Pan African Resources pleased with latest drilling at Barberton
Pan African Resources announced the completion of its underground drilling programme at Barberton Mines on Friday, with 68 underground diamond core boreholes drilled, and around 7,000 metres of drilling.
The AIM-traded firm reported high-grade intersections at down-dip extensions to orebodies at Fairview, Sheba and Consort Mines, with the reefs remaining open at depth.
Grades of up to 184 grams per tonne over 0.85 metres were reported at the Sheba Mine intersection, with free gold visible in core samples and development ends.
Pan African said the exploration results would “inform and enhance” its mineral resource and reserve estimates, with updates to be presented with its annual results on 14 September.
It added that the “enhanced” geological understanding would support additional drilling programmes in future years.
“Our continued focus on increased resource and reserve delineation through systematic exploration programmes has again yielded excellent results and improved our geological understanding of our Barberton operations, demonstrating the extent and quality of our world-class, long-life orebodies,” said chief executive officer Cobus Loots.
“We look forward to reporting continued success with our exploration programmes at Barberton and at our Evander Mines.”
At 1103 BST, shares in Pan African Resources were down 2.14% at 21.77p.
Reporting by Josh White at Sharecast.com.