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Interview: Hon Zhemu Soda Minister of Mines and Mining Development

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Interview: Hon Zhemu Soda Minister of Mines and Mining Development

Congratulations Hon. Minister for being appointed the Minister of a key Ministry, the best Ministry in our books. What is your vision for your term of office?

I thank you for congratulating me. I would also like to take this opportunity to thank His Excellency, The President for showing confidence in me to be at the helm of such an important Ministry. I am grateful for the support from the Ministry staff and all stakeholders so far. The Presidium also readily renders guidance that makes my job enjoyable. My vision as Minister of Mines and Mining Development is “A sustainable and inclusive mining sector that brings more value to the country and its people.”

Your thoughts on those who say Zimbabwe is a bad investment destination?

Zimbabwe’s mantra of being “open for business” and “being a friend to all and an enemy to none” and the re-engagement thrust have all collectively resulted in our investment destination being conducive and attractive. The investment interest we have registered in the mining sector since the inception of the 2nd Republic serves as testimony to this. The excellent economic performance of the country also serves as a factor in making the investment climate promotive of investment.

Can you provide examples of successful mining projects in the country where foreign investment has played a crucial role, showcasing the potential for lucrative returns on investment in the country’s mining industry?

The Mining Sector is a key player in the country’s economic development. The sector contributes more than 60% of Zimbabwe’s export receipts, attracts more than 50% of foreign direct investment (FDI), contributes about 13% to the country’s GDP and generates significant employment. A total of USD 5.3 billion was realized in foreign direct investment into major mining projects since the onset of the 2nd Republic to date.

The key investment projects include:

  1. Tsingshan Steel Plant Establishment – The Capital Investment for Phase 1 of the project is about USD1 Billion and is expected to have an annual turnover of over USD600 Million. The project is set to employ over 2000 people during the first phase. At full scale, the Steel company is expected to employ more than 10,000 workers directly while it will create employment for millions of Zimbabweans indirectly through the upstream and downstream industries.
  2. Blanket Mine – His Excellency, President Dr E.D. Mnangagwa officially opened Blanket Gold Mine Central Shaft on 17 November 2022. Caledonia Mine has also constructed a 12MW Solar Plant at Blanket Mine, at a cost of around USD14 million.
  3. Zimplats is undertaking a number of expansion and beneficiation projects at a total investment of USD 1.5 billion. Nearly 6000 jobs will be created during the course of the expansion
  4. Karo Platinum is developing a PGM concentrator Plant at a total investment of USD200 million.
  5. Dinson Colliery recently completed the establishment of a Coking Coal Plant at a total of USD70 million.
  6. Invictus Energy invested a total of USD18 million for the exploration of oil and gas in Muzarabani.
  7. Bikita Minerals invested a total of USD 300 million for the establishment of spodumene and petalite plant.
  8. Sabi Star invested a total of USD 130 million for the establishment of a spodumene plant.

What steps are being taken to improve the regulatory framework and streamline licensing processes for mining investments, reducing bureaucracy and accelerating project development timelines?

READ THE FULL INTERVIEW HERE

Ministry of Mines’ ASM SHE Awareness Campaign Starts

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Ministry of Mines’ ASM SHE Awareness Campaign Starts

The Ministry of Mines and Mining Development‘s Safety, Health and Environment (SHE) awareness campaign  resumed today in Mashonaland West and Matabeleland South Provinces. Artisanal and small-scale miners will be trained to improve their SHE standards.

The government aims to achieve a world-class mining industry with excellent safety standards, where zero harm and zero lost time injuries (LTI) are not only possible but a reality.

The Minister of Mines and Mining Development, Hon Zhemu Soda, announced the SHE campaign last month after the Redwing Mine incident, where 15 artisanal miners were trapped underground due to a fall of ground when they robbed the pillars of the mine.

Minister Soda consulted organizations representing miners, the Chamber of Mines, and the Zimbabwe Miners Federation (ZMF), announcing a country-wide campaign to train and educate ASM.

In Mashonaland West and Matabeleland South, the campaign will begin today in Mhangura and Fibabusi, respectively. In Mashonaland West, the teams will be in Chegutu on Tuesday, Chikuti on Wednesday, and Kadoma from Thursday to Friday.

In Matabeleland South, the teams will visit Esigodini, Matopo, Maphisa, Umzingwane, Shangani, Mangwe, and Gwanda. From February 12 to 16, the program will be carried out in Masvingo’s Gutu, Mashava, Stop Over, Ngundu, and in Mashonaland Central’s Guruve, Mt Darwin, Shamva, Mazowe, Chiweshe, and Christon Bank.

