Online Reporter
Business Reporter
KAVANGO Resources plc, the southern Africa-focused metals exploration and gold production company, has confirmed a viable open-pit gold deposit at its Nightshift Prospect within its Hillside Gold Project in Filabusi, Matabeleland South Province.
The discovery will give impetus to Zimbabwe’s gold production targets, set at 40 tonnes this year, and help drive shipments of the country’s single largest export commodity.
The discovery, underpinned by a preliminary Joint Ore Reserves Committee (JORC)-compliant Mineral Resource Estimation (MRE), has prompted the company to consider an immediate expansion of its planned processing capacity.
The JORC MRE for Nightshift, which is located just 800 metres west of Kavango’s Bill’s Luck Gold Mine, indicated a total gold resource of 19 000 ounces at a grade of 0,86 grammes per tonne.
The confirmed resource has exceeded the company’s expectations and is considered sufficient to support initial production plans.
As a result, Kavango, listed on the Victoria Falls Stock Exchange, is now evaluating the construction of an upgraded 300 tonne-per-day gold processing plant at the Bill’s Luck Gold Mine, increasing the capacity from the originally planned 200.
Kavango chief executive Mr Ben Turney called the resource a “defining moment” for the company.
“It proves that our gold development strategy in Zimbabwe is working and that our decision to focus on near-surface, fast-track production targets is delivering results,” said Mr Turney.
