for drilling. In 2004, Dokwe North and Dokwe Central were discovered by drilling beneath two of these targets (Figure 2). An intriguing aspect of the geochemical targets is the apparent regular spacing of approximately 2.5km between each anomaly area (Figure 2).

Ariana is currently undertaking a review of historical exploration data across the Dokwe Project and a range of opportunities are identified. These include potential expansions to the Dokwe North Deposit; strike and depth continuations to the Dokwe Central deposit, with exploration potential over a strike length of at least 1km.

Figure 2: Gold in soil contour (1.2ppb Au) that led to the discovery of the Dokwe North and Central gold deposits.

Future Exploration Methodology

The deepening cover northwards across the project area means that different exploration methods will need to be applied to different sub-areas. In the south, where the cover is relatively shallow, mapping, testing of sub-crop and portable XRF soil sampling are likely to produce results, whereas further north, testing the greenstones will require techniques capable of testing greater depths, such as drilling and geophysics.

Following an assessment of the cover rocks and uppermost greenstones, it is apparent that the area is ideal for Rotary Air Blast drilling ("RAB"), a rapid, relatively inexpensive and widely employed drilling technique that has been successful in discovering numerous gold deposits in similar terranes across Western Australia, which has not been used at Dokwe previously. It is expected that the degree of weathering of the greenstones beneath the cover will enable at least 20m of greenstones to be tested in each hole before blade refusal. As part of a comprehensive new exploration programme, the Company is designing an RAB drilling grid to test the project area in more detail, intending to penetrate the underlying Archaean units throughout a large part of the project.

Dokwe North Extensions

The collection and interrogation of new geological information acquired by the Ariana team over the past year has improved the understanding of the geology, geometry, and exploration upside of Dokwe North. The current interpretation is that gold mineralisation is primarily hosted within a folded sequence of felsic-to-intermediate volcaniclastic rocks. Almost all mineralisation discovered at Dokwe North occurs within the eastern limb of this fold, which is partly intruded by a quartz-feldspar porphyry and later dolerite sills (potentially masking any geochemical response at surface). The primary host rocks are a felsic tuff and dacite, with some peripheral mineralisation within the overlying quartz-feldspar porphyry, and underlying agglomerate and andesitic rocks. The geometry of all these units, based on litho-geochemical modelling of over 28,000 pXRF samples, is now well understood and provides excellent insight for down dip and plunge exploration.

Almost all drilling within Dokwe North is constrained to the eastern limb of the Dokwe North fold structure, with only two holes drilled into the western limb. One of these, DPD7, ended in a moderately mineralised western tuff unit (26m @ 0.73g/t Au, including 2m @ 4.62g/t Au), which has not been followed up.

The apex of the Dokwe North fold was exposed and eroded from at least the Permian Period, before the deposition of the Karoo-aged rocks. Furthermore, the eastern and western limbs are separated by a major NE-SW fault intruded by later dolerite dykes. The mineralisation in the western limb is interpreted to have been down-faulted, making it a significant exploration target for the next phase of work (Figure 3).

In addition, Dokwe North has at least three south plunging higher-grade zones, which form part of the Indicated and Inferred components of the Resource (Figure 3) and remain open down plunge. A better understanding of the geology has provided significant confidence to the understanding of the distribution of higher-grade mineralisation and how it should be extrapolated within the model. To date and based on the June 2024 Mineral Resource Estimate (AIM: 13 June 2024), there is potential for 390,000 ounces of gold, currently classified as Inferred, to be reclassified following further drilling. This will be a primary target for future resource development, and eventual addition to future Reserves, subject to the appropriate studies and modifying factors.

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Figure 3: NNE-SSW long section through the Dokwe North block model, colour-coded according to the MRE classification. A new understanding of the geology and geometry of mineralisation has identified three potential plunging shoots for high-priority targeting.

Dokwe Central Extensions

Gold mineralisation along the Dokwe Central fault zone has already been demonstrated with the definition of the 165,000oz Au Dokwe Central deposit. The deepest intercept to date is in DPD73 with 17m @ 5.91g/t Au from 411.7m, such that the mineralisation remains open at depth.

