Chimata Gold and Zimbabwe Partner Completes Planned Drilling Activities at the Kamativi Tailings Site
June 11 2018 - 10:23AM
Chimata Gold Corp. (TSX.V:
CAT) (
“Chimata” or the
“Company”)
announces its partner, Zimbabwe Lithium Company (Mauritius) Limited
(“
Zimbabwe Lithium” or “
Zim“) has completed the auger
drilling program at the Kamativi Tailings Project (the
“
Project”) in Zimbabwe. The 1,500 metre drill plan was
undertaken in order to determine the potential size and grade of a
Mineral Resource as this term is defined in National Instrument
43-101 - Respecting Standards of Disclosure for Mineral Projects
(“
NI 43-101”).
Tailings Site Update
Zimbabwe Lithium has been delivering samples for
assay throughout the drill campaign and all necessary export permit
approvals have been obtained to allow the export of the drill
samples to SGS South Africa (Pty) Ltd for assaying and laboratory
analysis.
Representatives of The MSA Group (“MSA”), a
South African based geological consulting firm, have been present
throughout the drilling in order to provide independent monitoring
and management of the drill campaign. MSA has been retained to
complete a mineral resource statement based on the results of the
assays, culminating in the compilation of a NI 43-101 Technical
Report and Mineral Resource Estimate for the Project.
Update on Ongoing Arbitration Process
Zimbabwe Mining Development Corporation
(“ZMDC”), the entity that shall ultimately become the
Company’s counterpart in the contemplated joint venture to be
formed for the exploration and the exploitation of the Project in
Zimbabwe, entered into an arbitration process before the High Court
of Zimbabwe with a group based out of China (the
“Applicant”) which claims the rights to the underground
minerals at the Project (the “Arbitration”). As of the date
hereof, the Applicant filed for an urgent application and such
urgent application was refused by the High Court of Zimbabwe. ZMDC
filed an affidavit to the High Court of Zimbabwe strongly rejecting
and refuting the Applicant’s case and ground for the Arbitration
process, a ruling is expected to be rendered by such High Court of
Zimbabwe prior to the end of June 2018.
The Company will provide further update as to this
ongoing Arbitration process as the outcome of such Arbitration is a
condition precedent to the conclusion of the contemplated
Transaction with ZIM, as per the terms of the Amending Agreement,
the whole as more fully outlined below...
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Steve Cozine
604-674-3145
steve.cozine@chimatagoldcorp.com
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