ALTERNATIVE Investment Market-listed African Consolidated Resources (ACR) said it would conduct and commission a Bankable Feasibility Study this month to assess the commercial viability of one of its gold projects.
The study targets over 100 000 ounces of gold production per year at Pickstone-Peerless gold project, about 100km south-west of Harare.
The company also announced a major upgrade to 3,2 million ounces at the same mine.
ACR exploration director, Mike Kellow, said open pittable gold grades averaging 2,0 grammes per tonne (g/t) and underground grades of over 4 g/t were of good quality.
Simulated modelling has highlighted some priority drill targets to add high grade ounces at depth.
"Such a production level will be more than double the output of the current largest gold mine in Zimbabwe and will make a major contribution to employment, infrastructure and community development in the district," Kellow said.
The mining exploration concern principally owns gold exploration rights in Africa as well as platinum, nickel and diamond rights.
Following this development, the total resource of the company's Midland gold projects, including its Gadzema Project effectively increased to 4,3 million ounces.