HomeNewsGeneralAustralian miner strikes rich Gwanda gold vein

Australian miner strikes rich Gwanda gold vein

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A ZIMBABWE-FOCUSED Australian miner, Prospect Resources, says it has discovered a gold belt producing up to 12,3 grammes per tonne from a promising maiden drill campaign at its Prestwood Mine near Gwanda and plans to begin production “quickly”.

Prestwood Mine lies within an almost contiguous block of claims covering about 25km of the gold-bearing Gwanda Greenstone Belt and is located approximately 112km south-east of Bulawayo. Historically, the mine produced approximately 499kg of gold.

“Prospect is delighted with the results of the drill programme at the Prestwood Mine which has helped validate its development plan to bring the project into production as a high grade gold mine in the near term,” the company said in a trading update.

“The company now plans to proceed quickly with shaft rehabilitation and then underground drilling.”

Prospect, through its Hawkmoth Mining and Exploration, acquired the claims in February this year, covering nine mines that were prematurely closed in the 1970s, including Sally and Colleen Bawn mines and claims surrounding Farvic Mine.

Currently with a market of almost $5 million, Prospect, which publicly trades on the Australian Stock Exchange, believes the value of the mine would increase once gold production begins. The results of the maiden drilling programme, Prospect said, had given the company confidence to proceed quickly with shaft rehabilitation at the mine, including re-establishment of mains power.

“The company is confident it will subsequently be possible to quickly bring Prestwood into production as its first high-grade gold mine,” the company added.

— The Source

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