Update on Exploration Activities at Kibo’s Rukwa and Imweru Projects in Tanzania

Update on Exploration Activities at Kibo’s Rukwa and Imweru Projects in Tanzania

2014-06-18T19:59:07+00:00November 19th, 2013|
  • Topographical survey of boreholes on the Rukwa Coal Resource completed.
  • Imweru Drill Programme 20% ahead of schedule and nearing completion.

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 the following progress on its Rukwa coal and Imweru gold exploration projects:

Rukwa

A topographical survey of the Rukwa coal resource drill collars was completed on 15 November 2013. The results of this survey will be used in the preparation of a new resource statement for Rukwa where it is anticipated that they will allow a large part of the existing Indicated Resource to be upgraded to the Measured Resource under JORC. Re-statement of the resource in the “Measured” category is necessary in preparation for the commencement of the next stage of development of the Rukwa Coal to Power Project (RCPP) and marks commencement of the first phase of the feasibility studies that are planned for the RCPP during 2014. The new Resource Statement is expected early in Q1 of 2014.

Imweru

The recently announced drill program on Kibo’s newly acquired Imweru project is now nearing completion. The exploration drill programme was announced on October 28, 2013, commenced drilling on November 01, 2013 and has since commencement, maintained an execution rate well ahead of schedule.

To date the average daily drilling rate stands at 109 m, which is well above the planned 75 m p/d for Reverse Circulation drilling (RC), with the daily Diamond Drill (DD) rate averaging 70m p/d compared with the planned rate of 40m p/d. The current status of the Imweru programme can be summarized as follows:

  • DD-drilling was completed within 7 days, well ahead of the scheduled completion date, with a total of 488 m drilled versus the planned 450 m.
  • RC-drilling is currently 20% ahead of schedule with65% of the program completed at this stage (1850 m have been drilled to date versus the 1275 m planned). At the current rate, and subject to favorable weather conditions, it is estimated that the project will reach completion during the first week of December 2013.

First samples from the drill programme were submitted to the analyses laboratory on November 11, 2013 and the final results for the entire project, are expected during the second week of January 2014, assuming no delays at the analyses laboratory over the next 8 weeks. A site visit by the appointed independent Competent Person (CP) was also completed on November 18, 2013.

The Imweru drill programme intends to improve the current resource statement on the project both qualitatively and quantitatively as a prerequisite to advancing to the scoping study stage as soon as possible. A second stage drill programme has already been planned for the project and will be implemented early in 2014 contingent on satisfactory results being received from the current programme. Prior to this drilling phase the project has a NI 43-101 compliant Inferred Resource of 629,600 oz. of gold.

Louis Coetzee, CEO of the Company, commented today:
“The Company is impressed with the progress on Rukwa and Imweru this far. The Rukwa survey will allow an independent restatement of the resource, with the expectation that a large portion thereof will be classified as “Measured”. This survey marks the beginning of the feasibility studies for the RCPP as announced earlier and the first step that can be viewed as the actual start of development work on the RCPP. Imweru is currently delivering exciting new observations of mineralization and quartz veins, which bodes well for the phase 2 drill programme, planned for as early as possible in FY 2014. The current Imweru programme also, once again, highlighted Kibo’s operational readiness and capacity to plan, implement and execute exploration programmes very successfully”

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