Haneti Project Interim Update

Haneti Project Interim Update

2014-06-18T20:04:36+00:00July 31st, 2013|

• Planned soil sampling programme 86% complete.
• New soil sampling targets identified and developed.
• New ultramafic outcrops identified.

Kibo Mining PLC (“Kibo” or the “Company”) (AIM: KIBO), (JSE: KBO), the Tanzania focused mineral exploration and development company, is pleased to provide an interim operational update of its Tanzanian Haneti Joint Venture Project, which is being fundedby its joint venture partner, Votorantim. During the period since the last RNS, and ending July 25, 2013, work on the Haneti Exploration Programme progressed extremely well. The current mapping and soil sampling work is focused on metamorphosed ultramafic rocks which are targets for nickel, gold and platinum group metal element (“PGE”) mineralisation. Prior sampling identified anomalous nickel and gold grades and the current sampling programme is intended to provide more detailed surface geochemical data ahead of the prioritisation of locations for initial drilling. The progress thus far can be summarised as follows:

  • The planned soil sampling programme is 86% complete, with just a total of 332 samples left to be collected
    • Soil sampling programme at Mwaka Hill : Completed( 844 samples)
    • Soil sampling programme at Mihanza : Completed (359 samples)
    • The soil sampling programme at Kwahemu – Sanato – Yobo is making good progress with a total of 992 samples collected for the period.
  • Two new ultramafic outcrops were identified, between Mwaka and Kwahemu confirming strike continuation of the ultramafic rocks between these two targets
  • The despatch of samples in batches to the laboratory continues.
  • Mapping
    • Detailed mapping on Mwaka on 200 meter line interspaces was completed.
    • Detailed mapping of the following areas is in progress :
      • Mihanza.
      • Kwahemu – Sanato – Yobo.
      • Newly identified ultramafic outcrops.
  • The regional reconnaissance and mapping programme is well under way with mapping in progress on all known and identified ultramafic occurrences on the tenement portfolio.
  •  On-going regional assessment of the current tenement portfolio with the aim to ensure that optimal ground is retained, and the most obvious unusable ground to be surrendered to the Ministry of Energy and Mining.
Planned work for the coming weeks:
  •  The soil sampling programme at Kwahema – Sanato – Yoba to be completed.
  • Detailed mapping of the Mindii – Kwahemu trend.
  • Continuation of regional mapping of exploration andstrategic targets.
  • Further consignments of samples to be despatched tothe analysis laboratory in Mwanza.
  • Prepare for sampling of the newly identified ultramafic bodies by the reconnaissance and planning of soil lines.

The CEO, Kibo Mining PLC remarked: …”We are particularly pleased with the rapid progress that the field team has made over the last two weeks, and we are close to the successful conclusion of this exploration stage at Haneti. We are dispatching a steady stream of samples to the laboratory, and are eagerly awaiting the first results from the end of August onwards.”
 

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