(TheNewswire)
CALGARY, Canada – TheNewswire - March 13 ,2023 — Pambili Natural Resources Corporation(" Pambili " or the " Corporation ") (TSXV:PNN) is pleased toannounce that an updated NI 43-101 Technical Report (“Report”) onthe Happy Valley Mine (“HVM”) has been filed on SEDAR. The Report includes the results of the Phase 1reverse circulation (“RC”) drilling program, highlights of whichwere published in a news release on Feb. 9, 2023.
The Report (also available on Pambili’s website) wasprepared by Gayle Hanssen BSc. (Hons.) Geology, an independentgeologist who is a qualified person (“QP”) as defined by CanadianNational Instrument 43-101. Our QP has reviewed and approved thetechnical information contained in this news release.
As stated in the report, three parallel ore zones weremodelled: the Main zone is believed to reflect the undergroundworkings, and approximately 40m to the south of this is the Zulu reef.A continuous although low-grade reef 30m south of the Zulu is alsomodelled.
Plan view of themodelled reefs.
Long Sections ofthe 3 Reef zones, showing the Pierce Point intercepts.
Using the intercepts above, a first part resourceestimation based on the weighted average grades (based on the widths)it is reasonable to infer a mineral resource of 20,000 ounces in theground.
VOL | TONNES | AV GRADE | AV WIDTH | OUNCES | |
MAIN | 62,224 | 168,005 | 2.77 | 2.43 | 14,962 |
ZULU | 27,478 | 74,191 | 1.57 | 1.6 | 3,745 |
SOUTH | 21,707 | 58,609 | 0.69 | 1.43 | 1,300 |
TOTAL | 111,409 | 300,804 | 2.07 | 2.03 | 20,007 |
First Pass Resource figures based on averageintercepts .
The Report sets out recommendations for a second-phasedrilling program, including the completion of an underground survey ofhistoric workings, to better define the extent of the mineralizedzone. Our QP has also recommended an additional RC drilling programacross the full strike of the claim, augmented by some diamonddrilling to confirm depth extension of the mineralization. Location ofthe proposed of hole collars is also set out in the Report.
Pambili Chief Executive Officer (CEO) Jon Harrisstated: “The challenge weface in Zimbabwe is that despite proven production records, few mineshave NI 43-101-compliant resource estimates. Happy Valley is noexception in this regard but being able to report an independentlyverified inferred gold resource of at least 20,000 ounces provides abasis for further exploration.”
About Pambili Natural ResourcesCorporation: Pambili Natural ResourcesCorporation is a natural resources exploration and development company( www.pambilinrc.com ) currently active in Zimbabwe and in theprovince 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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