Kavango Resources, a UK-based mining company focused on South Africa, has entered an exclusive two-year option to acquire Nara, a gold exploration project in Matabeleland, Zimbabwe.
The Nara project includes 45 contiguous gold claims. According to the company, the project has the potential to host a bulk mineable gold deposit.
Each of the gold claims is claimed to be at least ten hectares in size.
The area of the project has supported historic high-grade underground mining and continuous surface mining on small-scale and custom milling over a 30-year period.
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It has generated between 150,000t and 250,000t of tailings, bringing a separate opportunity for near-term revenue generation.
Historic production at the project averages 92,000oz of gold at 9.76g/t.
In accordance with the option agreement, Kavango will receive complete access to the project to undertake field due diligence, through a comprehensive exploration programme.
Under the programme, surface mapping and geochemistry, geophysics, surface drill testing, underground sampling, underground drill testing and assessment of commercial potential for processing the tailings, will be conducted by the company.
After carrying out the exploration programme, Kavango will decide whether to exercise the option to acquire the project.
Kavango Resources CEO Ben Turney said: “After extensive due diligence over the last 12 months, including four visits to Matabeleland, we are delighted to announce our first gold exploration project in Zimbabwe.
“The greenstone belts in Zimbabwe host prospective rocks for bulk-mineable gold deposits, according to Kavango’s internal review and analysis. Many of these belts share notable similarities with some of Australia’s most prolific gold-producing regions.
“Zimbabwe has a strong tradition of mining. However, exploration and investment have been severely limited over recent decades. In 1980, Zimbabwe produced more gold than Australia but the country has yet to experience the bulk-mining boom Australia did midway through that decade.”