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Positive Phase 1 Drilling Results From The Imweru Gold Project
Kibo Mining Plc
(Incorporated in Ireland)
Registration Number: 451931
(External registration number: 2011/007371/10)
Share code on the JSE: KBO
Share code on the AIM: KIBO
ISIN: IE00B61XQX41
(“Kibo” or “the Company”)
Date: January 14, 2014
Positive Phase 1 Drilling Results From The Imweru Gold Project
Kibo Mining plc (“Kibo” or the “Company”) (AIM: KIBO; JSE AltX: KBO) the mineral
exploration and development company focused on gold, nickel, coal and uranium projects
in Tanzania is pleased to announce that it has now received all Phase 1 drilling results from
its Imweru project, located in the Lake Victoria Goldfields of northern Tanzania. The
drill programme which was completed in late November 2013, comprised 21 drill
holes for a combined total of 3,265 m of reverse circulation (RC) and diamond
drilling (DD).
• Gold mineralisation was intersected in 19 of the 21 holes drilled.
• Best intersections include:
2.08 metres @ 11.37 g/t Au (Hole IDD001)
7.00 metres @ 1.68 g/t Au (Hole IDD002)
8.86 metres @ 1.70 g/t Au (Hole IDD002)
4.56 metres @ 1.93 g/t Au (Hole IDD002)
4.75 metres @ 3.25 g/t Au (Hole IDD003)
7.00 metres @ 3.69 g/t Au (Hole IRC022)
o Including 2.00 metres @ 8.20 g/t Au
3 metres @ 9.02 g/t Au (Hole IRC023)
18 metres @ 1.67 g/t Au (Hole IRC023)
o Including 5.00 metres @ 4.90 g/t Au
6 metres @ 2.14 g/t Au (Hole IRC026)
5 metres @ 1.57 g/t Au (Hole IRC027)
4 metres @ 3.09g/t Au (Hole IRC027)
• New mineralised zones were intersected which have not been incorporated in the
previous resource estimate and should contribute to an increase in the updated
resource estimate
• Mineralisation remains open down dip and along strike
• The Company is now awaiting completion of an independent update of the existing
resource statement, prior to carrying out a Phase 2 drill programme.
Louis Coetzee, C.E.O. of Kibo commented:
“The drill results f r o m I m w e r u exceed o u r expectations and confirm not just the
continuation of the Imweru mineralised zones between previously drilled locations but
new mineralised zones at depth. These results improved our confidence levels in the
potential to significantly increase both the quality and quantity of the current resource on
the project. We now look forward to producing an updated JORC-compliant resource
estimate before proceeding to the next development phase of the project”
Table 1 below presents drill hole details and a summary of mineralised intersections.
Drill Hole Intersection Summary Table
Hole ID Dip Azimuth End of From To *Down **Gold Comments
Hole (m) (m) Hole Grade
Depth Interval (g/t)
(m) (m)
IDD001 -60 0 250 89 91 2 1.26
150 151.05 1.05 0.86
216 217 1 0.62
232.85 234.93 2.08 11.37 Includes 1.15m
@ 24g/t (uncut)
IDD002 -60 0 250 17 18 1 1.95
97.61 101 3.39 1.99 Includes 0.7 5
m @ 7.73 g/t
104.99 106 1.01 1.06
125 126 1 0.75
136 143 7 1.68
155.5 164.36 8.86 1.70
171 172 1 0.52
177.13 181.69 4.56 1.93
183 184 1 1.89
193 194 1 0.77
IDD003 -60 180 250 196.25 201 4.75 3.25
IRC016 -60 0 151 31 32 1 1.49
86 88 2 2.73
IRC017 -60 0 149 104 106 2 1.02
124 125 1 5.41
142 145 3 1.63
IRC018 -60 0 151 92 93 1 2.10
117 118 1 0.65
138 139 1 0.78
IRC019 -60 0 80 No significant intersection
IRC020 -60 0 150 No significant intersection
IRC021 -60 0 151 36 37 1 0.74
59 61 2 1.07
75 76 1 0.79
129 132 3 2.27
146 147 1 0.59
IRC022 -60 0 173 57 58 1 0.83
116 118 2 1.97
135 136 1 1.15
155 162 7 3.69 Includes 2 m @
8.20 g/t Au
IRC023 -60 0 150 24 25 1 2.15
108 111 3 9.02 Includes 1m @
