Zimbabwe’s Ministry of Mines approves significant expansion of Pambili’s Golden Valley project
CALGARY, Canada (June 17, 2024) – Pambili Natural Resources Corporation ("Pambili" or the "Company") (TSX-V: PNN) is pleased to confirm that the Company’s application to convert the 50-hectare (“ha”) milling site surrounding the Golden Valley mine to a series of five 10-hectare mining claims has been approved by Zimbabwe’s Ministry of Mines.
The Golden Valley project area now encompasses 60ha of highly prospective ground, which can be seen above.
The green area shows the original Golden Valley A1 mining claim. The surrounding area in red was previously designated as a milling site, and could not be subject to mining and exploration. Pambili has successfully converted the former milling site into five claims of 10ha each, the standard size for a mining claim in Zimbabwe.
The conversion enables Pambili to continue its exploration of Golden Valley over a much larger, highly prospective area.
Golden Valley is Pambili’s flagship project, located on the Bulawayo greenstone belt in Zimbabwe’s Matabeleland Province. The project has a history of high-grade gold production and includes a gold processing plant, a stamp mill, and two historic adits.
Pambili believes the project has been underexplored and has the potential to host shallow sources of ore for nearer-term gold production along with larger, underground discoveries.
The Company’s planned underground drilling program at Golden Valley was recently endorsed by an independent technical report prepared by Gayle Hanssen BSc. (Hons.) Geology, an independent geologist who is a qualified person (“QP”) as defined by NI 43-101.
Jon Harris, Chief Executive Officer of Pambili Natural Resources, commented:
“Confirmation of the conversion of our 50ha milling site to mining claims is fantastic news.
The development means our planned resource drilling program from surface can now cover a much larger area than the initial 10ha mining claim. This supports for our ongoing goal of generating shareholder value by sourcing ore for on-site processing and production at Golden Valley significantly.
While we await TSXV approval of Golden Valley mine acquisition, first announced in November 2023, Pambili has continued its work on the project and is now ready to commence its planned underground drilling program.”