In the Midlands Province, the program will be rolled out in Shurugwi, Mberengwa, Kwekwe, Zvishavane, Silobela, Zhombe, and Gokwe from February 19 to 23. On the same dates, in Mashonaland East Province, the program will be held in Makaha, Kotwa, UMP, Goromonzi, and Mutoko.

To wrap up the program from February 26 to March 01, it will be rolled out in Matabeleland North Province in Inyathi and Bubi, as well as in Manicaland Province in Chimanimani, Nyanga, Penhalonga, Odzi, Buhera, and Headlands.

Regarding the course content for training and awareness, the ministry mentioned legal compliance covering title acquisition, appointment of competent persons, statutory fees, and their purposes, explosive permits and licenses, Statutory Instrument (SI) 109 OF 1990/SI 72 OF 1989, as well as the Mines and Minerals Act.

The safe mining course will cover safe mining practices, dangers of mining in old shafts, pillar robbing risks, mining in riverbanks, personal protective equipment (PPE) use, and safe equipment.

Another key course is environmentally friendly mining, addressing cyanide and mercury use, environmental degradation, and rehabilitation during and after mining. Topics include environmental impact assessment (EIA) and environmental management plan (EMP), river conservation, mining methods and planning, mine planning, use of professionals, avoidance of resource dilution, and effects of resource dilution.

The course on the Mining Industry Loan Fund (MILF) will cover aspects such as what MILF is, eligibility, application procedures, advantages, and benefits, including the US$5 million gold facility.

Minister Soda Zhemu is on record, urging artisanal and small-scale miners to formalize their operations to enhance governance, as they contribute more than half of the country’s gold production.”

Diamond Drilling Exploration for small-scale miners initiated

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Diamond Drilling Exploration for small-scale miners initiated

In an effort to ensure that artisanal and small-scale miners (ASM) mine a quantified and defined resource, and to enable them to mine lower grades and deeper, Great Zimbabwe Mining and Exploration Drilling is launching exploration initiatives for small-scale miners, said the company’s Managing Director, Patrick Takaedza.

Rudairo Mapuranga

According to Takaedza, there is limited exploration in Zimbabwe currently due to a lack of ground due to the non-issuance of Exclusive Prospecting Orders (EPOS) with most of the land open for exploration currently in the hands of small-scale miners hence the reason why Great Zimbabwe will focus on the sector.

He said his company was also supporting the government’s initiative of increasing production, formalisation and regularisation of mining in the country.

“There is limited exploration currently happening in the country and certainly no meaningful exploration by local players for various reasons some of which are pretty obvious like lack of ground or rather sterilization of ground available for exploration through the non-issuance of EPOs. This has effectively left land held by either the large corporates or by the ASM, who are our target. So many mineral resources potentially lay undiscovered as exploration technology and methodology have improved over the years but none or little has been tried locally.

“Targeting small-scale miners for mineral exploration was a strategic decision for several reasons. ASM plays a significant role in many economies, including Zimbabwe, providing livelihoods for a large number of people and contributing to local and national economies. By focusing on supporting ASM, we are supporting the government’s initiative in increasing production, formalizing and regulating this sector, and improving safety, environmental practices, and overall productivity. We also want to promote awareness of the value and benefit of exploration not only to the ASM but the government itself.

“Furthermore, our targeting to assist ASM aligns with the government agenda focused on economic development, poverty reduction, and sustainable resource management. By providing exploration support and resources for the ASM we are promoting inclusive growth and helping create opportunities for the generally marginalized sector and communities.

“Apart from these positive impacts, we would like to essentially take a lead in ensuring that these activities are conducted responsibly and sustainably, taking into account environmental, social, and economic considerations. We hope this will inspire the ASM to follow the same,” Takaedza said.

He said Great Zimbabwe Mining and Exploration Drilling do not only wish to quantify the country’s mineral resources but also wish to have mineral resources explored, developed and exploited sustainably.