Western Extension:

After reviewing the historical drilling data at Dokwe Central, the Company understands that the deposit is not adequately tested to close off mineralisation to the west (Figure 4). The two most westerly mineralised drill holes define a broad mineralised envelope containing two high-grade mineralised zones. DPD67 intercepted 8m @ 18.34g/t Au from 83.3m and 17m @ 3.21g/t Au from 106.4m, whilst DPD72 intercepted 2m @ 16.01g/t Au from 141.1m and 6m @ 9.74 g/t Au from 153.1m. Only two holes, DPD65 and DPD66 have been drilled further west to close off this broad zone of mineralisation.

Both holes, DPD65 and DPD66, intercepted the footwall sedimentary rocks approximately 90m south of where they would be predicted to be, implying a faulted displacement. If that is the correct interpretation, then the mineralisation is likely to have been faulted southwards too, and remains untested, presenting a highly significant exploration target adjacent to the Dokwe Central resource.

Figure 4: Structural interpretation of the Dokwe Central fault zone, showing the deposit and significant intercepts in the vicinity.

Eastern Extension:

In 2003, two 'scissor' holes were drilled approximately 750m west of the Dokwe Central deposit. One, DPD4, was drilled from south to north, intercepting 7.3m @ 6.63g/t gold from 32.2m, just beneath the cover sequence. Ariana has confirmed that the rock type hosting the mineralisation is similar to the veined felsic schist hosting the main zone of mineralisation at Dokwe Central. The second hole, DPD5, was drilled from north to south but did not go far enough south to intercept the depth projection of the intercept in DPD4.

These holes were two of the earliest drilled at the Dokwe Project, and at about the same time they were drilled, Dokwe North was discovered (DPD7). Soon after, Dokwe Central and the intercept in DPD4 became a lesser exploration priority. Many years later a hole was drilled northwards stepping back from the intercept in DPD4 (DPD106), although the northwest orientation of the hole indicates it was not an adequate test of the DPD4 mineralisation. Ariana is of the view that the target remains open and follow-up drilling is required.

Furthermore, DPD102 intercepted a metre at 13.65g/t Au from 189.61m, approximately 80m east of the mineralisation at Dokwe Central, along with two further metre-wide intercepts greater than 2.0g/t Au, further confirming the significance and potential of this fault zone. Confirmation that the Dokwe Central deposit remains open to the west, in conjunction with intercepts 80m and 750m to the east of the deposit, highlights a highly significant exploration target along the Dokwe fault zone, which extends more than 1km in strike and has seen only very sparse drill testing.

Contacts:

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 with the proposed arrangements described in this announcement or any matter referred to in it.

Editors' Note:

The information that relates to Mineral Resources 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 a major gold development project in Zimbabwe, gold production in Türkiye, and copper-gold exploration and development projects in Cyprus and Kosovo.

Ariana owns 100% of the Dokwe Gold Project ("Dokwe") in Zimbabwe. Dokwe is made up of the Dokwe North and Dokwe Central gold deposits which are located in the Tsholotsho District near the city of Bulawayo. The deposits have a combined JORC Measured, Indicated, and Inferred Resource of over 1.83 million ounces of gold (as at June 2024) and the project represents the largest undeveloped gold project in Zimbabwe.

The Company holds a 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 of silver (as of 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 of gold and 1.1 million ounces of silver (as of 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. An NSR royalty of up to 2% on future production is payable to Sandstorm Gold.

The Salinbas Gold Project is located in northeastern 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. An NSR royalty of up to 2% on future production is payable to Eldorado Gold Corporation.

Ariana owns 76% 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.

Ariana owns several investments in listed and private companies via its Australian subsidiary Asgard Metals Pty. Ltd. ("Asgard"), which also provides technical input into the various investee company exploration programmes. Investments have been made 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, the UK, and Zimbabwe. Its most advanced interest is through a 5.5% holding of Panther Metals Limited (ASX: PNT).

Panmure Liberum Limited and Zeus Capital 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;

"Inferred Mineral Resource" is that part of a Mineral Resource for which quantity and grade (or quality) are estimated based on limited geological evidence and sampling. Geological evidence is sufficient to imply but does 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;

"JORC" Joint Ore Reserves Committee;

"k" thousand

"km" Kilometres;

"m" Metres;

"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;

"MRE" Mineral Resource Estimate;

"M" million

"oz" Troy ounces;

"t" tonnes;

Ends.