London-listed mineral explorer Ariana Resources has advanced Zimbabwe’s Dokwe Gold Project to the pre-feasibility stage, launching critical mine design and processing studies as it pushes ahead with plans to develop one of the country’s largest undeveloped gold deposits.
The project, located in Tsholotsho District in Matabeleland North Province, approximately 110 kilometres west-northwest of Bulawayo, hosts an estimated 1.6 million ounces of gold in total mineral resources.
Recent engineering optimisation work has upgraded the Dokwe North Ore Reserve to 1.13 million ounces, strengthening the project’s development prospects.
A revised Pre-Feasibility Study (PFS) released by the company outlines a large-scale open-pit mining operation expected to run for up to 20 years.
Under the proposed mine plan, open-pit mining activities will be conducted over the first 12 years, producing between 80,000 and 100,000 ounces of gold annually.
The remaining eight years would focus on processing low-grade stockpiles, with plant throughput projected to peak at 2.5 million tonnes per annum.
The updated study points to strong project economics amid sustained gold price strength. Ariana estimates the project could generate a pre-tax Net Present Value (NPV10) exceeding US$1 billion, with a post-tax NPV10 of about US$740 million.
To maximise gold recoveries, the company is designing a processing facility combining gravity separation and carbon-in-leach (CIL) technology.
The latest milestone comes as Ariana accelerates technical work required to move the project toward a final investment decision.
The company has dispatched an eight-tonne bulk metallurgical sample to China-based Xinhai Mining Services for advanced testing aimed at finalising the project’s processing flowsheet and recovery assumptions.
Field programmes in Matabeleland North have also been completed, including geotechnical drilling and water borehole investigations necessary for infrastructure planning, tailings storage design and long-term water supply arrangements.
Ariana said the project is fully funded through the current evaluation phase, supported by proceeds from the disposal of its interests in Turkey’s Zenit mining operations and financing arrangements secured in Shanghai.
The company is targeting completion of a Definitive Feasibility Study in the first quarter of 2027. A final investment decision is expected to follow, with first gold production currently projected for 2028.
The advancement of the Dokwe project comes as Zimbabwe seeks to expand gold output and strengthen mining sector contributions to economic growth.
Government has identified gold as a strategic mineral in efforts to increase national production and support the country’s ambition of building a US$12 billion mining industry by 2030.
If developed as planned, Dokwe would rank among Zimbabwe’s significant new gold mines, potentially delivering long-term employment opportunities, infrastructure development and increased mineral export earnings for Matabeleland North Province and the country at large. 
