New Developments

The mineralized deposits previously mined at Venice Mine Complex (VMC) are considered hydrothermal epigenetic deposits, typical of greenstone belts in Zimbabwe and other parts of the world where gold has been remobilized and concentrated in dilation zones induced by regional fracturing and shearing. VMC mineralized deposits are classified as structurally controlled auriferous pyrite deposits within Archean greenstone host rocks of predominantly mafic and ultramafic composition. Field observations and structural analysis have confirmed the existence of two, temporally, morphologically, and structurally distinct sets of gold mineralised, sheared / faulted vein systems in the VMC area.

There are three distinct opportunities for VMC:

1. Tailings Opportunities

VMC has 6 tailings dumps with 2.1m tons of material that has never been re-processed.

2. Open Pit Opportunities

VMC has shown potential for open-pit mining that requires further investigation.

3. Underground Opportunities

The geometry of the vein systems at VMC is ideal for an extensive, shallow-level underground mining operation, accessed from either the Main Venice shaft, or several, strategically-placed new shafts.

VMC aims to explore each of these opportunities in a phased approach. The first phase is the establishment of a Carbon in Leach (CIL) tailings retreatment operation to treat the 2.1 million tons of tailings material. The second phase would bring the satellite mines into produc­tion, largely using existing infrastructure. The third phase would return the main Venice mine to full production, including significant investment in additional infrastructure.