PNN:CC - Zimbabwe's Ministry of Mines Approves Significant Expansion of Pambili's Golden Valley Project
(TheNewswire)
CALGARY, Canada (June 17,2024) – TheNewswire – Pambili Natural Resources Corporation("Pambili" or the "Company") (TSX-V: PNN) is pleased to confirm that the Company’sapplication to convert the 50-hectare (“ha”) milling sitesurrounding the Golden Valley mine to a series of five 10-hectaremining claims has been approved by Zimbabwe’s Ministry ofMines.
The Golden Valley project area now encompasses 60ha of highly prospective ground, which can beseen in Figure 1 below .
Figure 1 – The expanded GoldenValley project area
The green area shows the original Golden Valley A1mining claim. The surrounding area in red was previously designated asa milling site, and could not be subject to mining and exploration.Pambili has successfully converted the former milling site into fiveclaims of 10ha each, the standard size for a mining claim in Zimbabwe.
The conversion enables Pambili to continue itsexploration of Golden Valley over a much larger, highly prospectivearea.
Golden Valley is Pambili’s flagship project, locatedon the Bulawayo greenstone belt in Zimbabwe’s Matabeleland Province.The project has a history of high-grade goldproduction and includes a gold processing plant, a stamp mill, and twohistoric adits.
Pambili believes the project has been underexplored andhas the potential to host shallow sources of ore for nearer-term goldproduction along with larger, underground discoveries.
The Company’s planned underground drilling program atGolden Valley was recentlyendorsed by an independent technicalreport prepared by Gayle Hanssen BSc. (Hons.)Geology, an independent geologist who is a qualified person (“QP”)as defined by NI 43-101.
Jon Harris, ChiefExecutive Officer of Pambili Natural Resources, commented:
“Confirmation of the conversion ofour 50ha milling site to mining claims is fantastic news.
The development means our plannedresource drilling program from surface can now cover a much largerarea than the initial 10ha mining claim. This supports for our ongoinggoal of generating shareholder value by sourcing ore for on-siteprocessing and production at Golden Valley significantly.
While we await TSXV approval ofGolden Valley mine acquisition, first announced in November 2023,Pambili has continued its work on the project and is now ready tocommence its planned underground drilling program.”
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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