TSX-listed Pambili bullish on Zim gold assets

Toronto Stock Exchange-listed Pambili Natural Resources Corporation has expressed optimism regarding its option to acquire the London Wall group of gold mines and claims in Zimbabwe. Last year, the mining group announced that it had signed a 12-month agreement with Long Strike Investments to acquire 21 gold assets in Gwanda, Matabeleland South Province. In its latest update, the company, which also owns Golden Valley Mine in Bulawayo, suggested that historical success in the region indicates strong potential for the acquisition. Not only does the option include two previously producing gold mines in London Wall and New Jessie — the claims are located on three interpreted major regional gold-bearing geological structures. During the 12-month option agreement with Long Strike, potentially extendable to 24 months, Pambili will retain 95 percent of any gross income generated from the claims and mines.

TSX-listed Pambili bullish on Zim gold assets

Toronto Stock Exchange-listed Pambili Natural Resources Corporation has expressed optimism regarding its option to acquire the London Wall group of gold mines and claims in Zimbabwe.

Last year, the mining group announced that it had signed a 12-month agreement with Long Strike Investments to acquire 21 gold assets in Gwanda, Matabeleland South Province.

In its latest update, the company, which also owns Golden Valley Mine in Bulawayo, suggested that historical success in the region indicates strong potential for the acquisition.

“If the past is indeed prologue, then Pambili Natural Resources Corporation’s option agreement to acquire the London Wall group of gold mines and claims in Zimbabwe appears very promising,” it said.

“Not only does the option include two previously producing gold mines in London Wall and New Jessie — the claims are located on three interpreted major regional gold-bearing geological structures.”

During the 12-month option agreement with Long Strike, potentially extendable to 24 months, Pambili will retain 95 percent of any gross income generated from the claims and mines.

The agreement grants Pambili the unencumbered right to mine and develop the assets.

Pambili chief executive Mr Jon Harris said while historical production data still requires independent verification, the reported figures align with previous production records.

He expressed excitement about the opportunity to confirm the project’s potential.

Pambili said, citing a report by Long Strike’s technical team, gold mineralisation within the intended acquisition claims is controlled by three major regional geological structures.

The structures converge at the 1,3-kilometre-deep Jessie Mine, situated outside the claims area’s southeastern boundary.

During the option agreement term, Pambili is required to conduct extensive due diligence and exploration of the claims.

If the mining group exercises the option, the total acquisition cost for the mines and claims will be US$1 million.

The amount would be mobilised through a combination of cash and Pambili shares.

“The subsequent share purchase agreement will be subject to approval of the Toronto Venture Exchange, and any Pambili shares issued to complete the potential acquisition will be subject to statutory four-month-and-one-day hold,” it said.

Last year, the country achieved a record-high gold production of 36,5 tonnes, surpassing the annual target by 21,3 percent.

Zimbabwe’s gold exports are poised for significant growth, with projections of US$4 billion in annual revenue starting this year.

The surge is expected to be driven by a combination of factors, including new investments in the gold sub-sector, the reopening of previously closed mines, and expansion projects at existing operations.

-herald