211 g/t (uncut)
118 136 18 1.67 Includes 5m @
4.90 and 1m @
46.20 (uncut)
135 136 1 0.63
IRC024 -60 0 150 51 52 1 0.59
81 89 8 055
85 86 1 0.51
88 89 1 1.97
138 139 1 5.36
147 148 1 2.49
IRC025 -55 180 150 66 67 1 6.10
73 74 1 0.53
81 82 1 0.85
89 90 1 3.92
125 126 1 0.52
139 140 1 0.98
141 142 1 0.63
IRC026 -55 180 150 37 43 6 2.14 Includes 1m @
7.35 g/t
70 72 2 1.61
82 83 1 0.99
145 146 1 4.07
IRC027 -55 180 150 17 19 2 0.54
41 46 5 1.57 Includes 1m @
6.89 g/t
50 52 2 1.21
96 100 4 3.09 Includes 2 m @
5.83 g/t
108 109 1 0.65
146 147 1 1.67
IRC028 -55 180 150 52 56 4 0.79
71 72 1 1.06
139 140 1 0.56
141 142 1 0.55
IRC029 -55 180 150 17 18 1 0.52
29 36 7 0.58 Includes 1 m
@ 1.35 g/t, 1 m
@ 1.06 g/t and
1 m @ 1.32 g/t
35 36 1 1.22
41 42 1 1.34
52 53 1 0.52
102 103 1 0.57
125 126 1 1.28
143 144 1 1.22
IRC030 -55 0 142 94 95 1 2.08
121 124 3 0.67
133 134 1 1.08
IRC031 -55 0 100 17 18 1 1.66
40 41 1 0.56
65 66 1 1.83
IRC32 -55 0 118 54 55 1 2.30
69 73 4 0.53
72 73 1 1.29
IRC033 -55 0 100 89 90 1 2.06
*Down hole interval widths have not been interpreted as true widths and further
detailed modelling and interpretation of the drill results will be required to establish in
more detail the geometry of the mineralised shear zone.
**A lower cut-off grade of 0.5 g/t has been used in presenting the mineralised intervals.
Internal dilution within reported intervals does not exceed core lengths of 3m @ 0.1 g/t.
Gold sample values exceeding 20 g/t have been cut to 20 g/t in calculating the mineralised
intervals and the uncut single sample gold grades are shown in the comments column
where applicable. All gold values shown are the weighted average for the respective
intersections and are rounded to two decimal places.
Technical Notes
Details of Drilling
A programme of reverse circulation (“RC”) and core (“DD”) drilling comprising 21 holes
( 3 DD and 18 RC) totalling 3,265 metres was undertaken to infill drill and test the depth
continuation of the previously drilled Imweru Central Mineralised Zone (“ICMZ”) on Kibo’s
Imweru project located approximately 35 km west of the town of Geita in northern
Tanzania. The ICMZ forms part of a larger mineralised corridor on the project extending
over 10 km along strike for which an existing NI 43-101 compliant Inferred gold resource of
629,000 gold ounces has been estimated from drilling by previous operators (refer resource
statement below).
The recent drilling was completed over a strike length of 2.3 kilometres with holes angled
at 55 to 60 degrees to the north or south and drilled to down hole depths of between 80
and 250 metres. The three holes (IDD001 to IDD003) were collared as RC holes within the
weathered horizon but changed to DD holes from their intersection of fresh rock at depths
of 98.9 metres,78 metres and 90 metres respectively to their final depths of 250 downhole
metres. The drill programme was designed to provide in-fill drilling along the strike of the
ICMZ as well as targeting deeper mineralisation to previously identified intersections (>150
downhole metres). Table 1 above presents final drill hole details and results. A lower cut of
grade 0.3 g/t Au and a higher cut-off grade of 20 g/t Au was used in compiling the
mineralised intersections shown on Table 1 and gold values are rounded to two decimal
places. A map showing the drill hole locations and representative cross sections can be
found on the Company’s website at http://kibomining.com. The results of the exploration
campaign will be used to produce an updated geological model and mineral resource
estimate that is currently underway.
