TIDMKIBO
RNS Number : 8082S
Kibo Mining Plc
13 July 2015
Kibo Mining Plc (Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
Share code on the JSE Limited: KBO
Share code on the AIM: KIBO
ISIN: IE00B97C0C31
("Kibo" or "the Company")
13 July 2015
Haneti Nickel Project: Airborne Geophysical Data Interpretation
Results: Significant Depth Extent and Strike Length of Ultramafic
Complex with Two New Mafic-Ultramafic Zones
Kibo Mining Plc ("Kibo" or the "Company") (AIM:KIBO; JSE AltX:
KBO), the Tanzania focused mineral exploration and development
company, is pleased to announce that it has received the final
report from an independent Airborne Geophysical Data Interpretation
carried out over its Haneti project in central Tanzania. The
results from the preliminary findings were announced on the
Company's RNS dated 24 June 2015.
Highlights
-- The final report confirms the location, strike extent and
internal structure of two newly interpreted composite
mafic-ultramafic zones extending significantly the previously known
"footprint" of the Haneti-Itiso Ultramafic Complex (HIUC);
-- The newly outlined mafic-ultramafic zones, with strike
lengths of approximately 30 km (Southwest Zone) and 10-20 km
(Northwest Zone) occur to the Southeast and the Northwest of the
central 80 km long (strike length) HIUC respectively and may
represent folded repetitions and fault off-set extensions of the
HIUC;
-- Modelling of the high magnetic anomaly over the Mihanza drill
prospect shows that the magnetic susceptibility increases with
depth and the prospective rocks extend to 800 m which indicates the
potential for a significant volume of nickel prospective target
rock at this location alone;
-- The data from the geophysical study will continue to be
evaluated both in-house and by the Company's consultants to assist
with geological modelling, new ground acquisition exploration
targeting and exploration programme design.
Louis Coetzee, Chief Executive Officer of Kibo Mining plc, said:
"We are pleased to announce the completion of this phase of
geophysical interpretation work at our Haneti project. The results
emerging from our desktop studies, which commenced late last year,
aimed to extract optimum benefit from our existing exploration
database and the Tanzanian Government geophysical data which
recently became available.
The interpretation and modelling has produced exciting results,
showing the HIUC rocks occur over a far greater strike length than
previously thought. This work enabled the prospectivity of Haneti
for nickel sulphide mineralisation to be enhanced significantly, at
minimum cost, and provides a more detailed picture of the
sub-surface extent and geological structure. This will assist us in
implementing a more focused drilling programme."
Airborne Geophysical Survey Interpretation Results
Introduction
Kibo acquired high resolution airborne geophysical survey data
(magnetic, gravity and radiometric) from the Geological Survey of
Tanzania (GST), covering its wholly owned Haneti project in central
Tanzania. Following an initial in-house review, the data was
forwarded to the Perth based geophysical consultants Spinifex
Geophysics for detailed processing and interpretation to assist
with the further understanding of the geology of the project and
generate new target areas particularly for Ni-Cu-PGM style
mineralisation. The decision to proceed with this work followed on
from the results (see RNS of the 27(th) January 2015) of an
independent geochemical interpretation report which identified the
Mihanza Hill area as a prime drill target for Ni-Cu-PGM style
mineralisation, and by implication, the potential to locate other
similar targets within the project on-strike and adjacent to
Mihanza Hill within the nickel sulphide prospective Haneti-Itiso
Ultramafic Complex (HIUC).
Detailed Results
Digital processing of the geophysical data to produce a number
of high resolution images over the Haneti project has enabled a
detailed geological interpretation to be carried out by independent
geophysical consultant Steve Massey, now with Western Geophysics
(Pty) Ltd. (having recently moved from Spinifix Geophysics (Pty)
Ltd.) of Perth, Western Australia. Specifically, the results have
permitted a more detailed picture of the sub-surface extent and
geological structure of the Ni-Cu-PGM prospective HIUC be modeled
which will assist with more focused targeting for follow up
exploration and definition of drill targets. In addition to the
preliminary results previously announced in the Company's RNS of
the 24(th) June, the final interpretation report has provided more
detailed in-fill interpretation work as well as presenting the
results of 3D inversion modeling on one of the Company's priority
drill targets at Mihanza Hill.
