• Sun. May 26th, 2024

Kavango’s assay results point to million ounces of gold at Hillside Project


Apr 22, 2024 #Kavango Resources

By ETimes

HARARE – Kavango Resources’s first assay results confirm the potential of its Hillside Prospect 4 gold project (Prospect 4) in Matabeleland, southern Zimbabwe, to host over 1 million ounces of mineable gold.

Assay results provide an early indication of the potential value of a mineral or ore body, and therefore they are closely monitored by investors in mining companies.

The company has designated four priority prospects at the Hillside project intending to discover one or more larger-scale gold deposits that are suitable for modern bulk mining.

Prospect 4 is the southern Africa-focused metals exploration company’s fourth-ranked target at Hillside.

Ben Turney, Kavango’s chief executive officer, said this result far surpasses their expectations at Prospect 4.

“We are delighted that the initial fire assays include one particularly significant gold intersection grading at 29,08 grams per tonne (g/t) over 2,53 meters at a depth of 97,47 meters,” he said.

“The secondary zone of 1,8 g/t over 1,32 meters at 214 meters depth is also encouraging. Given that we encountered anomalous gold throughout Hole SKDD001, we now need to return to Prospect 4 to assess further its commercial potential.”

In 2023, the miner signed an option agreement with undisclosed vendors to acquire two gold exploration projects in Matabeleland province, the Hillside and Leopard projects.

Hillside contains 44 gold claims and a historic underground mine that reportedly produced 18 000 ounces of gold at 7,7 grams per tonne over a strike length of more than 350 metres.

Current production at Hillside is reported to be approximately 500 grammes of gold per month.

Results are pending on four other holes drilled across three other Hillside prospects.

The miner will examine near surface gold mining potential at Prospect 4, based on intersected grades and ongoing artisanal mining in the area.

“While we continue drilling at the Nara Project, we will send the SKDD001 pulps for multi-element testing at an internationally accredited laboratory in Johannesburg. We have confidence in the data we’ve published today and the tests in Johannesburg will help guide future drilling,” Turney said.

“Having brought Kavango Mining into production in March, we are set up operationally to bring any new discovery into production with relative speed. While more drilling is needed to evaluate the scale of the opportunity, this is a highly promising start.”

In terms of the results, Turney indicated that they have pursued rigorous quality assurance and quality control. Also retested the high-grade gold zone.

The London Stock Exchange-listed company said while it commences mining activity, it will continue its wider exploration for potential larger-scale bulk minable gold deposits.

Historically, mining activity across Hillside has been restricted because of a lack of available capital.

As part of Kavango’s commitment to enhancing the local community supply chain and developing a mining and growth point, the company intends to invest locally in modern mining skills development and provide access to equipment to support greater community-led gold extraction.

By ETimes

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