Discussion of Results
The drilling results exceed company expectations and demonstrated both the on-strike
continuity of the ICMZ modelled from previous drilling programmes and the existence of
new mineralised zones. The infill drilling has resulted in drill hole spacing of approximately
50m along the strike of the mineralisation which should provide for a more robust and
improved resource estimate to be produced.
The results from holes IRC016 to 018, 020 to 021 and DD hole IDD001 in the western part
of the ICMZ show mineralised intersections consistent with widths, grades and down hole
locations encountered in previously drilled neighbouring holes confirming the continuity of
gold mineralisation in the western part of the ICMZ. Significantly the drilling results in these
holes indicate some new mineralised zones not previously intersected the best of which is
the 3 metres @ 1.63 g/t Au from 142 metres to 145 metres in IRC 017. Additional narrower
previously undetected gold mineralised zones are also indicated from the results both to
the north and south of the currently modelled extent of the ICMZ.
The results from holes IRC019, 022-025 and DD hole IDD002 further along strike to the
east confirm and extend the mineralisation encountered from previous drilling and suggest
mineralised zones to be dipping to the south at both shallow angles of about 45 degrees
and sub-vertically. The higher grade and width intersections in IRC023 are particularly
noteworthy (3 metres @ 9.02 g/t Au and 18 metres @ 1.67 g/t Au). These intersections
contain 1 m high grade samples assaying 211 g/t Au and 46.20 g/t Au which have been cut
to 20 g/t Au to give the more conservative intersection grade as shown in Table 1). A
comparison of holes IRC019 and IRC022 shows that IRC019 may not have been drilled
sufficiently deep to intersect mineralised zones at >100 metres down hole depth
subsequently drilled in IRC022. The possibility of some shallower dipping mineralised zones
may have positive implications for an open-pit mine design should the company determine
the project has merit to proceed to preliminary economic studies.
The results from holes IRC026 to 029 and DD hole ID003 in the central part of the ICMZ
confirm that the mineralised zones dip steeply to the north along this section. The drill
results taken together confirm a broad mineralised envelope between down hole depths of
approximately 30 metres to150 metres containing scattered 1 to 6 metre higher grade
zones of 0.5 to 3 g/t Au. Best higher grade intersections include 6 m @ 2.14 g/t in IRC026, 4
m @ 3.09 g/t in IRC027 and 4.75 m at 3.25 g/t in IDD003. The results from holes IRC030 to
033 in the eastern part of the ICMZ also confirm narrow mineralised intervals of mostly 1
m in width with grades in the range 0.5 to 2 g/t Au. similar to that encountered in previous
drilling. These narrow intersections confirm continuity of the mineralised gold envelope
which remains open-ended to the east.
The mineralised intersections within all the holes are within variably oxidised granododiorite
and diorite which is strongly foliated and sheared with weak to moderate disseminated
pyrite and trace chalcopyrite. Other alteration includes chlorite, sericite, carbonate and
quartz vein stockwork and silica flooding the former becoming more intensive in
association with the gold mineralised zones. Preliminary interpretation suggests that the
gold mineralisation is carried in quartz veins and quartz vein stockworks while the overall
geometries of the mineralised stockworks is controlled by moderate to steeply dipping
shears and faults showing variable orientations to both the north and south across the
mineralised zone. Work is on-going in modelling the mineralisation in 3D to better
understand the detailed geometry of the mineralised zones and controls on mineralisation
in order to plan the next drilling phase.
The Company is now integrating these recent results with those from previous drilling to
produce an updated resource estimate to JORC standard and to determine the most
appropriate next phase of development for the Imweru project planned for
the first half of 2014. It should be noted that the ICMZ represents only 2.5 km of the
potential 10 km strike length of gold mineralised geology on the project.
Sampling, Analyses and Quality Control Procedures
The drilling was undertaken by Layne Drilling from Mwanza and supervised by the
Company’s Tanzanian exploration staff under the direction of Mzuri Exploration Services
Exploration Manager Graham Norton and project geologist Smith Jordan.
