Technical Report on the Imweru Gold Project Confirms Resource Upside Potential

Technical Report on the Imweru Gold Project Confirms Resource Upside Potential

2014-06-19T06:18:49+00:00February 24th, 2014|
Highlights
  • Independent JORC-compliant resource report on the Imweru Gold Project received
  • Report includes a revised JORC-compliant resource estimate reflecting recent drilling results and updated economic and geologic factors
  • Significantly improved confidence in the geological model and the resource base
  • Confirmation of potential expansion of resource base through further drill programmes
  • High priority drill targets identified on regional ground holding
  • Recommended two phase work program incorporating further resource definition drilling, testing of the priority regional targets and preliminary scoping study work

Kibo Mining plc (“Kibo” or the “Company”) , the mineral exploration and development company focused on  gold,  nickel,  coal  and  uranium  projects  in  Tanzania, has received an  independent JORC-compliant resource  report (“the  Report”) for  its  Imweru  project,  located  in  the  prolific Lake  Victoria Goldfields  of  northern  Tanzania.  The  Report  incorporates the  results  from the  Company’s  recently announced Phase 1 drilling results at Imweru (refer to previous RNS dated 14 January 2014). The Report was prepared by Canadian consultancy group Tetra Tech EBA on behalf of the Company, and contains the following key data:

  • 39% increase in total estimated combined  Indicated and Inferred gold resource ounces to 426,000 oz (12.3  million tonnes  at 1.08 g/t, 0.4  g/t  cut-off) over  the  previous  estimate  for  the  Imweru  Central Mineralised Zone (“ICMZ”) where the recent drilling was carried out
  • 24% of the 426,000 oz newly estimated total gold resource at IMCZ  is now categorised in the  higher confidence Indicated category, with the remaining 323,000 oz. (9.6 million tonnes at 1.05 g/t, 0.4 g/t cut-off) in the Inferred category
  • Total estimated  Indicated  and  Inferred gold  resource at  Imweru now  stands  at 550,000  oz.  ( 15.0 million tonnes at 1.14 g/t, 0.4 g/t cut-off)
  • Improved understanding of the shear hosted gold mineralisation at Imweru. Phase 1 drilling highlights significant potential to increase the quantity and quality of the resource
  • Additional high priority gold drill targets identified from review of the Company’s extended ground holding in the Geita region

Louis Coetzee, C.E.O. of Kibo Mining, commented:

“We are delighted to announce receipt of this report which confirms our previous statement that the drill results from Imweru exceeded our expectations. This will allow Kibo to implement a focussed and specialized exploration campaign  on specific  targets  at  Imweru to  effectively enhance  its  resource. We are confident moving into the next phase of the project and its near term commercialization. The independent recognition of high quality drill targets within the Kibo ground holdings in the Geita region bodes well for our strategy to  build  a  significant  mineable  gold  resource  inventory  in  this  region,  close  to  existing  gold  mining infrastructure. I look forward to providing further updates in due course.”

Download full report:

[ott_teaser btn_text=”Download” btn_icon=”icon-right-big” btn_url=”http://kibo.energy/wp-content/uploads/Tech-Report-on-Imweru-Gold-Peoject-240214.pdf” btn_target=”_blank”]Technical Report on the Imweru Gold Project Confirms Resource Upside Potential[/ott_teaser]

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