Business
Investment in Pambili Natural Resources TSX-V:PNN
Investment in Pambili Natural Resources TSX-V:PNN.
About this update from Kavango Resources Plc
[{"type":"text","content":"\n\n29 November 2023\nKavango Resources PLC\n(\"Kavango\" or \"the Company\")\n \nInvestment in Pambili Natural Resources\nKavango Resources plc (LSE:KAV), the Southern Africa-focused metals exploration company, is pleased to announce that the Company has completed a strategic investment in gold mining, exploration, and development company Pambili Natural Resources Corporation (\"Pambili\" or \"the Corporation\") (TSX-V:PNN).\nKavango has given notice to Pambili that it wishes to convert a US$250,000 convertible loan (the \"Loan\") made to Pambili, along with a Loan Premium of US$75,000 (\"Repayment amount\"), into common shares in the Corporation (\"the Conversion\"). Following the Conversion, Kavango will hold 15% of Pambili's total issued share capital.\nPambili is active in Matabeleland in southern Zimbabwe, having established operations here in 2022.\nKavango has worked with Pambili since March this year, assisting it through a corporate restructure and acquisition of the Golden Valley project, which completed earlier in November 2023 (Pambili's announcement can be read >>> here).\nGolden Valley has a history of high-grade underground mining and gold production. Golden Valley includes a functional gold processing plant and stamp mill, two historic shafts that present prospective exploration targets and near surface exploration potential to target a possible larger-scale deposit. Some small-scale gold production continues at Golden Valley by way of toll-milling third-party ore through an on-site stamp mill.\nPambili's plan at Golden Valley is to explore the underground potential first, with a view to recommencing mining in Q1 2024. The processing plant is ready to receive ore and plans are being finalised for underground exploration drilling.\nIn parallel to this, Pambili will conduct surface exploration at Golden Valley using Kavango's field team.\nBy taking a strategic interest in Pambili, Kavango is seeking to build on its first-mover advantage in Matabeleland by increasing its exposure to a third, highly prospective greenstone belt. Golden Valley is located on a separate greenstone belt to the one that hosts Kavango's Hillside and Nara projects and a separate greenstone belt to the one that hosts the Leopard Project (announced >>> 25 July 2023).\nIn addition, Kavango and Pambili will be able to sha...