The company hopes that showcasing the value or exploration will benefit both the ASM and government at both local and national levels through the following;

  1. Encouraging Investment: If the Government understands the basis of exploration from the company’s approach and perspective, it will create a conducive environment for domestic and foreign investment in mineral exploration probably by offering incentives, streamlining regulations, and providing legal and financial certainty.
  2. Public-Private Partnerships: Great Zimbabwe also hopes that its activities will encourage collaboration between government entities, private companies, and research institutions to facilitate exploration efforts by combining resources, expertise, and funding.
  3. Geoscientific Data Collection: Exploration is also an investment in the collection and management of geoscientific data, such as geological mapping, geophysical surveys, and geochemical analysis, that can then provide a foundation for understanding the country’s mineral potential.
  4. Capacity Building: From the company’s exploration activities within the ASM, Great Zimbabwe hopes to conscientize and support education and training programs in geosciences and exploration techniques that can help build a skilled workforce capable of conducting effective and ongoing mineral exploration.
  5. Regulatory Framework: Once the company is established and both the ASM and government realise the worth of mineral exploration, Great Zimbabwe Mining and Exploration Drilling hope the government will be persuaded to develop clear and transparent regulations for mineral exploration that can then provide certainty for investors and ensure that exploration activities are conducted responsibly.
  6. Technology and Innovation: The company hope to bring in new technologies to the ASM, such as remote sensing, geospatial analysis, and advanced exploration techniques, that improve the efficiency and effectiveness of mineral exploration at a very reasonable cost.
  7. Community Engagement: Great Zimbabwe Mining and Exploration Drilling will also undertake to involve local communities in the exploration process, respecting land rights, and addressing social and environmental concerns that can contribute to the success and sustainability of exploration activities. This way local communities will understand and not resist exploration and mining activities within their communities.

According to the company, by implementing these strategies, Zimbabwe can work towards quantifying and effectively managing their mineral resources, and increasing production, which is crucial for sustainable economic development and resource stewardship.

Zimbabwe showcasing mineral potential & investment opportunities at Mining Indaba

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Zimbabwe showcasing mineral potential & investment opportunities at Mining Indaba

Zimbabwe will from the 5th of February to the 8th of February 2024 showcase its mineral potential and investment opportunities available in the country at Mining Indaba, which is largest Mining Investment Event held on Africa soil.

The annual event hosts thousands of investors, industry captains and key government officials responsible for making the highest decisions in the mining Industry.

The Ministry of Mines and Mining Development supported by the Minerals Marketing Corporation of Zimbabwe (MMCZ) team up to engage with thousands of potential investors and business people to demonstrate opportunities available in the mining sector of Zimbabwe.

Other key players including the Chamber of Mines, Fidelity Gold Refinery (FGR), Zimbabwe Miners Federation (ZMF), ZCDC also support the initiative and engage with businesses interested in their sectors.

To further the message Mining Zimbabwe will be distributing its February 2024 edition at the event brimming with investment centred articles and a focus on the investment climate in Zimbabwe.

Highlights includes the not to be missed Interview with the Minister of Mines and Mining Development Hon Zhemu Soda, fastest rising human centric mining solutions provider, Kuchera, a one on one with the country’s GOLD buyer and Better Brands CEO Scott Sakupwanya, the Venice Mine Complex site visit among many others.

The country’s leading Mining equipment and service providers also supported the Zimbabwe mining marketing initiative.

Expressing gratitude Mining Zimbabwe Managing Director said sponsors and service providers made it possible for the country’s authoritative mining publication to take the true Zimbabwe resource story into the hands of world class investors.

“I would like to thank all leading players that supported us and to them I say this is not just supporting Mining Zimbabwe but also supporting the drive to bring investment into the country. Equipment and service providers are oil that keeps the mining machine well lubricated to keep it running. Hopefully the global visibility will bring new partnerships and business,” he said .

Supporting partners included SBS, Firstlink insurance, Kuchera, Tandamanzi, Dandemutande, Fams, Boltgas, ZEISS, ZITF, Chamber of Mines, MMCZ, Electro Mechanica, SAFI Minerals, Betterbrands, Equipment Services, Hogarths, Nissan Clover, Binmak Corporation, ZB Bank, Stanserv, Powerstar, The Gem, Wisejet Cranes and CBZ Bank.

Free copies of Mining Zimbabwe will be found at key areas at the event. Normal distribution is currently underway in Zimbabwe.

PRESIDENT CYRIL RAMAPHOSA TO ATTEND THE 30th ANNIVERSARY CELEBRATION OF THE MINING INDABA

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PRESIDENT CYRIL RAMAPHOSA TO ATTEND THE 30th ANNIVERSARY CELEBRATION OF THE MINING INDABA

President Cyril Ramaphosa will on Monday, 5 February 2024 deliver a keynote address during the 30th anniversary celebration of the Mining Indaba in Cape Town.

