Kibo Mining plc – Positive Drilling Results From The Imweru Gold Project

Kibo Mining plc – Positive Drilling Results From The Imweru Gold Project

2014-06-19T06:20:02+00:00January 14th, 2014|

Kibo Mining plc (“Kibo” or the “Company”) (AIM: KIBO; JSE 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 now received all Phase 1 drilling results from its Imweru project, located in the Lake Victoria Goldfields of northern Tanzania. The drill programme which was completed in late November 2013, comprised 21 drill holes for a combined total of 3,265 m of reverse circulation (RC) and diamond drilling (DD).

  • Gold mineralisation was intersected in 19 of the 21 holes drilled.
  • Best intersections include:
    • 2.08 metres @ 11.37 g/t Au (Hole IDD001)
    • 7.00 metres @ 1.68 g/t Au (Hole IDD002)
    • 8.86 metres @ 1.70 g/t Au (Hole IDD002)
    • 4.56 metres @ 1.93 g/t Au (Hole IDD002)
    • 4.75 metres @ 3.25 g/t Au (Hole IDD003)
    • 7.00 metres @ 3.69 g/t Au (Hole IRC022)
      • Including 2.00 metres @ 8.20 g/t Au
    • 3 metres @ 9.02 g/t Au (Hole IRC023)
    • 18 metres @ 1.67 g/t Au (Hole IRC023)
      • Including 5.00 metres @ 4.90 g/t Au
    • 6 metres @ 2.14 g/t Au (Hole IRC026)
    • 5 metres @ 1.57 g/t Au (Hole IRC027)
    • 4 metres @ 3.09g/t Au (Hole IRC027)
  • New mineralised zones were intersected which have not been incorporated in the previous resource estimate and should contribute to an increase in the updated resource estimate
  • Mineralisation remains open down dip and along strike
  • The Company is now awaiting completion of an independent update of the existing resource statement, prior to carrying out a Phase 2 drill programme.

Louis Coetzee, C.E.O. of Kibo commented:
“The drill results from Imweru exceed our expectations and confirm not just the continuation of the Imweru mineralised zones between previously drilled locations but new mineralised zones at depth. These results improved our confidence levels in the potential to significantly increase both the quality and quantity of the current resource on the project. We now look forward to producing an updated JORC-compliant resource estimate before proceeding to the next development phase of the project”
 

Download full report:

[ott_teaser btn_text=”Download” btn_icon=”icon-right-big” btn_url=”http://kibo.energy/wp-content/uploads/Kibo-RNS-Phase-1-drilling-results-Imweru-1301141.pdf” btn_target=”_blank”]Kibo Mining plc – Positive Drilling Results From The Imweru Gold Project[/ott_teaser]

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