Canadian Firm Plans To Acquire 75% Stake In Chikanga Gold Mine

Canadian-based gold exploration and development company, Zephyr Minerals Ltd, plans to acquire a 75 per cent stake in Chikanga Gold Mine.

The deal will undergo a comprehensive appraisal in the coming two weeks, and if it sails through, Zephyr will acquire 75% of the 40 hectares of the mine from Hiltouch Investments (Pvt) Limited. Loren Komperdo, president and CEO of Zephyr said:

We are very excited about the potential of the Chikanga Mine property. This proven gold producer with over eight years of small scale mining has never been drilled except for one 41.4 meters core hole drilled in 1975.

The current shallow mine workings have barely scratched the surface of this property. Zephyr sees Chikanga as a low-risk exploration prospect.

We know the gold is there. The questions are: how rich is it; will the gold distribution support potential open pitting; and how big is it?

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… The property will be assessed for both its open pit and scaled up the underground potential of the multiple shear zones.

In addition, historical reports suggest the potential for gold mineralisation in the shear zone wall rocks.

The Chikanga Mine is a small scale mine with 12 to 14 small, shallow shafts, located in Manicaland Province.

More: NewZimbabwe.com