CANADIAN miner Pambili Natural Resources Corporation (Pambili) has revealed that its London Wall group of gold mines and claims located in the Gwanda district are potentially stocking up substantial gold deposits.
In November 2024, Pambili announced that it signed a 12-month option agreement with Long Strike Investments (Pvt) Limited to acquire the gold mines and claims located in the Gwanda district of the Matabeleland South province.
Under the terms of the option, Pambili has the right to acquire 21 gold claims, which cover 173 hectares (ha) and include the previously producing London Wall and New Jessie mines.
In addition, Long Strike applied for contiguous extensions to the claims, totalling an additional 547,8ha.
Once granted, these extensions would be included in the option.
The revelation of the “substantial gold mineralisation” comes after the firm revealed that the claims have potential to produce 18 tonnes of commercially viable gold for extraction daily.
“The near-term, cash-generative potential of Pambili Natural Resources Corporation’s option agreement to acquire the London Wall group of mines and claims is clear,” Pambili said in a statement to its shareholders.
“And well below the surface, more treasure potentially awaits. Geologists with Long Strike Investments (Private) Limited, with whom Pambili has signed this option agreement, are encouraged by the geological setting of the claims covering the London Wall group of mines.”
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Specifically, the miner said a dolerite sill — that is a sheet of igneous rock (formerly magma) that forces its way between layers of sedimentary rock — may be shielding something extremely valuable.
“The option to acquire the London Wall group of mines provides Pambili with a potentially significant source of near-term cashflow, and also provides time to further evaluate the claims and mines ahead of a possible exercise of the option,” Pambili chief executive officer Jon Harris said.
Geologists with Long Strike have already identified underground mining targets for the next three months — “a plan that seems reasonable to Pambili, and will be part of our due diligence”.
“The West Shaft of the London Wall mine, though, does extend through this dolerite sill — with unverified samples returning encouraging historic grades,” Pambili said.
“With more extensive exploration, drilling and development beneath this sill in previously mined areas, Pambili will establish the potential for underground mining on a much larger scale within the claims and mines.”
As previously reported, during the term of this option agreement with Long Strike, Pambili will retain 95% of any gross income generated from the claims and mines — with an unencumbered right to mine and develop assets.
Pambili found economically viable gold during its drilling activities at its Gold Valley Mine, its main mine.