The integrated interpretation results now show that the areal
extent of the known sub-outcrop of the HIUC can now be
significantly extended into areas where it was not previously
mapped. The principal interpreted extensions occur to the Southwest
and the Northeast of the central known 80 km strike extent of the
HIUC. The Southwest Zone extends over a strike length of 30 km and
is up to 6 km wide. It shows similar tight folding on the highly
magnetic interpreted ultramafic bands as is seen on the magnetic
signature of the central HIUC and is also similarly orientated in a
Northwest-Southeast direction. The Northeast Zone appears to be
part of a different structural terrane where its dominant strike
trend is East-West and is interpreted as comprising domains of
tightly folded mafic-ultramafic rocks with strike lengths of
approximately 10 km to 20 km. The tight folding and folding within
the now extended HIUC suggests that it comprises similar age, once
continuous bands of mafic-ultramafic rocks subsequently highly
deformed and folded by orogenic processes.
The high magnetic anomaly over the Mihanza drill target was
modeled using a 3D inversion modeling technique to better
understand how the magnetic signature over the prospect varies with
depth. The model indicates the magnetite (the principal mineral
that creates a magnetic signature in rocks) content appears to have
been deposited in an en-echelon pattern and appears to increase
with depth (increase in magnetic susceptibility), most noticeably
from 300 m to the modelled depth of 800 m. The implications of
these results is that there is a considerable "root" to the Mihanza
ultramafic outcrop which points to a large volume of rock that
could have positive implications for the differentiation of nickel
sulphide rich magmas and provides a large volume of nickel
prospective target rock at this location alone.
This geophysical study has generated a large number of processed
images for magnetic, gravity and radiometric data which will
continue to be evaluated both in-house and by the Company's
consultants to assist with geological modelling, new ground
acquisition exploration targeting and exploration programme design.
While the interpretation just completed made most use of the
magnetic data as it is the most appropriate, from that available,
for Ni-Cu-PGM style targeting, the other geophysical data will
continue to be interrogated to assist the exploration effort over
the Haneti region for nickel, gold and lithium related pegmatite
mineralisation.
Background Technical Information
During 2012/2013 the GST commissioned high resolution
aero-geophysical surveys over parts as central and southern
Tanzania. The surveys comprised the collection of magnetic,
gravity, radiometric and electromagnetic data. The electromagnetic
data (VTEM Survey) was only carried out over selected areas within
the survey blocks. The magnetic and radiometric surveys were flown
on a line spacing of 250 m while the gravity was flown on line
spacing of 2.5 km. The surveys were carried out by Geotech Airborne
Limited and Sander Geophysics Limited and data quality control was
done by the British Geological Survey in collaboration with the
GST. Pleasingly, the survey blocks covered the Company's nickel,
gold and lithium prospective Haneti project and survey data has
recently been made available for purchase by private companies.
This data is of significantly better quality than the 1970's
regional data already available for Tanzania as a result of
improvements in data acquisition techniques, closer line spacing
and the inclusion of airborne gravity and electromagnetic data
which were previously unavailable. This new geophysical data, when
combined with the Company's extensive existing field exploration
database, is now enabling a more detailed understanding of the
geological structure of Haneti including an improved interpretation
model of the sub-surface extent of HIUC which comprises the target
rock formation for Ni-Cu-PGM style mineralisation. The geophysical
interpretation is assisting the Company to target areas for follow
up infill and extension sampling as recommended in the recent
geochemical interpretation report (see RNS 27 January 2015) as well
as helping with a better understanding of the existing drill
targets particularly at Mihanza and Mwaka Hills prior to
drilling.
It should be noted that the Mihanza Hill target in particular
has been identified from this recent geochemical interpretation
report as showing surface soil and rock sampling results in key
elements (Ni ,Cu, Cr & PGMs) characteristic of a mineralised
"chonolith type" intrusion and is considered a priority drill
target. The nature of this "chonolith" model of mineralisation is
that the host intrusion often shows a complex pipe-like geometry
with a relatively small subsurface footprint and comprising a
number of irregular mineralised bodies within the mineralised
district. Careful interpretation of the airborne geophysical data
should assist with refining this model and potentially identifying
similar type targets to Mihanza within the HIUC, which is currently
interpreted to extend up to 8o kilometres along strike.
As the areal extent of the geophysical survey data covers the
entire Haneti project as well as peripheral areas, the
interpretation is assisting the Company with acquiring a greater
understanding of the regional geological setting of the project
with regard to its overall prospectivity for not just Ni-Cu-PGM
style mineralisation but also for gold and pegmatite related
lithium mineralisation for which the Company has also had
encouraging indications from sampling to date.
