KEY POINTS
- This is the discovery of high-grade gold vein which is an additional plus for Pambili at Golden Valley.
- The initial analyses to define the drill intercepts revealed encouraging gold grades.
- Expand mine workings – Mining at Golden Valley is proposed to be increased by Pambili Resources.
Pambili Resources Ltd, a popular mining company, has recently revealed that it has identified the existence of a high grade gold bearing vein in its Golden Valley Mine in an area that has been known for highly productive mining. The discovery could be very beneficial to the company in the future as it increases the possibility of the company to produce more gold and make more profits in the coming months.
This vein was discovered during the most recent drilling program in the company and is rich in gold mineralization, which may mean that mining operations could be intensified at the area. Pambili Resources reported that in the vein zone, the initial assays are very encouraging since some of the samples have higher gold grades than the average grade for the area.
The discovery has been described as a significant turning point for Pambili Resources and the Golden Valley Mine by its CEO John Pambili. ‘It is a start of what we are expecting to be a positive phase of resource increase at one of our core value.’
Exploration and drilling results
This comes after several vigorous actions of exploration and drilling exercises within the Globe’s Golden Valley area. It was a vein that the Company planned to sink through drilling to find gold mineralization beginning from 150 meters below the surface of the earth which showed continuity through several holes. Pambili Resources has stated that more drilling will be carried out with a view of establishing the full potential of the vein and the feasibility of exploiting it for commercial purposes.
The company feels that with the high-grade discovery pronounced in this area, it has the potential of gaining a competitive edge in the gold mining industry. This is significant given the fact that the prices of gold and other metals are going up while their demand goes up as well, making it crucial for Pambili Resources to exploit this resource.
Potential economic impact and future development
Given this recent discovery, much is expected of Pambili Resources and it is now poised to step up its search for more ores and further development of its mines in Golden Valley. Of this, $10 million will be directed towards the procurement of new mining tools and technologies with the goal of enhancing extraction rates while, at the same time, ensuring that the high-grade gold is mined in an orderly and environmentally sensitive manner.
Experts are already speculating that this find could propel Pambili to triple production and skyrocket its stock prices in no time. Consequently, with the high-grade vein now established, Pambili is closer to becoming a more prominent figure in the gold industry, according to mining specialist Sarah Coleman.
Pambili Resources plans to publish a report on the outcomes of the drilling program at some point later in Q3 that will also contain a new resource estimate for the explored vein. The company will also maintain its relations with the communities and the legal bodies of the states in which the company operates with the aim of eliminating possible occurrences of environmental and safety issues.
