Updated Technical Report on the Happy Valley Mine infers a gold resource of 20,000 ounces
Plan view of the modelled reefs.
CALGARY, Canada (March 13, 2023) — Pambili Natural Resources Corporation ("Pambili" or the "Corporation") (TSX-V: PNN) is pleased to announce that an updated NI 43-101 Technical Report (“Report”) on the Happy Valley Mine (“HVM”) has been filed on SEDAR. The Report includes the results of the Phase 1 reverse circulation (“RC”) drilling program, highlights of which were published in a news release on Feb. 9, 2023.
The Report (also available on Pambili’s website) was prepared by Gayle Hanssen BSc. (Hons.) Geology, an independent geologist who is a qualified person (“QP”) as defined by Canadian National Instrument 43-101. Our QP has reviewed and approved the technical information contained in this news release.
As stated in the report, three parallel ore zones were modelled: the Main zone is believed to reflect the underground workings, and approximately 40m to the south of this is the Zulu reef. A continuous although low-grade reef 30m south of the Zulu is also modelled.
Long Sections of the 3 Reef zones, showing the Pierce Point intercepts.
Using the intercepts above, a first part resource estimation based on the weighted average grades (based on the widths) it is reasonable to infer a mineral resource of 20,000 ounces in the ground.
The Report sets out recommendations for a second-phase drilling program, including the completion of an underground survey of historic workings, to better define the extent of the mineralized zone. Our QP has also recommended an additional RC drilling program across the full strike of the claim, augmented by some diamond drilling to confirm depth extension of the mineralization. Location of the proposed of hole collars is also set out in the Report.
Pambili Chief Executive Officer (CEO) Jon Harris stated: “The challenge we face in Zimbabwe is that despite proven production records, few mines have NI 43-101-compliant resource estimates. Happy Valley is no exception in this regard but being able to report an independently verified inferred gold resource of at least 20,000 ounces provides a basis for further exploration.”