Contacts
+27 (0) 83 2606126 Kibo Mining Chief Executive Officer
Louis Coetzee plc
------------------ ------------------- -------------------- ------------------------
Andreas Lianos +27 (0) 83 4408365 River Group Corporate Adviser
and Designated Adviser
on JSE
------------------ ------------------- -------------------- ------------------------
Jon Belliss +44 (0) 207 382 Beaufort Securities Broker
8300 Limited
------------------ ------------------- -------------------- ------------------------
Oliver Morse +61 8 9480 2500 RFC Ambrian Nominated Adviser
Limited on AIM
------------------ ------------------- -------------------- ------------------------
Daniel Thöle +44 (0) 203 772 Bell Pottinger Investor and Media
2500 Relations
------------------ ------------------- -------------------- ------------------------
Kibo Mining - Notes to editors
Kibo Mining is listed on the AIM market in London and the AltX
in Johannesburg. The Company is focused on exploration and
development of mineral projects in Tanzania, and controls one of
Tanzania's largest mineral right portfolios. Tanzania provides a
secure and stable operating environment for the mineral resource
industry and Kibo Mining therein.
Kibo Mining holds a thermal coal deposit at Rukwa, which has a
significant JORC compliant defined resource (See Table 1 below),
and is developing a 250-350MW mouth-of-mine thermal power station,
the Mbeya Coal to Power Project ("MCPP"), with an established
management team that includes Standard Bank as Financial Advisor.
Kibo is undertaking a Coal Mining Definitive Feasibility Study and
a Power Pre-Feasibility Study for the Mbeya project with an
integrated Coal-Power interim study report to be released in the
near term. On 20(th) April 2015, Kibo signed a Joint Development
Agreement for the completion of the Definitive Feasibility Studies
and development of the MCPP with China based EPC contractor SEPCO
III.
The Company also has extensive gold focused interests including
Lake Victoria Goldfields and Morogoro projects. At Lake Victoria,
the Company has projects with a 550,000oz JORC compliant gold
Mineral Resource at Imweru Project (See Table 2 below) and a
168,000oz NI 43-101 compliant gold Mineral Resource at the Lubando
Project (See Table 3 below) in which the Company holds a 90%
attributable interest. The Company is currently undertaking a
Definitive Feasibility Study on its Imweru Project.
Kibo also holds the Haneti Project on which the latest technical
report confirms prospectivity for nickel, PGMs, gold and strategic
metals including lithium.
Kibo Mining further holds the Pinewood (coal & uranium)
project where the company has entered into a 50/50 Exploration
Joint Venture with Metal Tiger plc.
Finally the Company also holds the Morogoro (gold) project where
the company has also entered into a 50/50 Exploration Joint Venture
with Metal Tiger plc.
The Company's projects are located in the established and gold
prolific Lake Victoria Goldfields, the emerging goldfields of
eastern Tanzania and the Mtwara Corridor in southern Tanzania where
the Government has prioritised infrastructural development
attracting significant recent investment in coal and uranium. The
Company has a positive working relationship with the Tanzanian
government at local, regional and national levels and works hard to
maintain positive relationships with all communities where company
interests are held. The Company recognises the potential to enhance
the quality of life and opportunity for Tanzanian citizens through
careful development of its projects.
Updates on the Company's activities are regularly posted on its
website www.kibomining.com
Technical data
Rukwa Mineral Resource
Table 1 below presents a table showing the Mineral Resource
estimate for the Rukwa Coal Project. The table is taken from an NI
43 101-Compliant Report by GEMECS (Pty) Ltd dated April 2012.
Table 1
RUKWA COAL RESOURCE SUMMARY- GEMECS (Pty) Ltd
--------------------------------------------------------
SEAM NI 43-101 IN SITU
---------- ----------------- ---------- -------------
SEAM THICKNESS CLASS MILLION TONS
---------- ----------------- ---------- -------------
S4 1.14 Indicated 2.17
---------- ----------------- ---------- -------------
S3U 2.04 Indicated 6.92
---------- ----------------- ---------- -------------
S3L 2.3 Indicated 12.63
---------- ----------------- ---------- -------------
S2 3.45 Indicated 23.43
---------- ----------------- ---------- -------------
S1U 2.48 Indicated 7.34
---------- ----------------- ---------- -------------
S1L 2.92 Indicated 17.4
---------- ----------------- ---------- -------------
S0 1.08 Indicated 1.44
---------- ----------------- ---------- -------------
Total Indicated Resources 71.34
----------------------------- ---------- -------------
S4 1.31 Inferred 1.38
---------- ----------------- ---------- -------------
S3U 2.24 Inferred 2.94
---------- ----------------- ---------- -------------
S3L 2.27 Inferred 3.86
---------- ----------------- ---------- -------------
S2 3.42 Inferred 7.94
---------- ----------------- ---------- -------------
S1U 2.05 Inferred 6.5
---------- ----------------- ---------- -------------
S1L 3.15 Inferred 12.83
---------- ----------------- ---------- -------------
S0 1.06 Inferred 2.6
---------- ----------------- ---------- -------------
Total Inferred Resources 38.05
----------------------------- ---------- -------------
TOTAL RESOURCES *109.39
----------------------------- ---------- -------------
*Kibo holds 100% of the Rukwa Mineral Resource
Imweru Mineral Resource
Table 2 below presents a table showing the Mineral Resource
estimate for the Imweru Project at a base case economic cut-off
grade for the reporting of the resource of 0.4 g/t. The table is
taken from a JORC-Compliant Report by Tetra Tech EBA dated February
2014.
