- Positive gold-in-stream sampling results from threeout of four licenses sampled
- Licences located in similar geology to East AfricaMetal’s Handeni project
- 18 samples show gold values > 0.05 ppm with a maximum value of 0.108 ppm
Kibo Mining (“Kibo” or the “Company”) (AIM: KIBO), (JSE: KBO), the Tanzania focused mineral exploration and development company, is pleased to announce that it has received encouraging gold-in-stream geochemical results from sampling carried out earlier this year at its Morogoro North project. Results for three out of the four Prospecting Licenses (“PLs”) show strong anomalous gold values at a number of sample locations and up to a maximum of 0.108 ppm on PL 2250/09.
The Company considers these results (see detail discussion below) to be very encouraging and they provide attractive target areas for follow up work. The sampled PLs are all located 60 km to 100 km East of East Africa Metal’s (formerly Canaco Resources) Magambazi Deposit within similar geology comprising amphibolites and biotite gneisses of high metamorphic grade. The published gold resource for Magambazi (Source: East Africa Metal’s website) is 15.2 Mt @ 1.48 grams per tonne (721,300 ounces) in the Indicated category and 6.7 million tones @ 1.36 grams per tonne (292,400 ounces) in the Inferred category.
The stream sampling results being reported are fromsamples taken as part of Kibo’s Stage 1 exploration programme at its Morogoro North projectcarried out in late 2012 and early 2013. The Company has already reported the stream sampling results for PLs 6717/2010 and 6598/2010 in the southern part of the project (Gairo and Berega Blocks) as part of its
exploration updates (RNS releases) of 21 June and 14 November 2012 respectively.
Louis Coetzee, CEO of the Company, commented today:
“The Company is pleased with the latest results from our Morogoro North project. Although the initial stage 1 and 2 sampling programs indicated low gold values as previously reported, we remained confident in our geological interpretation and exploration strategy for the Morogoro North Project. The additional sampling work towards the North produced significant anomalies and seems to correlate well with recent regional discoveries. These results not only support and confirm our initial exploration strategy for the project, but also provided us with the required level of technical understanding and confidence which definitely warrants additional follow-up work.
With the next field season now entering its planning phase, the Company finds itself in a position where it can confidently plan progressive work programs for 2014, based on the positive results and continuous progress reported on all its projects over the past few months.”
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