- Pambili Natural Resources Corp. (TSXV:PNN) has signed a share purchase agreement to acquire a producing gold mine in Zimbabwe
- The Golden Valley Project has a history of high-grade underground mining in the late 1930s and early 1940s with historic gold production
- Through drilling at Happy Valley, Pambili identified the potential for what it calls “economically significant” gold ore bodies at depth, and since Golden Valley is on the same greenstone belt as Happy Valley, potential synergies exist between the two operations
- Pambili Natural Resources Corp. last traded at $0.05 per share
Pambili Natural Resources Corp. (TSXV:PNN) has signed a share purchase agreement to acquire a producing gold mine in Zimbabwe.
Located in the Matabeleland province, the Golden Valley Project covers a 480,000 square metre area and is within 10 kilometres of the company’s Happy Valley Mine.
The Golden Valley Project has a history of high-grade underground mining in the late 1930s and early 1940s with historic gold production. Prior work crews milled 7,827 tonnes of ore for 60.0618 kilograms of gold and treated 8,354 tonnes of sands and 785 tonnes of slimes for 17.356 kg of gold. Altogether, 77.4178 kg of gold were produced, a recovery of 9.89 g/t. The team believes Golden Valley has been underexplored in the modern era and has the potential to be host to a bulk mineable gold deposit.
Through drilling at Happy Valley, Pambili identified the potential for what it calls “economically significant” gold ore bodies at depth, and because Golden Valley is on the same greenstone belt as Happy Valley, potential synergies exist between the two operations.
“We established proof of concept for our strategy in Zimbabwe at the Happy Valley project earlier this year. Now, at Golden Valley, we have an opportunity to take our next step towards building and developing a portfolio of cash-generating gold mines in Zimbabwe,” Jon Harris, chief executive officer of Pambili Natural Resources, said in a news release.
Pambili signed a share purchase agreement with Forosa Investments Ltd., a privately held entity with operations in Zimbabwe, which recently completed the geological mapping of the project area as well as completing surface grab sampling and a drone survey. Forosa identified examples of sulphide-rich ore within dumps at the entrance of existing adits in the project area.
Pambili intends to begin a work program to prepare for a near-term restart of gold production, along with a survey of underground workings, and create a 3D model. The team will also conduct underground geological mapping and sampling, surface ridge and spur geochemical soil sampling, prepare for underground diamond drilling, and future surface exploration drilling.
Pambili Natural Resources Corp. is a natural resources exploration and development company focused on southern Africa’s mining sector.
Pambili Natural Resources Corp. last traded at $0.05 per share.
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