Table 2
Cut- Metric Gold Contained
Material off Specific Tonnes Short Grade Gold
Area Type Classification (g/t) Gravity (t) Tons (g/t) Ounces (troy)
========= ============= ================== ========= ============ ============ ============ ======== ===============
Laterite Indicated 0.40 2.50 131,000 144,000 1.785 8,000
============= ============================ ========= ============ ============ ============ ======== ===============
Saprolite Indicated 0.40 2.50 706,000 778,000 1.387 32,000
============= ============================ ========= ============ ============ ============ ======== ===============
Bedrock Indicated 0.40 2.89 1,895,000 2,089,000 1.043 64,000
============= ============================ ========= ============ ============ ============ ======== ===============
Central Total Indicated 0.40 2.77 2,732,000 3,012,000 1.168 103,000
========= ============= ================== ========= ============ ============ ============ ======== ===============
Laterite Inferred 0.40 2.50 685,000 755,000 1.317 29,000
============= ============================ ========= ============ ============ ============ ======== ===============
Saprolite Inferred 0.40 2.50 1,047,000 1,154,000 1.040 35,000
============= ============================ ========= ============ ============ ============ ======== ===============
Bedrock Inferred 0.40 2.89 7,838,000 8,640,000 1.029 259,000
============= ============================ ========= ============ ============ ============ ======== ===============
Central Total Inferred 0.40 2.82 9,569,000 10,548,000 1.051 323,000
========= ============= ================== ========= ============ ============ ============ ======== ===============
East Total Inferred 0.40 2.70 2,653,000 2,925,000 1.449 124,000
========= ============= ================== ========= ============ ============ ============ ======== ===============
Indicated 0.4 2.77 2,732,000 3,012,000 1.168 103,000
========================================== ========= ============ ============ ============ ======== ===============
Inferred 0.4 2.79 12,222,000 13,473,000 1.137 447,000
========================================== ========= ============ ============ ============ ======== ===============
Imweru Property Combined
Total (inf+ind) 0.4 2.79 14,954,000 16,485,000 1.143 550,000
======================== ================== ========= ============ ============ ============ ======== ===============
*Kibo holds 90% of the Imweru Mineral Resource
* Total estimates are rounded, based on composites capped at 26
g/t gold at Imweru Central and 25 g/t at Imweru East, the cut-off
grade is based on a gold price of US$1,200 and a 90% metallurgical
recovery is assumed in calculation of cut-off grade. A base case of
0.40 g/t has been selected.
** Classification of Mineral Resources incorporates the terms
and definitions from the Australian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves (JORC Code)
published by the Joint Ore Reserve Committee (JORC)
Lubando Mineral Resource
Table 3 below presents a table showing the Mineral Resource
estimate for the Lubando Project at a base case economic cut-off
grade for the reporting of the resource of 0.5 g/t Au. The table is
taken from an NI 43 101-Compliant Report by EBA Engineering
Consultants Limited (now part Tetra Tech EBA) dated August
2009.
