Central African Mining and Exploration Company Plc (CFM.L: Quote) said on Tuesday that progress to date at its Todal joint venture's Bokai platinum project in Zimbabwe has been exceptional.
All indications are that, conditions permitting, Todal is set to deliver a world class platinum mine out of the Bokai prospect, the company said.
Assay results from 24 of the 54 holes drilled in the core target area averaged 3.95 grammes a tonne 4E (gold, palladium, platinum and rhodium) PGM over 1.8 metres.
These recent developments mark the first critical milestone in establishing an operational mine in Zimbabwe to ultimately produce circa 120,000 ounces 4E per annum, said CAMEC Chief Executive Andrew Groves.
Todal Mining (Private) Ltd is a 40:60 joint venture between the Zimbabwe Mining Development Corp and CAMEC.
(Reporting by Julie Crust; editing by Victoria Bryan)
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