Katoro Gold PLC Imweru Drill Programme Ahead of Schedule (8114K)
July 12 2017 - 2:00AM
UK Regulatory
TIDMKAT TIDMKIBO
RNS Number : 8114K
Katoro Gold PLC
12 July 2017
Katoro Gold plc (Incorporated in England and Wales)
(Registration Number: 9306219)
Share code on AIM: KAT
ISIN: GB00BSNBL022
("Katoro" or "the Company")
12 July 2017
Imweru Drill Programme Ahead of Schedule and Below Budget
Katoro Gold plc ("Katoro" or the "Company") (AIM: KAT), the
Tanzania focused gold exploration and development company, is
pleased to announce that the infill drilling programme on its
Imweru gold project in Tanzania is progressing significantly better
than planned and is currently ahead of schedule and below
budget.
Highlights
-- Significant cost savings achieved, allowing
scope of the Imweru development plan to be
expanded to include:
o Commissioning of full environmental and
social impact assessment study ("ESIA") -
no additional fundraise now required to conduct
the ESIA
o Imweru development drill program expanded
to add additional 2,000 metres to the original
drill program of approximately 1,400 metres
-- Expanded drill program 75% complete - now
approximately 10 days ahead of schedule in
addition to two months gained on mobilisation
(See RNS of 15 June 2017)
-- Katoro set to be first successful exporter
of geological samples under new mining legislation
As a result, of the strong drill performance and significant
cost savings made in the last two weeks, Katoro has been able to
change and expand the scope of the original Imweru development
plan. The Company now has the budget to:
-- Commission the full ESIA without the need
to raise additional funds as originally stated
in its Admission Document. The ESIA has already
commenced and is fully mobilised
-- Expand the original drill program to a total
of 31 drill holes (3,410 metres), as opposed
to the original 8 to 10 holes (1,400 metres).
The additional metres will also include the
water drilling program that is required to
complete the hydrological study which constitutes
part of the ESIA
The full complement of metallurgical samples required for the
Imweru Feasibility Study are currently in the process of being
exported to South Africa for analysis. These are the first
geological samples to be exported under the new mining rules and
whilst it is a more cumbersome process, no significant delays have
been encountered to date nor are there any anticipated at this
stage.
Louis Coetzee, Executive Chairman of Katoro commented: "We are
extremely pleased with progress on the Imweru development
programme. This, combined with the vast in-country experience of
the technical teams, has put the Company in a strong position to
extract substantially more value out of the approved work program
than initially expected. The fact that the full ESIA can now be
conducted in parallel to the Feasibility Study will enable the
Company to submit a far more complete and technically sound mining
right application, which the Company believes will significantly
expedite the application process. The expanded drill program will
make an invaluable contribution towards enhancing the integrity of
the Imweru resource both quantitatively and qualitatively, whilst
simultaneously allowing the Company to complete all the
geotechnical and hydrological work required for the Imweru
Feasibility Study."
Contacts
Louis Coetzee +27 (0) 83 Katoro Gold plc Executive
2606126 Chairman
--------------- ----------- -------------------- -----------
Jon Belliss +44 (0) 20 Beaufort Securities Broker
7382 8300 Limited
--------------- ----------- -------------------- -----------
Richard +44 (0) 20 Strand Hanson Nominated
Tulloch 7409 3494 Limited Adviser
Ritchie
Balmer
Frederick
Twist
--------------- ----------- -------------------- -----------
Liz Morley +44 (0) 20 Bell Pottinger Investor
Molly Stewart 3772 2500 and Media
Relations
--------------- ----------- -------------------- -----------
Katoro Gold - Notes to editors
In May 2017 Katoro acquired the Imweru and Lubando Gold Projects
in Tanzania from Kibo Mining plc for a total consideration of
GBP3.66 million and was admitted to trading on AIM.
Following the acquisition, Katoro owns 100% of the Imweru and
Lubando Projects, which both have Mineral Resources established in
accordance with the JORC (2012) Code. The total Mineral Resources
stated for Imweru consist of 11.607 Mt at grade of 1.38 g/t for a
Mineral Resource of 515,110 oz Au at a resource pay limit of 0.4
g/t for the open pittable material and 1.3 g/t for the underground
material, while the Lubando Mineral Resources equate to 6.78 Mt at
grade of 1.10 g/t for 239,870 oz Au at a pay limit of 0.4 g/t to a
depth of 200 m and 1.3 g/t below the 200 m depth cut-off. The
respective projects also include the earlier stage Sheba (within
the Imweru Licence Portfolio and Imweru Option Portfolio), Pamba
and Busolwa (both within the Lubando Licence Portfolio and Lubando
Option Portfolio) projects. The JORC Code compliant Competent
Person's Report for each of Imweru and Lubando are available on
Katoro's website www.katorogold.com.
The Company's primary focus is on advancing and developing
Imweru through a work programme which will include, inter alia, a
feasibility study and a drilling programme, with the aim, subject
to funding, to commence production with an initial target of 50,000
oz gold per annum within 18-24 months from admission to AIM.
Updates on the Katoro's activities will be posted on its website
www.katorogold.com.
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCELLBFDDFZBBZ
(END) Dow Jones Newswires
July 12, 2017 02:00 ET (06:00 GMT)
Kibo Energy (LSE:KIBO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Kibo Energy (LSE:KIBO)
Historical Stock Chart
From Apr 2023 to Apr 2024