Soil sampling confirms anomalies at Golden Valley project
CALGARY, Canada (March 25, 2024)—Pambili Natural Resources Corporation (“Pambili” or the “Company”) (TSX-V:PNN) is pleased to announce that it has identified three new anomalous zones over its Golden Valley gold mining project (“Golden Valley”).
The Company identified the anomalies through geochemical soil sampling at Golden Valley. Samples were taken from approximately 30 to 40 centimeters (“cm”) below surface on a 100-meter (“m”) line spacing and 50m station spacing.
Pambili sieved the samples in the field before returning them to its field office. The Company then used Portable X-ray Fluorescence (“pXRF”) analysis to provide a quantitative determination of the samples’ mineral composition, calibrating against industry standards.
Many samples returned anomalous values of arsenic in excess of 100 parts per million (“ppm”), the typical “background” arsenic reading for the local geology. Arsenic is a common “pathfinder mineral” associated with gold occurrences in the Golden Valley claim.
Pambili then interpolated these anomalous values using inverse distance weighting (“IDW”) to define three anomalous zones in the Golden Valley claim:
The Central Anomaly
This anomaly is associated with Golden Valley’s historical mine workings and banded iron formation (“BIF”) outcrop. It has an approximate strike length of 600m with a peak value of 408ppm arsenic.
Northern Anomaly
This anomaly has a strike of approximately 400m with a peak arsenic value of 343ppm and is also associated with Golden Valley’s BIF outcrop. The potential for mineralisation along this anomaly is backed up by the artisanal mining of coarse gold down slope.
Eastern Anomaly
This is a 400m northwest-southeast trending anomaly with a peak arsenic value of 162ppm that appears to be structure-related.
The three anomalies are displayed on Figure 1 and Figure 2 below. Both maps display a contoured arsenic background at Golden Valley, with lighter colour indicating an increase in the intensity of arsenic value.
Figure 1: An approximate tracing of the extent of the three anomalies at Golden Valley
Figure 2: Location of the anomalies in relation to historic workings at Golden Valley
Jon Harris, Chief Executive Officer of Pambili Natural Resources, commented:
“These geochemical soil sampling results are another encouraging indicator of Golden Valley’s mineral potential beyond the extent of historic mining. We look forward to completing follow-up exploration on all three anomalies.
The Northern Anomaly, in particular, adds to the inventory of target areas we are building. Although it has been shedding coarse gold into the drainage at Golden Valley, no associated mining appears to have taken place. This offers us a great starting point for follow-up investigation.
With our initial underground survey complete, our technical report underway, and underground drilling planned, we hope to expand our understanding of the extent of gold mineralization at Golden Valley considerably over the coming months.”
The Golden Valley Project
Pambili believes that Golden Valley Project, like many similar projects, has been underexplored and has the potential to host a bulk mineable gold deposit. The Project has a history of high-grade gold production and includes a gold processing plant, a stamp mill, and two historic adits.
Pambili acquired the Golden Valley Project in November 2023 (subject to approval by the TSXV) and has commenced exploration of the Project’s underground and near-surface potential. The Company plans to recommence mining this year, and is preparing for a comprehensive phase of underground drilling.
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.