This year’s theme “Embracing the power of positive disruption: A bold new future for African Mining,” marks three decades as Africa’s premier platform for deal-making and discussions on critical mining issues.

The President’s participation underscores the significance of collaboration and sustainable development in the mining sector. His insights will contribute to disruptive discussions aimed at uncovering opportunities and addressing challenges within the industry. The event showcases Africa’s commitment to attracting investment in its mining sector.

Details of the event are as follows:
Date: Monday, 05 February 2024
Time: 09h00
Venue: Cape Town

Media enquiries: Vincent Magwenya, Spokesperson to the President- [email protected]

ISSUED BY THE PRESIDENCY OF THE REPUBLIC OF SOUTH AFRICA

www.thepresidency.gov.za

About the Investing in African Mining Indaba

Investing in African Mining Indaba is the largest mining investment event in Africa. With a proven track record of bringing together Ministers, senior Government representatives, Mining Companies, Mid and Junior Miners, Investors, professional services as well as mining equipment and service providers, Mining Indaba is the place to meet everybody who’s anybody in the African and global mining industry.

It is the must-attend event that drives the mining industry forward and provides attendees with unmatched access to the entire value chain and the most influential players in African mining for four days of high-quality content, deal-making and networking opportunities.

Encouraging results on drilling programme at Blanket

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Encouraging results on drilling programme at Blanket

The Blanket Mine is pleased to announce that the results of its recent deep-level drilling program have been encouraging.

Patricia Rwafa

The drilling program was designed to explore the potential of the mine’s deeper horizons, and the results have exceeded expectations. This is great news for the mine and its investors, as it suggests that there is still a lot of potential for growth at the Blanket Mine.

These results follow the Eroica ore body drilling results published on July 10, 2023.  A total of 7,652 metres of drilling from June 2023 to the end of December 2023 indicated that the existing Blanket and Eroica ore bodies have grades and widths which are generally better than expected. Total drilling for 2023 was 13,280 metres.

“Our ongoing drilling campaign continues to demonstrate encouraging results, further improving our confidence in the Blanket resource.  We anticipate that the positive grades and widths will result in an increased overall resource, which in due course should result in the extension of the existing life of the mine,” said Mark Learmonth, Caledonia’s CEO.

“We have invested heavily in Blanket over the last seven years to increase production capacity, resulting in a mine infrastructure that can sustain production beyond the current production horizon”.

“Drilling is currently focused on the Blanket and Eroica ore bodies, where crosscuts have been mined to allow optimal access to drill the deeper zones of the steeply dipping ore bodies. These results are extremely promising, and we look forward to the next phase of drilling and to updating the market accordingly,” he said.

Zimplats production increases by 4 percent

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Zimplats production increases by 4 percent

The country’s biggest platinum group metal producer Zimplats’ production increased by 4 per cent during the quarter ended 31 December 2023 compared to the same quarter the previous year due to pillar reclamation operations at Rukodzi Mine and the continued ramp-up in production from Mupani Mine.

Rudairo Mapuranga

Ore mined according to Zimplats increased to 1 995 000 tonnes during the quarter ended 31 December 2023 from 1 968 000 in the quarter ended September 30 and 1 915 000 during the year ended 31 December 2022.

The group’s production also increased by 1 per cent compared to the previous quarter ended 30 September 2023 with Increased tonnes from pillar reclamation bolstering 6E head grade, which increased by 1 per cent from the prior quarter and was stable year-on-year.

According to Zimplats, Ore milled was in line with mined volumes in the period and was stable quarter-on-quarter and year-on-year, with the concentrator plants performing at expected throughput rates.

However, 6E metal in the final product declined by 1 per cent from the prior quarter, as a scheduled furnace shutdown resulted in an accumulation of in-process inventory in the period. Metal volumes benefited from improved metal recoveries and increased by 1 per cent year-on-year.

Ore mined according to Zimplats increased to 1 995 000 tonnes during the quarter that ended 31 December 2023 from 1 968 000 in the quarter ended September 30 and 1 915 000 during the year ended 31 December 2022.

Meanwhile in response cost containment initiatives, in response to softening metal prices, were implemented in the period, and resulted in a 1 per cent retracement in total operating cash costs from the prior quarter, with a year-on-year increase of 3 per cent.

Transfers to closing stocks from operating costs amounted to US$0.4 million during the period, in line with inventory movement in the value chain. Cash costs of metal produced declined by 1 per cent from the prior quarter and were stable year-on-year. Operating cash costs of US$825 per 6E ounce retraced by 1 per cent from the prior quarter and were 2 per cent lower year-on-year, benefitting from higher production volumes, which offset inflationary pressures on utilities.

