Kibo Mining plc – Exploration Update 14 November 2012

Kibo Mining plc – Exploration Update 14 November 2012

2014-06-12T15:05:04+00:00November 14th, 2012|

Significant Anomaly Identified at Morogoro South Project
Dated: 14  November 2012

Kibo  Mining  plc  (“Kibo”  or  the  “Company”)  (AIM:  KIBO,  AltX:  KBO)  the  multi commodity  exploration  and  development  company  focused  on  Tanzania,  is  pleased  to provide  an  exploration  update.   The  Company  has  received  results  from  its  infill  soil  and stream sediment sampling at the Morogoro North and Morogoro South projects in central and south eastern Tanzania.

Highlights

Morogoro South

  • Numerous gold anomalies have been defined by the soil sampling programme located above and adjacent to the Ruvu Nappe structure
  • These  anomalies  are  significant  gold  bearing  targets  that  will  be  trench  sampled  in early 2013 and drill tested later in the year
  • One of these anomalies extends over  0.3km2, returned gold values up to 0.41g/t and remains open to the South (Block A)
  • A significant barite anomaly was also discovered during the soil sampling programme

Morogoro North

  • In fill gold-in-  stream sediment sampling results from PLs 6717/2010 and 6598/2010 at Morogoro North show low values.

Louis Coetzee  CEO of Kibo commented:

“These encouraging results have confirmed our belief that the Morogoro licences have the potential to contain a significant gold deposit. The Morogoro South licence covers a 15km section  of  the  Ruvu  Nappe  structure  that  has  been  demonstrated  by  this  soil  sampling programme to be an important control on the gold mineralisation. With numerous targets generated we look forward to reporting the results of an extensive trenching programme  and our planned maiden drill programme in 2013.”

While infill stream sediment sample gold results over PLs 6717/2010 and 6598/2010 are low, these  areas  represent  just  a  small  part  of  the  Morogoro  North  project  and  the  company’s sampling  teams  have  already  commenced  sampling  licences  further  north  closer  to  the Handeni gold district where significant exploration success has been achieved in recent years. Kibo is  optimistic    that with its on-going systematic field exploration programmes over the remainder  of  the  Morogoro  North  project,  more  significant  exploration  results  should  be forthcoming.

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