Proactive Investors - Ariana Resources (LON:ARNR) said its due diligence review of the 1.3Moz Dokwe project in Zimbabwe is nearly complete, with diamond drill holes confirming lengthy zones of gold mineralisation.
Four holes were drilled in the North and Central deposits with notable grades including 45m at 2.75g/t from 80m below the surface and 14m at 4.55g/t at 250m down.
Ariana currently holds 2.1% of Dokwe but is merging with its owner Rockover Holdings.
A new mineral resource estimate is being prepared to include the new North and Central data, said the statement.
Kerim Sener, managing director, added that the technical assessment of the due diligence drilling programme at Dokwe is now complete.
“We have been able to both confirm historical drilling results, the distribution and nature of gold mineralisation within the Dokwe North and Central deposits and their geological controls, he said.
“The results from the holes at Dokwe Central in particular are critical for us to estimate resources at this deposit, and the three holes we have assays for so far have yielded lengthy zones of high and moderate-grade gold mineralisation.
"We are now in the closing stages of our technical programme, with work on the revised Mineral Resource Estimate for both Dokwe North and Dokwe Central well underway.
“We are looking forward to announcing the new estimate in the coming weeks, in advance of the General Meeting to approve the merger with Rockover."