Mazowe underground reopening – a very tall order

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Mazowe underground reopening – a very tall order

Metallon Gold Corporation’s Mazowe Mining Company (MMC) recently announced plans to resume underground Shaft operations at its Jumbo Mine in Mazowe as part of its corporate strategy with miners calling the stance an act with the capacity to cause more harm than good.

Rudairo Mapuranga

In a statement, the MMC said it will end all unsafe near-surface mining in favour of more secure operations is a step towards ensuring the overall safety and sustainability of the mining industry.

“Mazowe Mining Company (“MMC”) announces steps to resume underground shaft operations as part of a corporate strategy. This will entail reintroducing shaft mining and extensively rehabilitating mining areas. This step is necessary to ensure that mining is conducted safely, thereby averting loss of life and injury to miners and protecting local communities and the environment,” the company statement reads in part.

“Consequently, MMC is ending all unsafe near-surface mining in favour of more secure operations. Underground shaft operations will be safer for miners and the community. It will also contribute more to the national fiscus and boost supporting industries. This strategic thrust aligns with recent pronouncements by the Government of Zimbabwe, through the Ministry of Mines and Mining Development, unequivocally advocating for safe and sustainable mining.

According to Danford Suntile the chairperson of Miners for Economic Development although the move aims at reintroducing Shaft mining and extensive rehabilitation of mining areas to ensure safer mining practices, indications on the ground somehow portray a struggling miner with no capacity.

Suntile said the underground condition at Mazowe Goldfields is currently not desirable, with a miner killed two weeks ago in an incident at the underground operations which are currently being carried out by tributed scale miners as opposed to what Metallon Gold announced in regards to resuming the operations.

“For MMC to call for the stance to reopen underground operations for now is more questionable than it is convincing.

“The state of the underground is not desirable as pillars were robbed by illegal miners since 2018 and recently not more than 2 weeks ago a miner died on their underground operation but they are denying him saying he was an illegal miner.

“The tarred road going to the old dump or tailings from the shop has since collapsed due to unstable ground indicating the dangers of going underground.

“The mine currently is a disaster and MMC needs to seriously consider their stance because it repeats the results from Redwing Mine in Penalonga,” Suntile said.

MMC in its initial statement said measures to rehabilitate the mine faced resistance from miners.

“We are aware that these necessary measures to enforce responsible mining have faced resistance from some miners. Such actions prevent MMC’s efforts to rehabilitate mining pits and pave the way for safe mining. We note the campaign of misinformation that has targeted the Company, meant to discredit the necessary steps we are taking. MMC is cooperating with all parties involved to ensure the success of this transition to safer mining. Together, we aim to set a benchmark for responsible mining, fostering a secure and sustainable future for all stakeholders”

State of Mazowe mine

There are close to 20 tributed small-scale miners doing surface mining on a contract basis with the miner. MMC has however said it was going to end “all unsafe near-surface mining in favour of more secure operations”. The statement did not however say that MMC was going to do away with the small operations of small-scale miners but unsafe ones.

Quick facts

The statement by MMC that it has plans to start underground operations did not give a timeline but only emphasised on closing unsafe small-scale mining operations in favour of what was described as “more secure operations”.

Mazowe gold mine operations were suspended in September 2018 due to massive operational challenges. The Mine had been placed under administration for a reconstruction order. The mine is currently working with care and maintenance staff.

In November 2022, the Zimbabwe Miners Federation (ZMF) President Ms Henrietta Rushwaya engaged Metallon Gold to tribute some of its claims to small-scale miners to bring sanity to the operations since it had been invaded by miners operating illegally.

Canmax agree to carry forward monthly payments owed by Premier

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Canmax agree to carry forward monthly payments owed by Premier

AIM-listed mining and exploration company, Premier African Minerals, has received a notice of election under the Agreement from Canmax Technologies Co., Ltd. due to its failure to deliver at least 1,000 tonnes of lithium spodumene per month for November 2023 and December 2023.

Patricia Rwafa/ Rudairo Mapuranga

Consequently, the current outstanding balance owed to Canmax of US$3 million (US$1.5 million per month) will be carried forward as part of the monthly payment.

According to Premier CEO George Roach, in accordance with the Agreement, the interest rate for the outstanding balance of the prepayment amount will be increased to 12% per annum with effect from 1 December 2023.

