Pambili Secures Deal to Acquire Gold Claims in Gwanda

Pambili Natural Resources Corporation has entered into a significant 12-month agreement with Long Strike Investments (Private) Limited to acquire 21 gold claims in Gwanda, Matabeleland South Province. The deal aligns with Pambili’s strategy to expand its footprint in Zimbabwe’s gold mining sector.

By Ryan Chigoche

In a statement, the Toronto Stock Exchange-listed mining group, which also owns Golden Valley Mine in Bulawayo, expressed enthusiasm about the venture. “Under the terms of the Option Agreement, Pambili has the right to acquire 21 gold claims, covering 173 hectares and including the previously producing London Wall and Jessie mines,” the company stated.

As part of the agreement, Long Strike Investments has applied for contiguous extensions to the claims, spanning an additional 547.8 hectares. “Once granted, these extensions will be included in the option,” Pambili added.

During the 12-month option period, Pambili will conduct due diligence and exploration on the claims. If the company opts to proceed with the acquisition, the total cost will be US$1 million, payable through a combination of cash and Pambili shares. The final transaction will be subject to approval by the Toronto Venture Exchange, with any issued shares subject to a four-month-and-one-day hold.

Additionally, Pambili has secured a “Right to Mine” agreement, enabling the company to begin production at the London Wall Mine. Initial operations will focus on processing tailings and sands before progressing to underground mining. Pambili aims to bring at least one of the acquired mines into production during the option period.

CEO’s Vision

Pambili’s CEO, Jon Harris, emphasized the strategic importance of the agreement. “This opportunity is a major step forward for Pambili. We are thrilled to establish a second mining hub, which has the potential to significantly contribute to our goal of becoming a leading gold producer in Zimbabwe,” Harris said.

He also highlighted the potential for near-term revenue from the London Wall mines. “The option to acquire the London Wall group of mines provides a significant source of near-term cash flow while allowing us the time to fully evaluate these claims before making a final acquisition decision.”

While historical production data for the mines has not been independently verified, Harris expressed optimism. “The historical data aligns with previous production records, and we’re excited to confirm the project’s potential firsthand,” he said.

Immediate Plans

Pambili’s immediate focus will be rehabilitating the leach tanks at London Wall to reprocess gold tailings and generate revenue. “Simultaneously, we will assess underground operations to determine the costs and scope of bringing the East Shaft back into production,” Harris explained. “Since the shaft was last operated less than two years ago, we believe it remains in good condition.”

A key element of the project involves installing a 20-tonne-per-day crushing and milling plant near the East Shaft, which Long Strike has already purchased. “Preparations for the plant’s installation are underway,” Harris confirmed.