PNN:CC - 'Gold Mineralization . . . Which Merits Further Exploration': Pambili Announces Final Phase 1 Report for Happy Valley Mine Drilling Program
(TheNewswire)
Calgary , AB - TheNewswire - Feb ruary 9, 2023 - PambiliNatural Resources Corporation (" Pambili " or the" Corporation ") (TSX-V: PNN) announces that the final report on PhaseI of the reverse circulation (“RC”) drilling program at the HappyValley Mine (“HVM”) in Zimbabwe has been completed.
The objective of the Phase 1 RC drilling programme, as set out in Pambili’s NI 43-101 TechnicalReport on HVM dated March 30, 2022 (the “Report”), was to define a 200m strike and 150m down dip resource on adrill grid of 40 x 40m, with one gap of 80m. It was envisaged thatthis would get depth definition on the previously worked Main and Zulureefs.
Independent geologist Gayle Hanssen BSc. (Hons.)Geology, a qualified person as defined by Canadian National Instrument43-101, prepared the Report (available on SEDAR and Pambili’swebsite) which will be updated with the outcome of the RC drillingprogram. Ms. Hanssen has reviewed and approved the technicalinformation contained in this news release.
In summary, the Phase 1 RCdrilling programme was successful in identifying that:
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gold mineralization occurs in discrete quartzcarbonate-rich veins, often of a high grade.
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there is mineralization encountered at depth asprojected by the RSIP geophysical survey.
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there is potential for multiple reefs whoseorientations can best be tested by a diamond drilling program
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Section 1-2 had the best intersection at a verticaldepth of 100m while Section 9-10 had a good intersection at a verticaldepth of 60m.
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modelling of gold grades seems to indicate that thereefs have a steep to moderate southerly dip.
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no structural data, as would beacquired in diamond drilling, was discerned from the RCprogram.
Assay results gave encouraging intercepts including:
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HPRC-001: 1m @ 1.42 g/t Au; 7.4m @ 0.50 g/t Auincluding 2m @ 1.14 g/t Au; 5.04 m @ 1.89 g/t Au including 3m @ 2.98 g/t Au
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HPRC-002: 3m @ 0.62 g/t Au; 1m @ 2.28 g/t Au; 12.81m@0.48g/t Au including 2m @ 1.11g/t Au and 4m @ 0.70 g/t Au; 9.7m @ 2.9 g/t Au including 3m@ 5.89 g/t Au and 4m @ 2.54 g/t Au
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HPRC-003: 1m @ 1.46 g/t Au; 1.7m @ 0.80 g/t Auincluding 1m @ 1.03 g/t Au.
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HPRC-004: 1m @ 1.20 g/t Au.
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HPRC-005: 3.01m @0.64g/t including 1m @ 1.5 g/t Au; 1m@ 1.45 g/t Au.
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HPRC-006: 1m @ 1.95 g/t Au.
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HPRC-009: 1m @6.04 g/t Au ; 1m @ 4.66 g/t Au .
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HPRC-010: 1m @ 1.14 g/t Au; 5m @ 1.18 g/t Au including 1m @ 5.23 g/t Au ; 1m @ 1.10 g/t Au.
Modelling was done on the drill holes and a tentative3-D interpretation model of potential orebodies, looking west, isshown below:
Potential mineralized zones, based on sample lithologyand grid kriging, are also highlighted in the report, and thefollowing diagram of Section 9-10 looking west is an example of theresults of these analyses. More details will be provided in an updatedNI 43-101 technical report.
Pambili Chief Executive Officer (CEO) Jon Harrisstated: “Although thisreport on the recent drilling program was a long time coming, it doesconfirm that the Happy Valley Mine has the potential to hosteconomically significant ore bodies at depth. The findings provide abasis for the second phase of drilling originally envisaged in theReport. Details of the proposed follow up program are being finalizedwill be set out in an updated NI 43-101 technical report, which isexpected to be available next week.”
Ms. Hanssen commented: “The results of the Phase I drillingprogram confirm the presence of gold mineralization at depth whichmerits further exploration. These results, together with a plannedunderground survey, will be used to prioritize further explorationwork."
About Pambili Natural ResourcesCorporation: Pambili Natural ResourcesCorporation is a natural resources exploration and development company( www.pambilinrc.com ) currentlyactive in Zimbabwe and in the province of Alberta.
For further information,contact:
Pambili NaturalResources Corporation
T : 403 2774421
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
Caution Regarding Forward-Looking InformationForward-looking statements - Certain information set forth in thisnews release may contain forward-looking statements that involvesubstantial known and unknown risks and uncertainties. Forward-lookingstatements are often, but not always, identified by words such as“believes”, “may”, “likely”, “plans”, or similarwords. Forward- looking statements included in this news releaseinclude statements with respect to work to be done on the Happy Valleymine in Zimbabwe. These forward-looking statements are subject tonumerous risks and uncertainties, certain of which are beyond thecontrol of the Corporation, including, but not limited to the impactof general economic conditions, industry conditions, currencyfluctuations, and dependence upon regulatory approvals. TheCorporation does not assume any obligation to update theforward-looking statements to reflect changes in assumptions orcircumstances other than as required by applicable law.
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