DRDGOLD, which has a primary listing in the Johannesburg Stock Exchange and a secondary listing in the Nasdaq Capital market, is also a 50 per cent partner with Chizim Investments in an early-stage gold exploration project on Zimbabwe’s greenstone belt.
The company recently reported rapid growth in the jointly-owned project in the country that the company said it had accumulated a substantial number of hectares for exploration, many of them on the site of historical mining and current artisanal mining activities.
“DRDGOLD’s exploration project in Zimbabwe’s greenstone gold mining belt with joint venture (JV) partner Chizim Investments is progressing rapidly,” said the company in a recently-released report.
The company outlined its five target areas in the country as the 610-hectare Leny, Ascot (310 hectares), Dilcap (John Bull), which measures 110 hectares, Zhombe (210 hectares) and Gweru alluvials (21 000 hectares).
“At Leny, magnetic and Induced Polarisation (IP) surveys and five diamond drill holes have been completed, while 13 trenches have been completed and mapped,” said the listed company, which is SA’s fourth largest gold producer.
“Opening up of the quartz veins continues and by the end of Financial Year 2011, 150m had been opened up along strike (and old workings) at a depth of 8m, with grades showing considerable variation, from 1g/t to 33g/t.”
The results of a soil geochemical are expected by the end of September 2011 to determine whether or not a second drilling programme is undertaken.
Twenty-one new claims have been pegged at the new site of Zhombe, where magnetic, IP and soil geochem surveys will be carried out as well as selective trenching and drilling.
“Other claims in the area show very high grades. The JV has secured a two-year option over a large leasehold area at Gweru. The two initial sites are interesting: the first, where a magnetic survey has started, shows potential for hard-rock, open-pit mining and the second shows potential for alluvial gold in river sands. There are many artisanal workings in the area.”
Post published in: Business