High grade zinc at Namib for North River
North River Resources this week announced that drilling activities at its Namib lead-zinc project showed high grade mineralisation, indicating resource potential at its probable mining site in the Kunene Region. The aspiring miner also announced that it was nearing the end of its 3800 metre diamond drilling project, expected to end in June 2016.
Commenting on the significant find, its Chief Executive Officer, James Beams said, “it is very pleasing to see our confidence in the further geological potential of the Namib project being borne out by these initial results from the drilling campaign carried out from the 5-level development drive.”
Added Beams, “whilst NLDD067 is only one drill hole, with a low angle to the trend of the intersection, the exceptional grade and consistency of mineralisation augurs well as we look to grow”
Initial drill results from the Northern Ore body showed significant intersection of mineralisation, an outstanding high grade intersection of 57 metres at 28.6% zinc, extending mineralisation 80 metres below level 5 in the North.
The project workstreams North River indicated remained on hold pending clarity on the timing and conditions attached to both the Mining Licence and the proposed Namibian broad based empowerment legislation. North River added that it would also continue working on working capital fundraising unabated in the meantime, which would enable it to cover ongoing corporate costs and a revised project work programme.
Just recently, North River was granted a notice of Preparedness to grant a Mining License by the Ministry of Mines and Energy. The granting of the license also required North River to provide input towards the recently announced New Equitable Empowerment Framework while also putting work together with regards to finding a local partner that would aid in the development of the project.