Kibo Mining plc (“Kibo” or the “Company”) (AIM: KIBO; AltX: KBO), the mineral exploration and development company focused on gold, nickel, coal and uranium projects in Tanzania, is pleased to announce that it has commenced a 3,000 m drill programme at its Imweru project in northern Tanzania. The project is located in the gold prolific Lake Victoria Goldfield and is situated approximately 35 km west of and along strike of AngloGold Ashanti’s world class Geita deposits which have an estimated pre-mining gold endowment of ~ 23 M oz @ 4g/t. Imweru, together with Lubando (approximately 35 km East of Geita) contain a total gold resource of 797,900 oz and are two brownfield exploration projects recently acquired by the Company (refer Kibo RNS dated 13 August 2013as well as resource table under the “General Background & Strategy” section below).
The drill programme at Imweru will comprise approximately 750 m of diamond drilling and 2,250 m of reverse circulation drilling (total 3,000 m) in 20 holes and has been designed to further evaluate the gold mineralized zones identified by previous operators on the project. These mineralized zones extend over 10 km along strike and have been drilled to a maximum depth of about 200 m. Based on this drilling a NI 43-101 compliant Inferred gold resource of 629,000 oz. of gold was calculated for Imweru, the details of which are shown in the table below (taken from report by EBA Engineering Consultants Ltd Report dated March 2010).
TABLE1:IMWERU MINERAL RESOURCE SUMMARY – BASECASE*
|Category||Measured Resource||Indicated Resource||Inferred Resource|
The current drill programme is designed to infill drill one of the western mineralized zones on the project in order to evaluate it both along strike and at depths of >200m. The drill programme is scheduled to be completed within two months. Kibo anticipates that the results of the drilling will enable it to produce a JORC-compliant resource that will improve on the existing resource and resource categorization, based on the additional geological data from the drilling as well as the re-modeling of the resource, utilizing the current gold price (which is >US$1,300/oz compared to the US$850/oz used in the previous resource estimate).
Louis Coetzee, CEO of the Company, commented today:
“The Company is very pleased that it has been able to quickly mobilize a drilling team to the Imweru project to fulfill its previously announced objective of completing a drill programme in this area before the end of 2013. The Imweru programme represents the first phase of drilling on its recently acquired projects (Imweru and Lubando) in the Lake Victoria Goldfield, where the Company is confident it can both increase the resources in the mineralized zones outlined to date and also make further significant discoveries.”
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