TABLE3: LUBANDO MINERALRESOURCE SUMMARY - BASECASE*
----------------------------------------------------------------------------------------------------------
Category West Zone East Zone East Zone East Zone Total
South Mid North
--------------------------- ------------- -------------- ------------- ----------------- ------------
Measured Resource
--------------------------- ------------- -------------- ------------- ----------------- ------------
Measured Resource(t) 107,900 4,880 16,900 54,440 184,150
--------------------------- ------------- -------------- ------------- ----------------- ------------
Grade(g/t) 1.69 2.52 1.72 2.48 1.95
--------------------------- ------------- -------------- ------------- ----------------- ------------
Total Gold(oz) 5,900 400 950 4,340 11,500
--------------------------- ------------- -------------- ------------- ----------------- ------------
Indicated Resource
--------------------------- ------------- -------------- ------------- ----------------- ------------
Indicated Resource(t) 280,710 18,330 61,000 149,350 509,420
--------------------------- ------------- -------------- ------------- ----------------- ------------
Grade(g/t) 1.61 2.23 1.89 2.73 1.99
--------------------------- ------------- -------------- ------------- ----------------- ------------
Total Gold(oz) 14,500 1,300 3,700 13,120 32,600
--------------------------- ------------- -------------- ------------- ----------------- ------------
Inferred Resource
--------------------------- ------------- -------------- ------------- ----------------- ------------
Total Resource(t) 1,090,000 65,470 209,340 535,330 1,900,140
--------------------------- ------------- -------------- ------------- ----------------- ------------
Grade(g/t) 1.27 1.56 3.34 3.13 2.03
--------------------------- ------------- -------------- ------------- ----------------- ------------
Total Gold(oz) 44,550 3,300 22,500 53,900 124,200
--------------------------- ------------- -------------- ------------- ----------------- ------------
*Kibo holds 90% of the Lubando Mineral Resource
* Numbers are rounded. Composites capped at 10.85g/t gold.
Cut-off grade of 0.5 g/t gold based on a gold price of US$850/oz
and assumed 100% metallurgical recovery.CIM definitions were
followed for Mineral Resources.
Pursuant to the terms of an inherited agreement with Barrick
East Africa Exploration LTD (BEAL), Kibo currently has an effective
90% interest in the Imweru and Lubando Project (and thus a 90%
attributable interest in the Imweru and Lubando Mineral Resources
shown in Table 2 and 3 above), with Barrick having a 10% carried
interest up to a decision to mine at which point they have to
contribute or be diluted to a 2% net smelter royalty. BEAL also has
a first right of refusal pursuant to which they can buy the 90%
interest in the project at an agreed market related value after
completion of a Bankable Feasibility Study. Kibo remains the
operator of the project.
Review by Qualified Persons
The information in this announcement that relates to the Rukwa
Coal Mineral Resource is taken from a report titled "Independent
Technical Report for the Rukwa Coal Project, Mbeya Region, United
Republic of Tanzania" dated 19(th) April 2012 by CD van Niekerk
Director and Principal Geologist with the firm GEMECS (Pty) Ltd. Mr
van Niekerk is a Professional Natural Scientist with the South
African Council for Natural Scientific Professions (SACNASP),
Registration No. 400066/98 and a Fellow Member of the Geological
Society of South Africa. He has relevant experience and technical
qualifications to be a "Qualified Person" for reporting coal
resources to the NI 43-101 Standard.
Information in this announcement that relates to the Imweru
Mineral Resource is taken from the report titled "Resource Update
for the Imweru Property Geita Region Northern, Tanzania, JORC
Competent Persons Report" dated February 17(th) 2014 (the
"Report"). The Report states a JORC-compliant Mineral Resource
estimate and was prepared for Kibo Mining plc by James Barr P.Geo.
and Darryn Hitchcock P.Geo. Senior Geologist and Geologist
respectively with TetraTech EBA Ltd. Both Mr. Barr and Mr.
Hitchcock are registered as Certified Professional Geologists with
Association of Professional Engineers and Geoscientists of British
Columbia a recognised professional organisation. Mr Barr as
principal author responsible for the Report has experience in the
evaluation and reporting of Archaean Gold projects and is a
"Qualified Person" for reporting gold resources to the JORC
Standard. He consents to the inclusion in this document of the
matters based on his information in the form and context in which
they appears.
The information in this announcement that relates to the Lubando
Mineral Resources is taken from a report titled "Technical Report
on the Lubando property, Mwanza, Tanzania" dated 31(st) August
2009" (the "Report") The Report is NI 43-101 compliant and was
prepared for Great Basin Gold Rusaf Gold Limited by Nathan Eric
Fier C.P.G., P.Eng. Market Director for EBA Engineering Consultants
Ltd and a Senior Mining Consultant. Mr. Fieris registered as a
Certified Professional Geologist with the American Institute of
Professional Geologists, Registration No 10062, and a professional
Engineer in British Columbia, Canada Registration No. 135165. He
has extensive experience in the evaluation and reporting of
Archaean Gold projects.
The Company's Exploration Director, Noel O'Keeffe has reviewed
the content of this announcement including resource reports and the
references to them.
Johannesburg
13 July 2015
Corporate and Designated Adviser
River Group
This information is provided by RNS
The company news service from the London Stock Exchange
END
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