AIM-LISTED resource development company, African Consolidated Resources (ACR) has begun trial mining activities at Pickstone–Peerless gold project in Zimbabwe.
Report Gamma Mudarikiri Own Correspondent
In an operational update, the company said trial mining at Pickstone–Peerless Gold Mine in Kadoma has started, adding that the gold mine has a Joint Ore Reserves Committee-compliant resource of 3,2 million ounces at an average grade of over 2,7g/t of gold. It also comprised phase two of a bankable feasibility study (BFS).
The company, however, said the siting of the trial mining pit would ensure that mining and processing would be at a minimal cost. It is expected to generate marginal profits, while the information gathered would benefit the technical team and the quality of the BFS.
“The Pickstone–Peerless Mine offers one of the most exciting gold opportunities in Southern Africa and the initiation of the trial mining is a confirmation of the company’s commitment to its world-class assets as it shifts to becoming a mining and project development company,” the company said in a statement.
“The company is at the same time exploring a number of highly prospective options to broaden the ACR portfolio and geographic focus to create a truly international resource development company.”
The firm has described recent State media reports that its property was attached by the Deputy Sheriff as misleading.
ARC said that the attachments were related solely to property of the company’s former CEO Andrew Cranswick in connection with a documented action for defamation taken against him.
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“As reported on January 18, Cranswick has resigned from the board of the company and as CEO and we would like to clarify that the action against him has no legal nexus with ACR and that there is no legal process being brought against the company in Zimbabwe,” the firm added.
According to recent reports, Central Intelligence Organisation Director-General Happyton Bonyongwe attached mining equipment and other property at ACR offices in Harare after he won a $10 million defamation suit against Cranswick late last year.
