Southern Africa-focussed metals exploration company Kavango Resources has signed an exclusive two-year option to acquire a producing gold exploration project in southern Zimbabwe.
The Nara project comprises 45 contiguous gold claims, which Kavango believes have the potential to host a bulk mineable gold deposit.
The project area has supported historic high-grade underground mining and continuous surface small-scale mining and custom milling over the last 30 years. This has generated about 150 000 t to 250 000 t of tailings, which presents a separate opportunity for potential near-term revenue generation.
Under the terms of the option agreement, Kavango will have full access to the project area to conduct field due diligence, through a comprehensive exploration programme. This will include surface mapping and geochemistry, geophysics, surface drill testing, underground sampling, underground drill testing and assessing the commercial potential for processing the tailings.
Kavango will complete its exploration programme before deciding whether to exercise the option to acquire the Nara project.
"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.
"We believe this presents a significant opportunity for Kavango and a commercial discovery," comments CEO Ben Turney.