TIDMKIBO
RNS Number : 0007R
Kibo Mining Plc
24 June 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")
24 June 2015
Haneti Nickel Project- Airborne Geophysical Data Interpretation
Results
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 positive
preliminary results from an independent Airborne Geophysical Data
Interpretation carried out over its Haneti project in central
Tanzania. The interpretation used recently acquired high resolution
data acquired from the Geological Survey of Tanzania (see RNS of
the 13(th) March 2015). Data processing and interpretation was
carried out by Spinifex Geophysics of Perth, Western Australia.
Highlights
-- High resolution magnetic and gravity data show the
interpreted aerial extent and geological structure of the Ni-Cu-PGM
prospective Haneti-Itiso Ultramafic Complex (HIUC) confirming its
continuity over 80 kilometers of strike length;
-- A number of other areas have been identified within the HIUC
showing similar magnetic and gravity signatures as the known
ultramafic outcrops e.g. Mihanza and Mwaka Hills, and which can be
confidently interpreted as new areas of sub-cropping ultramafic
rocks and targets for follow up exploration;
-- The interpretation results resolves some of the internal
geological structure of the HIUC, showing it is comprised of a
number of attenuated and folded ribbons of ultramafic rocks within
the general granite-gneiss country rock which will assist
geological interpretation and help focus exploration on areas with
best potential;
-- The interpretation has identified a new zone of ultramafic
rocks over a strike length of approximately 30 km similar to the
HIUC, which will be a new target zone for follow up
exploration;
-- The results will allow Kibo to further rationalise the Haneti
project by relinquishing areas where no ultramafic target rocks
prospective for Ni-Cu-PGM style mineralisation are indicated;
Louis Coetzee, Chief Executive Officer of Kibo Mining plc, said:
"We are extremely pleased with the results emerging from this
geophysical interpretation, which significantly enhanced our
understanding of the geological structure of the Haneti project at
minimal cost. The results will allow us to identify further
priority areas for follow-up work and from which additional drill
targets similar to those already defined at Mihanza and Mwaka Hills
for Ni-Cu-PGM style mineralisation will be developed.
The latest results reconfirm our strong belief in the
significant potential of Haneti and its considerable prospectivity.
We believe Haneti can generate significant value for shareholders
through future work programmes, which amongst others includes a
priority first phase drill programme and potential subsequent
project partnerships.
We are pleased to see the Haneti project come into its own and
take its place as a driver of shareholder value alongside our Mbeya
Coal to Power Project and our Imweru Gold Project. Further updates
across the Company's portfolio are expected to follow shortly."
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 prospect 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, Spinifix Geophysics 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 Haneti-Itiso Ultramafic Complex (HIUC)
be modeled which will assist with more focused targeting for follow
up exploration and definition of drill targets. The interpretation
confirms that the HIUC extends over a strike length of up to 80 km
as a series of broadly northwest-southeast trending attenuated and
folded ribbons of ultramafic rocks within the general
granite-gneiss country rock. Kibo's exploration programmes to date
have concentrated on the central 25 km of this nickel prospective
rock sequence (equivalent to approximately 31% of the entire HIUC
strike length) where it has already established drill targets at
Mihanza Hill and Mwaka Hill that it plans to drill during 2015. The
geophysical signatures of the outcropping Mihanza and Mwaka targets
can be clearly seen in the interpretation and have helped to infer
extensive zones of sub-cropping ultramafic rocks of similar
composition through the HIUC. This will permit the identification
of the priority areas for follow-up mapping, soil sampling, and
ground geophysical surveys to develop other drill targets similar
to Mihanza & Mwaka. A notable feature from the interpretation
is the complexly folded internal structure of the HIUC which is
most clearly interpreted from the magnetic data and extends the
sub-cropping footprint of the HIUC over a wider area than
previously interpreted. This feature is common in similar nickel
prospective ultramafic sequences in East Africa and, while making
the geology more complex, may result in secondary enrichment
resulting from re-mobilisation of primary sulphides as seen in
other Ni-Cu-PGM style deposits globally.
In addition to assisting with a more detailed resolution of the
HIUC, the geophysical interpretation has also indicated a new zone
of northwest-south east trending mafic-ultramafic rocks in the
south-west of the surveyed block over 30 km strike. These rocks
provide the Company with a new target zone prospective for
Ni-Cu-PGM style mineralisation similar in structure to the
HIUC.
The Company is continuing to work with Spinifix to carry more
detailed modelling and interpretation work on the geophysical data
to extract as much information as possible pertaining not just to
the Ni-Cu-PGM potential but also the gold and
lithium-niobium-tantalum potential of the project. Specific
modelling on the Mihanza and Mwaka drill targets will be undertaken
prior to drilling, to optimally locate the proposed drill holes on
these prospects. This approach is consistent with our strategy to
obtain the maximum information from our exploration database on
Haneti by focussed desk studies carried out both in-house and by
experienced consultants prior to recommencing field exploration
including drilling.
An additional benefit from this geophysical interpretation is
that it will permit the Company to continue to consolidate the
Haneti tenement package.
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 aerial 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.
Maps showing the location of the prospects discussed above and a
preliminary geophysical interpretation map of the central Ni-Cu-PGM
prospective area can be found on the Haneti project page of the
Company's website (www.kibomining.com).
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
Lucinda Alderson 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
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
Material Cut- Specific Metric Gold Contained
Area Type Classification off Gravity Tonnes Short Grade Gold Ounces
(g/t) (t) Tons (g/t) (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 Centraland 25 g/t at Imweru East, the cut-off
grade isbased on a gold price of US$1,200 and a 90% metallurgical
recovery is assumed in calculation of cut-offgrade. A base case of
0.40 g/t has been selected.
** Classification of MineralResources incorporates the terms and
definitions from the Australian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves (JORC Code) published
bythe 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*
-------------------------------------------------------------------------------------------------------
East Zone East Zone
Category West Zone South East Zone North Total
Mid
--------------------------- -------------- ------------- ------------- ------------- -------------
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
24 June 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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