Toronto Stock Exchange-listed Pambili Natural Resources Corporation has expressed optimism about its option to acquire the London Wall group of gold mines and claims in Zimbabwe.
By Ryan Chigoche
Last year, the company announced a 12-month agreement with Long Strike Investments to acquire 21 gold assets in Gwanda, Matabeleland South Province.
In its latest update, Pambili, which also owns the Golden Valley Mine in Bulawayo, highlighted that historical success in the region suggests strong potential for the acquisition.
If history is any indicator, Pambili Natural Resources Corporation’s option agreement to acquire the London Wall group of gold mines and claims in Zimbabwe appears highly promising.
The option includes two previously producing gold mines, London Wall and New Jessie, along with claims located along three major regional gold-bearing geological structures.
“Although the historical data has yet to be independently verified, the reported figures align with previous production records, and we are excited to have the opportunity to confirm the potential of this project,” said CEO Jon Harris in a statement.
Gold mineralization within the claims, according to the technical team at Long Strike Investments (Private) Limited, is controlled by three primary regional geological structures, all of which converge at the 1.3-kilometre-deep Jessie Mine, located just outside the southeastern extent of the claims area:
- The Southern Structure: This structure, spanning 1.4 km within the claims, includes the previously producing London Wall mine.
- The Central Structure: Known as the Jessie structure, this includes the New Jessie mine and the Jessie Mine itself, which has produced more than 440,000 ounces of gold at an average grade of 10.5 g/t. The Jessie Mine has operated continuously for nearly 100 years.
- The Northern Structure: Running along the contact between a Banded Iron Formation (BIF) and a felsic intrusive formation, this structure hosts numerous artisanal gold workings. These areas have never been systematically explored using modern mining methodologies.
Before Pambili’s agreement, the owners of the Jessie Mine were reportedly mining the London Wall and New Jessie mines under a tribute agreement with previous owners, extracting about 18 tonnes of material per day at commercial grades, according to a statement released by the company.
Under the terms of the option agreement with Long Strike Investments, which lasts for 12 months (extendable to 24 months), Pambili will retain 95% of any gross income generated from the claims and mines. The company also has an unencumbered right to mine and develop the assets.
Additionally, Long Strike has applied for contiguous extensions to the claims, totaling 547.8 hectares, which will complement the 173 hectares included in the original option. Once granted, these extensions will be incorporated into the agreement.
Apart from Golden Valley Mine, Pambili also owns and operates the Happy Valley Mine, another gold operation located 15 km from Bulawayo.
Meanwhile, this development comes at a time when 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.
Last year, the country achieved a record-high gold production of 36.5 tonnes, surpassing the annual target by 21.3%.
