Zimbabwe's gold mines lure big investor despite country's economic ruin

Section:

By Felix Njini and Godfrey Marawanyika
Bloomberg News
Friday, July 10, 2020

Zimbabwe's biggest gold mines are being snapped up by Mauritius-based Sotic International Ltd. as the price of bullion soars to the highest in more than eight years.

Landela Mining Ventures Ltd., which is controlled by Sotic, bought two of Zimbabwe's gold mines this year. The newcomer is targeting six more mines, including four idled state-owned operations, said Sotic Chief Executive Officer David Brown. That expanding mining portfolio has strategic importance as gold is the biggest source of dollars in a nation facing foreign-currency shortages.

... Dispatch continues below ...



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Enduro Metals Reports Drill Intercept Cut
144 metres of 3.18 g/t Gold; Identifies
Additional Gold Targets at Newmont Lake
in British Columbia's Golden Triangle

Company Announcement
Monday, July 6, 2020

KELOWNA, British Columbia Canada -- Enduro Metals Corp. (TSXV: ENDR; OTC: SIOCF; FSE: SOG-FF), formerly Crystal Lake Mining, is pleased to report drill results as part of the ongoing exploration program on the company's 551-square-kilometer Newmont Lake Project in the heart of British Columbia's Golden Triangle.

These results are from previously unsampled drill core by a previous operator whose focus was on narrow high-grade intersects, with the result that only a portion of the core was previously sampled. Infrastructure in the region has greatly improved, including power and road access now within 16 kilometers, leading to a dramatic change in the approach to exploration and potential development at Newmont Lake.

An ongoing comprehensive technical review of the project recently identified three gold mineralization styles associated with the 20-kilometer-long McLymont Fault, one of multiple target areas within the Newmont Lake Project. The study determined that previous operators did not identify all gold mineralization styles, and as a result only 19 percent of the total drill core has been assayed to date. ...

... For the remainder of the announcement:

https://endurometals.com/enduro-metals-reports-drill-intercept-cut-144-m...



"Gold is a commodity with potential positive impacts," Brown said in a phone interview from Johannesburg. "We want to grow the resource base to provide upside for both company and country."

Brown said Sotic is backed by Cayman Islands-registered Almas Global Opportunity Fund, but he declined to name other investors. Last year Sotic acquired control of Bindura Nickel Corp., Zimbabwe's biggest nickel operation. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2020-07-10/zimbabwe-gold-mines-l...

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