PNN:CC - Golden Valley Ni 43-101 Technical Report Recommends Surface Drilling Program
(TheNewswire)
CALGARY, Canada (April 17 ,2024) – TheNewswire — Pambili Natural ResourcesCorporation (" Pambili " or the " Corporation ")(TSX-V: PNN) is pleased to announce thecompletion of an independent technical report (the “Report")for the Corporation’s Golden Valley MIne in Zimbabwe’sMatabeleland Province.
The Report, which has been filed on SEDAR andis available on Pambili’s website, complies with the requirements of NationalInstrument 43-101 - Standards of Disclosure of Mineral Projects("NI 43-101") . It was prepared byGayle Hanssen BSc. (Hons.) Geology, an independent geologist who is aqualified person (“QP”) as defined by NI 43-101.
The author notes that there are 56 historical mine shafts within a 5km radius of GoldenValley, 19 of which have total recorded production of 31,154 ounces(“oz”) of gold at an average grade of 7.27 grams per tonne(“g/t”) Au. The Golden Valley Mine is only8.3km away from the How Mine which “ is hosted in thesame formation as Golden Valley and has produced over 1 million ozsince 1942 .”
The Report endorses Pambili’s planned undergrounddrilling program and recommends at least 680m of drilling from the 173m of development required to make the cubbiesneeded for the drill rig.
Thereafter, 800m of scope drilling along strike fromsurface is recommended to prove continuity. This will be followed by a resource drilling program at 100m centers forthe Main Zone along a 1km strike and the North Zone over a 200mstrike. This would require 2,200m of Reverse Circulation drilling and5,000m of Diamond Core drilling, which could be accomplished withinthree months with double shifts and two rigs.
Jon Harris, Chief Executive Officerof Pambili Natural Resources, commented:
“As well as being one of the keydocuments required by the Toronto Venture Exchange for its review ofour acquisition of Golden Valley, the Report supports our plans forthe Project’s further exploration and development.
The recommendations set outemphasize Golden Valley’s potential for hosting a large-scale,as-yet-undiscovered underground gold deposit. With the benefit ofmodern surveying and drilling technology, we look forward tocontinuing 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 typicalOrogenic-style gold deposit located in the Bulawayo Greenstone Beltand was active in the late 1930s and early 1940s. As reported on page237 of Bulletin 93 of the Zimbabwe Geological Survey (published in1995), what was then described as the Peaceful Valley mine “milled 7,827 tonnes of orefor 60.0618kg ( 1,931 oz ) of gold and treated 8,354 tonnes ofsands and 785 tonnes of slimes for 17.356 kg ( 558oz ) of gold.Altogether, 77.4178 kg ( 2,489oz ) of gold were produced, a recovery of9.89 g/t.”
Pambili’s independent geologist, Gayle Hanssen BSc.(Hons.) Geology, a qualified person as defined by National Instrument43-101 has reviewed and approved the technical information containedin this news release.
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 GoldenValley mine in Zimbabwe. These forward-looking statements are subjectto numerous 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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