AIM-listed mining company Mwana Africa has unveiled findings from a laboratory test conducted at its Freda Rebecca Gold Mine in Zimbabwe, revealing the presence of gold.
The company, which commenced testwork in the mine during May 2012, reported that gold grades on the samples received ranged between 0.40 and 0.83 grammes per tonne.
Conventional cyanidation based on carbon-in-leach (CIL) process gave the highest metallurgical recoveries and a 64.3% gold recovery rate was recorded.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The company stated that construction of a pilot plan to validate the laboratory test results had commenced.
Kalaa Mpinga, Chief Executive Officer of Mwana, said: "The initial results from the test work on the tailings at Freda Rebecca are encouraging. Should the results from the pilot plant prove that retreatment of the tailings is viable, a full scale tailings retreatment plant has the potential to contribute significantly to annual gold production at Freda Rebecca."
Mwana Africa is a pan-African, multi-commodity resources company. Its principal operations and exploration activities cover gold, nickel and other base metals.
The company's share price was up 5.79% to 6.30p at 14:09 on Monday.
MF
-
Going part-time could leave a £58,000 hole in your pension: how to plug the gapThere are many reasons for switching to part-time work, but some savers don’t consider the impact on their pension until it is too late
-
Three bargain investment trusts to add to your portfolioThese three investment trusts are bargains compared to their net asset value (NAV), but one fund analyst thinks the deep discounts are unwarranted.
