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 it has completed the Imweru Drill programme in the Lake Victoria Region, Tanzania.
The planning and mobilization of a two phase exploration drilling programme at Imweru started on 14 October 2013, with drilling on Phase 1 commencing on 1 November 2013 and finishing on November, 27 2013. The programme was completed 15 days ahead of schedule, within budget and with a 100% safety record over the period of operations.
Abbreviated performance statistics for the programme are as follows (Table 1):
|Number of days drilled (RC1, DD2)||41||26
(Including 6 days of DD)
|Number of Samples Submitted to the analyses laboratory||3465||3630|
|Meters drilled (RC)||2850||2782|
|Meters drilled (DD)||450||48|
|Number of holes drilled (RC)||18||18|
|Number of holes drilled (DD)||3||3|
|Average meters drilled per day (RC)||85||103|
|Average meters drilled per day ( DD)||45||62|
1. RC : Reverse Circulation Drilling
2. DD : Diamond Drilling
Table 1 : Abbreviated Drill Performance Statistics
First samples were delivered to the laboratory on 11 November 2013, and the first results are expected during the first week of December 2013, with final laboratory results for the entire Phase 1 drilling programme expected by the end of December 2013.
Kibo Mining CEO, Louis Coetzee said:
“The Phase 1 drilling programme at Imweru produced geology consistent with the gold mineralization that was obtained from previous work in the target area and has demonstrated significant potential for further delineation of mineralization along strike and at depth, beyond the current resource estimate. Phase 1 has provided Kibo with a solid platform for implementation of Phase 2 to ensure the best possible chance of further exploration success at Imweru.
The Company is also very pleased with its operational performance on the Imweru Drill Programme. Phase 1 was completed 36% ahead of schedule, within budget and with a 100% safety record. This speaks volumes about Kibo’s operational capability, and commitment to make sure that it achieves the best possible value for shareholders.”
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