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(HERALD) Canadian firm starts gold exploration project

Canadian firm starts gold exploration project
Thursday, 19 April 2012 00:00
Tawanda Musarurwa Business Reporter

CANADIAN gold producer New Dawn Mining Corporation has initiated an 8 000-metre exploration project at its Camperdown Mine Gold project in Zimbabwe. The Camperdown Mine is part of the firm’s Gweru gold camp located in the Shurugwi District.

According to the company, the exploration project is aimed to “test the down-dip extent of the known mineralised zones within the claims area”.

New Dawn said the new targets are adjacent to existing gold mineralisation, and the extent of mineralisation is open both horizontally and vertically.

The Camperdown Mine has been operated in the past as both an open-pit and a small underground operation and is considered to have good future potential as a low grade-high tonnage open-pit proposition.

Historical production (up to 1992) was reported to be 220 000 ounces of gold from 3,3 million tonnes of ore at a recovered grade of 2,0 grammes per tonne of gold.

Mineralisation occurs in a number of discrete zones within a domal-shaped banded iron formation, cross-cut by numerous quartz veins which themselves can also be mineralised.

New Dawn reports that the banded iron formation dome, which is being explored, has relatively shallow dips of less than 30 degrees in all principal directions.
However, the lateral extent of this mineralisation is not yet known.

In a statement, the company said the project might take up to six months to complete.
“Contingent on drilling parameters, the programme is expected to take up to six months, with analysis of the results expected to be completed by the end of December 2012.

“Based on the results of this drilling programme, the company may consider additional exploratory work to further define and develop this opportunity,” said New Dawn.
New Dawn is a Zimbabwe-focused junior gold company, currently focused on expanding its gold mining operations in the country.

It also owns 100 percent of the Turk and Angelus Mine, and the Old Nic Mine, as well as approximately 85 percent of the Dalny Mine, the Golden Quarry Mine and Venice Mine (currently not in operation).

The initiation of the Camperdown project comes at a time when the Ministry of Mines and Mining Development has ordered 469 local and foreign miners (including New Dawn) to resubmit applications for exploration rights that detail their shareholding, proposed work, proof of funding and technical capacity.

New Dawn also has a portfolio of prospective exploration acreage in Zimbabwe.
The company has indicated it would use its indigenisation compliance plan to raise funds to implement its current business plans, indicating a significant bias towards equity disposal.

The firm’s indigenisation compliance plans are likely to include employee and community share ownership schemes, disposal of equity to identified indigenous Zimbabweans, as well as listing on the Zimbabwe Stock Exchange.

Labels: GOLD, GOLD MINES, NEW DAWN MINING CORP

posted by MrK @ 4:17 PM