19:58:30 EDT Thu 02 May 2024
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Pambili Natural Resources Corp (2)
Symbol PNN
Shares Issued 25,953,448
Close 2024-04-17 C$ 0.07
Market Cap C$ 1,816,741
Recent Sedar Documents

Pambili completes NI 43-101 report for Golden Valley

2024-04-17 16:59 ET - News Release

Mr. Jon Harris reports

GOLDEN VALLEY NI 43-101 TECHNICAL REPORT RECOMMENDS SURFACE DRILLING PROGRAM

Pambili Natural Resources Corp. has completed an independent technical report for the corporation's Golden Valley mine in Zimbabwe's Matabeleland province.

The report, which has been filed on SEDAR+ and is available on Pambili's website, complies with the requirements of National Instrument 43-101 (Standards of Disclosure for Mineral Projects). It was prepared by Gayle Hanssen, BSc (honours) in geology, an independent geologist who is a qualified person as defined by NI 43-101.

The author noted that there are 56 historical mine shafts within a five-kilometre radius of Golden Valley, 19 of which have total recorded production of 31,154 ounces of gold at an average grade of 7.27 grams per tonne Au. The Golden Valley mine is only 8.3 kilometres away from the How mine, which "is hosted in the same formation as Golden Valley and has produced over one million oz since 1942."

The report endorses Pambili's planned underground drilling program and recommends at least 680 metres of drilling from the 173 m of development required to make the cubbies needed for the drill rig.

Thereafter, 800 m of scope drilling along strike from surface is recommended to prove continuity. This will be followed by a resource drilling program at 100-metre centres for the Main zone along a one-kilometre strike and the North zone over a 200-metre strike. This would require 2,200 m of reverse circulation drilling and 5,000 m of diamond core drilling, which could be accomplished within three months with double shifts and two rigs.

Jon Harris, chief executive officer of Pambili, commented: "As well as being one of the key documents required by the TSX Venture Exchange for its review of our acquisition of Golden Valley, the report supports our plans for the project's further exploration and development.

"The recommendations set out emphasize Golden Valley's potential for hosting a large-scale, as-yet-undiscovered, underground gold deposit. With the benefit of modern surveying and drilling technology, we look forward to continuing our exploration of the project's upside potential, which is already advancing at pace."

The Golden Valley mine

The Golden Valley mine has exploited a typical orogenic-style gold deposit located in the Bulawayo greenstone belt, and was active in the late 1930s and early 1940s. As reported on page 237 of bulletin 93 of the Zimbabwe Geological Survey (published in 1995), what was then described as the Peaceful Valley mine "milled 7,827 tonnes of ore for 60.0618 kilograms (1,931 oz) of gold and treated 8,354 tonnes of sands and 785 tonnes of slimes for 17.356 kg (558 oz) of gold. Altogether, 77.4178 kg (2,489 oz) of gold were produced, a recovery of 9.89 g/t."

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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