Kibo Mining plc (\u201cKibo\u201d or the \u201cCompany\u201d) (AIM: KIBO, AltX: KBO) the mineral exploration and development company focused on gold, nickel, coal and uranium projects in Tanzania, is pleased to provide an operations update. The Company has received final results from its Stage 1 exploration programme at its Lake Victoria, Haneti amd Morogoro projects which it implemented over the period October 2011 to March 2012. The results highlights are shown below and discussed in detail later in this announcement. The results are very encouraging, and support the programme\u2019s primary objective of identifying initial targets for near term drilling. Drilling together with extension of early stage exploration surveys over more of the Company\u2019s large licence portfolio will be part of a Stage 2 programme to commence in Quarter 3, 2012.<\/p>\n
Louis Coetzee CEO of Kibo commented:<\/p>\n
\u201cThe Board is pleased to provide this operational update and to inform shareholders that all the objectives set for Stage 1 of Kibo\u2019s two stage exploration program have been achieved, i.e. technical, cost and time. With regard to cost and time it is worth noting that the company completed Stage 1 two months ahead of schedule and within the approved budget\u201d<\/em><\/p>\n Introduction<\/strong> 1.\u00a0\u00a0 In-fill\u00a0 soil\u00a0 surveys\u00a0 over\u00a0 gold\u00a0 anomalous\u00a0 areas\u00a0 identified\u00a0 from\u00a0 previous\u00a0 regional\u00a0 soil surveys within selected prospecting licences on the Lake Victoria project;<\/p>\n 2. Pitting and ground geophysics at Haneti to test both laterite and sulphide nickel targets identified from previous soil, trenching and geophysical surveying;<\/p>\n 3..\u00a0 First\u00a0 pass\u00a0 regional\u00a0 stream\u00a0 and\u00a0 soil\u00a0 sampling\u00a0 surveys\u00a0 over\u00a0 priority\u00a0 areas\u00a0 identified\u00a0 on Morogoro\u00a0 South\u00a0 (Ruvu\u00a0 Nappe\u00a0 geological\u00a0 target)\u00a0 and\u00a0 Morogoro\u00a0 North\u00a0 (Berega\u00a0 and\u00a0 Gairo areas).<\/p>\n The\u00a0 areas\u00a0 identified\u00a0 for\u00a0 this\u00a0 initial\u00a0 work\u00a0 represent\u00a0 about\u00a0 5%\u00a0 of\u00a0 the\u00a0 total\u00a0 ground\u00a0 area potentially available to the Company and covers those Prospecting Licences (\u201cPLs\u201d)\u00a0 which have been\u00a0 recently issued\u00a0\u00a0\u00a0 (\u201cactive PLs\u201d)\u00a0 from the large portfolio of Company applications, renewals and offers that are in the pipeline. As\u00a0 Tanzanian\u00a0 licence\u00a0 regulations do not permit commencement of field work in an area until the relevant PL becomes active and there is a system delay of up to 1 year in processing and issuing PLs, the Company did not have all the licences available to it for exploration for which exploration expenditure had been allocated. This\u00a0 has\u00a0 resulted\u00a0 in\u00a0 just\u00a0 \u00a30.6M\u00a0 expenditure\u00a0 from\u00a0 the\u00a0 Stage\u00a0 1\u00a0 budget\u00a0 of\u00a0 \u00a31.3M\u00a0 during\u00a0 the [ott_teaser btn_text=”Download” btn_icon=”icon-right-big” btn_url=”https:\/\/kibo.energy\/wp-content\/uploads\/Kibo-Operations-update-210612.pdf” btn_target=”_blank”]Kibo Mining plc – Operational Update 21 June 2012[\/ott_teaser]<\/p>\n","protected":false},"excerpt":{"rendered":" Kibo Mining plc (\u201cKibo\u201d or the \u201cCompany\u201d) (AIM: KIBO, AltX: KBO) the mineral exploration and development company focused on gold, nickel, coal and uranium projects in Tanzania, is pleased to provide an operations update. The Company has received final results from its Stage 1 exploration programme at its Lake Victoria, Haneti amd Morogoro projects which<\/p>\n","protected":false},"author":31,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[47],"tags":[],"class_list":["post-4098","post","type-post","status-publish","format-standard","hentry","category-news"],"modified_by":null,"_links":{"self":[{"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/posts\/4098","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/users\/31"}],"replies":[{"embeddable":true,"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/comments?post=4098"}],"version-history":[{"count":7,"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/posts\/4098\/revisions"}],"predecessor-version":[{"id":4106,"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/posts\/4098\/revisions\/4106"}],"wp:attachment":[{"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/media?parent=4098"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/categories?post=4098"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kibo.energy\/index.php\/wp-json\/wp\/v2\/tags?post=4098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Operations Details<\/h5>\n
\nKibo\u2019s\u00a0 Lake\u00a0 Victoria,\u00a0 Haneti\u00a0 and\u00a0 Morogoro\u00a0 projects\u00a0 give\u00a0 the\u00a0 Company\u00a0 access\u00a0 to\u00a0 an approximate\u00a0 18,000 sq.km land package\u00a0 of\u00a0 highly prospective early\u00a0 stage exploration ground for\u00a0 gold\u00a0 and\u00a0 base\u00a0 metals\u00a0 within\u00a0 Tanzania\u2019s\u00a0 established\u00a0 and\u00a0 newly\u00a0 emerging\u00a0 mineral exploration areas.\u00a0 Stage 1 field\u00a0 exploration, the results of which are being reported here, had a budget of \u00a31.3M and was the first stage of a board approved \u00a35.3M exploration programme to\u00a0 comprehensively\u00a0 evaluate\u00a0 these\u00a0 projects\u00a0 with\u00a0 the\u00a0 objective\u00a0 of\u00a0 discovering\u00a0 and\u00a0 outlining gold\u00a0 (Lake\u00a0 Victoria\u00a0 and\u00a0 Morogoro)\u00a0 and\u00a0 base\u00a0 metal\u00a0 (Haneti)\u00a0 resources.\u00a0 The\u00a0 Company implemented\u00a0 the\u00a0 Stage\u00a0 1\u00a0 programme\u00a0 to\u00a0 follow\u00a0 up\u00a0 on\u00a0\u00a0\u00a0 priority\u00a0 target\u00a0 areas\u00a0 which\u00a0 were selected\u00a0 based\u00a0 on\u00a0 positive\u00a0 results\u00a0 from\u00a0 previous\u00a0 regional\u00a0 sampling\u00a0 surveys\u00a0 and\u00a0 geological reconnaissance.\u00a0 The\u00a0 programme\u00a0 comprised\u00a0 three\u00a0 main\u00a0 elements\u00a0 of\u00a0 early\u00a0 stage\u00a0 exploration surveys as follows:<\/p>\n
\nexploration\u00a0 period\u00a0 with\u00a0 the\u00a0 shortfall\u00a0 affecting\u00a0 the\u00a0 Lake\u00a0 Victoria\u00a0 project\u00a0 in\u00a0 particular.\u00a0 The balance will be carried forward as part of Stage 2 exploration to be expended as PLs become active. It should be noted that many of these\u00a0 PLs encompass\u00a0 highly prospective areas\u00a0 which remain to receive first pass exploration.<\/p>\nDownload full report:<\/h5>\n