CALGARY, Canada (June 17, 2024) – TheNewswire – Pambili Natural Resources Corporation ("Pambili" or the "Company") (TSX-V: PNN) is pleased to confirm that the Company’s application to convert the 50-hectare (“ha”) milling site surrounding the Golden Valley mine to a series of five 10-hectare mining claims has been approved by Zimbabwe’s Ministry of Mines.

The Golden Valley project area now encompasses 60ha of highly prospective ground, which can be seen in Figure 1 below.

 

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Figure 1 – The expanded Golden Valley project area

The green area shows the original Golden Valley A1 mining claim. The surrounding area in red was previously designated as a milling site, and could not be subject to mining and exploration. Pambili has successfully converted the former milling site into five claims of 10ha each, the standard size for a mining claim in Zimbabwe.

The conversion enables Pambili to continue its exploration of Golden Valley over a much larger, highly prospective area.

Golden Valley is Pambili’s flagship project, located on the Bulawayo greenstone belt in Zimbabwe’s Matabeleland Province. The project has a history of high-grade gold production and includes a gold processing plant, a stamp mill, and two historic adits.

Pambili believes the project has been underexplored and has the potential to host shallow sources of ore for nearer-term gold production along with larger, underground discoveries.

The Company’s planned underground drilling program at Golden Valley was recently endorsed by an independent technical report prepared by Gayle Hanssen BSc. (Hons.) Geology, an independent geologist who is a qualified person (“QP”) as defined by NI 43-101.

Jon Harris, Chief Executive Officer of Pambili Natural Resources, commented:

“Confirmation of the conversion of our 50ha milling site to mining claims is fantastic news.

The development means our planned resource drilling program from surface can now cover a much larger area than the initial 10ha mining claim. This supports for our ongoing goal of generating shareholder value by sourcing ore for on-site processing and production at Golden Valley significantly.

While we await TSXV approval of Golden Valley mine acquisition, first announced in November 2023, Pambili has continued its work on the project and is now ready to commence its planned underground drilling program.”

About Pambili Natural Resources Corporation: Pambili Natural Resources Corporation is a natural resources exploration and development company (www.pambilinrc.com) currently active in Zimbabwe and in the province of Alberta.

For further information, contact:

Pambili Natural Resources Corporation

Jon Harris (CEO)

T: 403 277 4421

E: jon.harris@pambilinrc.com

 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

Caution Regarding Forward-Looking Information Forward-looking statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. Forward-looking statements are often, but not always, identified by words such as “believes”, “may”, “likely”, “plans”, or similar words. Forward- looking statements included in this news release include statements with respect to work to be done on the Happy Valley mine in Zimbabwe. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Corporation, including, but not limited to the impact of general economic conditions, industry conditions, currency fluctuations, and dependence upon regulatory approvals. The Corporation does not assume any obligation to update the forward-looking statements to reflect changes in assumptions or circumstances other than as required by applicable law.

  

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