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Lonely Mine Gold Project

Lonely Mine Gold Project (100%)

​The Lonely Mine Gold Project is located ~88km north of Bulawayo, within the Bubi Greenstone Belt, in Zimbabwe. The Project covers greenstone belt lithology with multiple sub-parallel shear zones that host the historical Lonely and Tiberius gold mines and several other former mines, with similar geology as globally accepted Archean successions from Canada, Australia and South Africa. The Project area has not had any modern-day systematic exploration with the opportunity to benefit from utilising modern exploration techniques.

The Company conducted works on an exploration targeting program across the Tiberius prospect area, culminating in completing the initial diamond drilling campaign. The exploration targeting program field works conducted during the Quarter comprised underground reconnaissance, surveying and channel/rock sampling, and completion of the first stage diamond drilling works.

EIA Development approval

The Company has received Environmental Impact Assessment (“EIA”) development approval from Zimbabwe’s Environmental Management Agency, to conduct gold mining and processing operations at the Lonely Mine Gold Project, including the Tiberius prospect, and was issued for a period of two years (with renewal thereafter).

Diamond Drilling Works

The first phase diamond drilling works at the Tiberius prospect was completed, with 1236.64m drilled at eight priority drill sites. The Company’s technical site personnel have completed core logging and sampling works, with selected samples currently undergoing laboratory analysis testing, with sample results due shortly.

Underground Reconnaissance Works

Underground reconnaissance works (access via the Tiberius shaft), comprising underground surveying and channel/rock sampling works were conducted at the Tiberius prospect.

Thirteen underground samples were collected from the mineralised reef (undiluted) and analysed, with results achieved up to 221g/t. Other significant sampling results include 68g/t, 49.5g/t and 45.8g/t. The sample testing results are shown below.

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