24th Feb 2014 10:26
LONDON (Alliance News) - Kibo Mining PLC Monday said the latest technical report on the Imweru gold project in northern Tanzania has confirmed the upside potential for the resource at the site after taking into account the company's recent drilling programme.
In a statement, Kibo said the JORC-compliant report, which it had commisioned from Canadian consultancy Tetra Tech EBA, contained a revised resource estimate based on recent drilling, confirmation of a potential expansion of the resource base through further drill programmes, identified high-priority drill targets and significantly improved confidence in the geological model and resource base.
"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," Kibo Mining Chief Executive Louis Coetzee said in a statement.
JORC is the Joint Ore Reserves Committee, which provides mineral-resource classification schemes.
The key details of the report are as follows, the company said:
· 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
Kibo Mining shares were down 6.4% at 4.448 pence Monday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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