Katoro Gold PLC Imweru Drill Programme Complete (5486L)
July 20 2017 - 2:00AM
UK Regulatory
TIDMKAT TIDMKIBO
RNS Number : 5486L
Katoro Gold PLC
20 July 2017
Katoro Gold plc (Incorporated in England and Wales)
(Registration Number: 9306219)
Share code on AIM: KAT
ISIN: GB00BSNBL022
("Katoro" or "the Company")
20 July 2017
Imweru Drill Programme Complete: 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 drilling programme for the Imweru
resource development programme was completed on 19 July 2017. The
expanded drill programme was completed almost a month ahead of the
original schedule and well within budget and included 2,000 metres
of additional drilling, for a total of 31 drill holes for 3,410
metres (original programme was for 8 to 10 holes for 1,400 metres),
that was added after further optimisation of the original
programme.
The rapid progress and completion of the drill programme will
enable the Company to export all geological samples from the drill
programme in one batch which will in turn have the added benefit of
receiving all the lab results in one report. This will make work on
the Pre-Feasibility Study ("PFS") much easier and significantly
quicker than planned.
Work on the Environmental and Social Impact Assessment ("ESIA")
is also progressing well and the ESIA technical team completed
their first on-site work session on 18 July 2017.
All efforts will now be aimed at getting the geological samples
to the laboratory for analysis and to complete the PFS, which will
then feed into the Feasibility Study. The Company is currently in
the process of exporting the samples to South Africa and after
negotiations with the laboratory, they have guaranteed to provide
the final results within two weeks from the date of receiving all
samples at the laboratory.
Louis Coetzee, Executive Chairman of Katoro commented: "Progress
on the Imweru resource development programme has been nothing but
impressive. Commencing the drill programme ahead of schedule and
completing it almost a month ahead on the original schedule, has
put the Company in an extremely good position to complete the
entire work programme well ahead of schedule but to also deal
effectively with the prevailing uncertainty as a result of the
changes in mining legislation in as far as process and procedure is
concerned. The fact that we were also able to add an additional
2,000 metres to the drill programme, will have a significant impact
on the technical quality and integrity of the 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
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