Pambili produces first gold at the Golden Valley Mine
First gold from Pambili Natural Resources Corporation’s Golden Valley Mine in Zimbabwe.
CALGARY, Canada (Aug. 1, 2024)—Pambili Natural Resources Corporation ("Pambili" or the "Company") (TSX-V: PNN) is pleased to announce that the Company has produced its first gold from its Golden Valley mine (“Golden Valley”) in Zimbabwe’s Matabeleland province.
Although formal mining has yet to re-start at Golden Valley, Pambili has completed some underground development in preparation for the drilling program, which is due to start later this month. Some 630 tonnes of material from this underground development, together with historic sands on surface, were processed through the Golden Valley plant to recover 235g (7.5oz) of gold at a recovery of 0.52g/t.
The imminent restart of the toll-milling operation, together with further cleanup of historic sands on the site, is expected to yield additional gold before underground mining begins. However, given the nature of the material being processed, the Company is not yet able to predict what this will yield.
Jon Harris, Chief Executive Officer of Pambili Natural Resources, commented:
“The first gold production from the Golden Valley Project really is exciting news for Pambili.
The decision to process material from the off-reef underground development was based on the visible mineralization observed within that material and the experience of the local team. The fact we were able to produce gold from this off-reef material and the reworking of old sands supports our belief in the upside potential of Golden Valley.
As recommended in the recent Technical Report, the Company will endeavour to establish the true extent of this potential through our planned underground and surface drilling programs, both of which will commence this month. As we continue to learn more about its large-scale potential, Golden Valley stands to become an increasingly valuable asset for Pambili.”
Pambili’s independent geologist, Gayle Hanssen BSc. (Hons.) Geology, a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release.