Itinerant Resources Plc is focused on acquiring, defining and developing quality mineral projects in Zimbabwe through its locally registered wholly owned subsidiary, Tinker Mining (Private) Limited.
Tinker Mining has a mining lease on 1,177 ha located 56km ESE of Bulawayo and 8km northeast of Mbalabala. The tenement is located within the East Bulawayo Greenstone Belt that forms a continuation of the Filabusi Greenstone Belt. Gold is the principal mineral mined at Montezuma.
The property is situated in a region with active mines and a strong gold mining history. The main target is structurally associated, orogenic gold and the history of artisanal gold mining covering a wide expanse of the licence indicates high prospectivity for gold mineralisation and the potential to host a significant gold deposit. There are 8 old mines within the licence area many with past production results.
Significant exploration on circa 15% of the 1,177 ha holding has taken place at Montezuma. Sampling, trenching, drilling, geochemical study and geophysical survey were completed on the property to define gold mineralisation.
Building shareholder value is best achieved through exploration, evaluation and development of our Montezuma gold project. Starting small scale mining is a priority given the prospective ground and artisanal activity.
Itinerant Resources will partner with a gold exploration/production company. The real interest in the Montezuma licence lies not in what has been done but what has not been done. It seems that systematic exploration has hardly begun with over 1,000 ha unexplored.
Zimbabwe has a significant amount of natural resources. It is the world’s third largest producer of platinum. The country's vast mineral resources are significantly under developed and under explored with exceptional opportunities. Zimbabwe has important diamond, copper, nickel and gold mines.
Gold is one of the country's major foreign currency earners along with platinum and tobacco. Zimbabwe's gold production rose by 55.5% in 2021 to 29.6 tons of gold compared to19 tons in 2020. Gold output in the period January/July 2022 increased by 47%. The government wants the gold sector to account for a third of the targeted US$12 billion revenues the mining industry will generate by 2023.
Montezuma’s regional geology is very favourable. It is at the intersection of two crustal-scale shears. The WNW – striking Umzingwane Shear Zone curves in the region where it intersects the NNW- striking Crocodile Shear Zone. The convergence zone between the two shear zones would have represented a high strain constructional zone. This appears to have had an important control on shear zone hosted gold mineralisation.
Eight old gold mines of varying size and past production levels are within the Montezuma property. Significant exploration has taken place at Montezuma covering soil and rock sampling, drilling, GeoEye studies and Orthomosaic surveys.
Targets for follow-up exploration are indicated by structural and geological features, including proximity to major and second order shears, bends and splays in shear zones, close-spaced veins sets, quartz rubble and bleached ground within a favourable felsic schist unit. Some 1,000 ha are unexplored.
A geophysical survey was undertaken to define drill targets to identify a resource for mining. Findings, together with an extensive dataset, identified multiple targets, many on the 9 vein systems, for shallow drilling. Over 28 exploration targets, ranked priority 1 to 3, are within the property and several in banded iron formation structures.
Itinerant Resources Plc has a board and team committed to commercialising the geological prospectively of our gold assets to enhance investor returns and delivery of an exit plan.
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