[miningmx.com] — PAN African Resources has reported a significant increase in the mineral resource for its Manica gold project in Mozambique.
Pan African CEO Jan Nelson said the Manica project now represents a 3 million ounces (moz) deposit, which is significant as there are not many gold deposits in Africa in excess of 3 moz which outcrop on surface.
“Significant strike-length remains to be tested. The company continues to focus on the development of its organic pipeline of projects to increase the profit margin that will not only continue to grow the value of the company, but also place the company in a position to continue paying a dividend,” Nelson added.
“We see this as a sound strategy, especially in a market where companies are overpaying on new acquisitions at inflated metal prices to grow metal resources in the ground that potentially might never be brought to account.”
The company added that over the past two years, a significant amount of work has been completed to test the economic viability of the Manica project.
A total geological re-assessment of the mineralised envelopes has been undertaken, which has resulted in the development of a new geological model. The result is that the mineralised envelopes are being projected with greater geostatistical confidence than before.
Earlier in June, the company announced a significant increase in the mineral resource and reserve at Barberton Mines.
