11:39:56 EDT Thu 02 May 2024
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Pambili Natural Resources Corp (2)
Symbol PNN
Shares Issued 25,953,448
Close 2024-03-25 C$ 0.08
Market Cap C$ 2,076,276
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Pambili identifies anomalous zones at Golden Valley

2024-03-25 16:56 ET - News Release

Mr. Jon Harris reports

SOIL SAMPLING CONFIRMS ANOMALIES AT GOLDEN VALLEY PROJECT

Pambili Natural Resources Corp. has identified three new anomalous zones over its Golden Valley gold mining project.

The company identified the anomalies through geochemical soil sampling at Golden Valley. Samples were taken from approximately 30 to 40 centimetres below surface on a 100-metre line spacing and a 50-metre station spacing.

Pambili sieved the samples in the field before returning them to its field office. The company then used portable X-ray fluorescence 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, 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 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 outcrop. It has an approximate strike length of 600 metres with a peak value of 408 parts per million arsenic.

Northern anomaly

This anomaly has a strike of approximately 400 metres with a peak arsenic value of 343 ppm and is also associated with Golden Valley's BIF outcrop. The potential for mineralization along this anomaly is backed up by the artisanal mining of coarse gold down slope.

Eastern anomaly

This is a 400-metre northwest-southeast-trending anomaly with a peak arsenic value of 162 ppm that appears to be structure related.

Jon Harris, chief executive officer of Pambili, 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 under way 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 minable 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 TSX Venture Exchange), 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 (honours) in geology, a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release.

About Pambili Natural Resources Corp.

Pambili is a natural resource exploration and development company currently active in Zimbabwe and in the province of Alberta.

We seek Safe Harbor.

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