“Premier is pleased that Canmax has elected to carry forward the monthly payments in respect of the non-delivery of product in November and December 2023. The effect of this is that the monthly payment contemplated is rolled forward and clear indication that Canmax requires delivery of Spodumene concentrate as soon as possible.

“Premier is deeply appreciative for the understanding and assistance Canmax has provided. And we remain committed to production in late February provided only that all commitments made by contractors are met,” Roach said.

Pre-Payment agreement

As previously announced on 3 August 2022, Canmax purchased in advance US$34,644,385 worth of product to be sold by Premier (“Advance Purchase Amount”), with the proceeds used to construct and commission the plant at Zulu.  The parties agreed to supply the Product for the Advance Purchase Amount plus accrued interest by Canmax following the bridge of a first contract agreement by Premier.

The Advance Purchase Amount, plus accrued interest (which has been agreed to increase from 3.5% per annum to 8% per annum from 31 May 2023), will be settled from gross sale proceeds from the Product shipped to Canmax as follows:

From 1 November 2023 until 30 May 2024, Canmax was to receive 25% of all gross proceeds due to Premier from the sale of the Product.

From 1 June 2023 until the Advance Purchase Amount plus accrued interest has been settled, Canmax was to receive 50% of all gross proceeds due to Premier from the sale of the Product.

Settlement of the Advance Purchase Amount was to commence no later than 1 November 2023 at a minimum rate of 1,000 tonnes per month on a rolling average basis plus or minus 10% (“Minimum Delivered Product”). If the Minimum Delivered Product does not occur, then Premier will be required to make a cash payment to Canmax (“Cash Settlement”) for that month as follows:

According to the agreement, If Premier fails to make a second Minimum Delivery Product, the revised interest rate will be adjusted further to 10% per annum from the first date of the next month. If in any month Premier is unable to supply the Minimum Delivered Product or make the Cash Settlement set out above, then Canmax will have the following options:

– the outstanding balance of the Cash Settlement will be carried forward to the following month, and the interest rate applicable to the outstanding balance of the Advance Purchase Amount will increase to 12% per annum from the first day of the next month; or

– the monthly payment will be settled in new ordinary shares in Premier at a conversion price that will be twenty daily volume-weighted average trading prices of ordinary shares during the last twenty trading days of the month where the Minimum Delivered Product was not delivered (VWAP Period).

The conversion rate will be equal to 90% of the average of the twenty daily volume-weighted average trading prices of ordinary shares during the VWAP Period. The conversion price shall, subject to standard customary adjustments inter alia for changes in Premier’s capital structure, be no lower 0.32p per ordinary share.

Settlement of all amounts of Product due under the Amended Agreement will be subject to a new Long Stop Date of 1 April 2025, and should Premier have not delivered the required Product or provided Cash Settlement to settle the Advance Purchase Amount in full, and provided that Canmax has not elected to take settlement in new ordinary shares (the “Outstanding Amount”), then Canmax will be entitled to receive as settlement of the Outstanding Amount, a direct interest in Zulu Lithium based on a project valuation of US$200 million.

Step Aside’s WinBin discovery returns 63m interval of high-grade lithium mineralisation

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Step Aside’s WinBin discovery returns 63m interval of high-grade lithium mineralisation

Australia Stock Exchange listed mining and exploration junior Prospect Resources Step Aside lithium project has returned high-grade assay results showing a high-grade mineralised zone at WinBin that extends for considerable depth and strike from the initial discovery cluster.

Rudairo Mapuranga

According to Prospect CEO and Managing Director Sam Hosack, the high-grade mineralised zone at WinBin remains open to the south.

Hosack said drill holes targeting Pegmatite C also confirm that a broader mineralised zone continues further northwest through the co-joined WinBin/Pegmatite C Extension with Phase 4 programme (2,000m diamond drilling) already commenced, targeting the extension of WinBin further south, and follow-up of high-grade intersections at Pegmatite E.

“We are very pleased with the outcomes from the Phase 3 drilling completed at Step Aside last year. The WinBin discovery has continued to return exceptional intercepts, demonstrating its high-grade character and delivering ongoing growth in its strike and depth extents.

“The commencement of Phase 4 drilling at Step Aside is another significant milestone, with this program targeted to test the potential continuation of the WinBin strike extent to the south, as well as testing in the area of the high-grade intersections previously returned around Pegmatite E further north.

“We look forward to keeping shareholders abreast of further key advancements at Step Aside over the coming year,” Hosack said.

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