NASDAQ listed miner, Namib Minerals, has estimated that its three gold mines in Zimbabwe have a combined underground measured and indicated mineral resources of 12,89 million tonnes (mt).
Namib, a partnership between Metallon Corporation and American special purpose acquisition company, Hennessy Capital Investment Corp. VI, owns three mines in Zimbabwe — Redwing Gold Mine, How Gold Mine and Mazowe Gold Mine.
According to documents filed with the US Securities and Exchange Commission as per Nasdaq requirements, Namib revealed that Redwing has an estimated underground measured and indicated mineral resources of 9,65mt, How Mine (2,07mt), and Mazowe at 1,17mt.
It was also revealed that current mining licences for Redwing, How Mine and Mazowe were set to expire on August 13, 17 and 19 this year, respectively.
“It should be noted that the underground mineral resources estimate for the property is reported exclusive of mineral reserves. The property does not have a current mineral reserve,” Namib said in its estimates for Redwing.
“It should be noted that the sands (tailings) mineral resources estimate for the property is not included as part of the mineral resources for the property, as the Redwing does not currently possess a processing facility capable of processing the sands (tailings) material.”
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Namib noted that these estimates did not reflect demonstrated economic viability.
On Mazowe, Namib said the mineral resources estimate is exclusive of mineral reserves and that the property did not have a current mineral reserve.
“It should be noted that the sands (tailings) mineral resources estimate for the property is not included as part of the in-situ mineral resources for the property, as the ownership of the sands (tailings) material itself, and the accompanying sands (tailings) processing facility is currently under dispute, with legal proceedings ongoing,” the miner said.
“The mineral resources presented in this section are not mineral reserves and do not reflect demonstrated economic viability.
The reported inferred mineral resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorised as mineral reserves.”
The miner added: “All figures are rounded to reflect the relative accuracy of the estimates and totals may not add correctly.”
Namib said the drilling, sampling, assay and quality assurance, and quality control techniques used for both exploration and resource definition at the three mines were consistent with standard industry practice.
The miner added that this was suitable for the purposes of geological modelling and mineral resource estimation.
The results from How Mine also did not reflect demonstrated economic viability, with the reported inferred mineral resources considered too speculative geologically to have the economic considerations applied to them, it said
“There is no certainty that all or any part of this mineral resource will be converted into mineral reserve,” Namib said.
Regarding all the mines, Namib said there was no certainty that all or any part of this mineral resource would be converted into mineral reserves.
Namib owns the three gold mines, several exploration properties and claims in Zimbabwe, acquired from Metallon Corporation Limited, a privately owned investment company founded by Mzi Khumalo in 2001.