CANADIAN based gold exploration and development company,
If the deal sails through, Zephyr will acquire 75% of the 40 hectares of the mine from
They have since entered into an option agreement which is an arrangement whereby a prospective buyer enters into a contract with a landowner for the right to buy their land or property by paying the landowner a sum of money as an option fee.
"We are very excited about the potential of the
"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?"
The development comes at a time when
Current information indicates the
"The property will be assessed for both its open pit and scaled up underground potential of the multiple shear zones. In addition, historical reports suggest potential for gold mineralisation in the shear zone wall rocks.
"An underground winze developed in 1974 intersected "... a strong wide band of pale grey rock ... it contained no quartz or visible sulphides and assayed only 1,0 g/t."* At the time, only one reef was being mined at the No.1 Shaft versus the multiple reefs at present," added Zephyr.
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