RC drill samples were collected at 1 metre down-hole intervals from surface. Each 1
metre RC sample was weighed, homogenised and sub-sampled on-site by riffle splitting
to produce approximately a 1.5 kilogram sample for laboratory submission. DD core was
removed from site under strict Company supervision to the nearby project camp site. DD
core was halved by electric diamond saw with one core half submitted for analyses and the
other half left in the core box for reference. DD sample intervals w ere a nominal 1
metre but varied in so m e instances at the core logging geologist’s discretion.
Standards, duplicates and blanks were inserted in all s a m p l i n g stream in compliance
with the Company’s quality control procedures. Samples were dispatched to the ALS
Chemex (“ALS”) preparatory laboratory in Mwanza under the Company’s chain of
custody procedure by Company personnel. Field sample rejects (RC) and drill core are
stored in a locked container at the Company’s field camp under security guard protection.
The drill samples for analyses were dried, weighed, sieved/jaw crushed, riffle split and
pulverised at ALS facility to produce a 50 g sub-sample for fire assay analyses and 1 gram
for multi-element analyses. Sub-samples were dispatched to ALS laboratory in
Johannesburg where the analyses was carried out. Laboratory standards, duplicates and
blanks are analysed with each sample batch analysed in accordance with the laboratory’s
quality control procedures. On-going monitoring of quality control samples and a review of
the final quality control report for the drilling found no discrepancies.
Kibo Mining - Notes to editors
Kibo was established in early 2008 to explore and develop mineral deposits in Tanzania. The
company was admitted to AIM in London on 27 April 2010 and the AltX in Johannesburg on
30 May 2011. The Company is developing the Rukwa mouth-of-mine thermal power station
and controls one of Tanzania’s largest mineral right portfolios, including the - Haneti (nickel,
PGE and gold), Morogoro, Lake Victoria (Gold), and Pinewood (Coal & Uranium) projects.
Its projects are located both 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.
Kibo's objective is to build shareholder value sustainably. This will be achieved primarily
through exploration of its own projects and leveraging the Company's experience in
Tanzania to acquire exploration and development assets on competitive terms. The focus is
on assets that can be moved swiftly up the value curve whilst benefitting from strategic
relationships with industry leaders with special skills and competencies within their chosen
fields.
Updates on the Company’s activities are regularly posted on its website
www.kibomining.com
Contacts
Louis Coetzee +27 (0)83 2606126 Kibo Mining plc Chief Executive Officer
Andreas Lianos +27 (0)83 4408365 River Group Corporate Adviser and
Designated Adviser on JSE
Jon Belliss +44 (0) 20 3216 XCAP Broker
2630
Stuart Laing +61 8 94802500 RFC Ambrian Nominated Adviser on AIM
Limited
Daniel Thöle +44 0207 8611606 Bell Pottinger Investor and Media
Relations
Kibo – gold exploration projects
The Lake Victoria project covers a gold prospective licence portfolio in Tanzania’s premier
gold mining region, the Lake Victoria Goldfield, has been recently enhanced by the addition of
two brownfield gold projects: Imweru and Lubando. Both projects have NI 43-101 compliant
gold resource.
TABLE1: IMWERU MINERAL RESOURCE SUMMARY–BASECASE*
Category Measured Resource Inferred
Indicated Resource
Resource (t) - - Resource
17,649,900
Grade (g/t) - - 1.11
Grade (oz/ton) - - 0.032
Total Gold (oz) - - 629,60
*Numbers are rounded. Composites capped at 25 g/t gold. Cut-off 00
grade of 0.5 g/t
gold based on a gold price of US$850/oz and assumed100% metallurgical recovery
.CIM definitions were followed for Mineral Resources.
Review by Qualified Person
Historic information in this announcement that relates to the Imweru mineral resources is taken
from the report titled “Technical Report on the Imweru property (Updated), Mwanza, Tanzania”
dated March 1, 2010” (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. Fier is 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 and is a
“Qualified Person” for reporting gold resources to the NI 43-101 Standard. New information
contained in this announcement that relates to exploration results, mineral resources or ore
reserves has been reviewed by Noel O’Keeffe, PGeo, who is a Member of the Institute of
Geologists of Ireland. Noel O’Keeffe is a Exploration Director of Kibo. Noel O’Keeffe has at
least five years experience within the sector which is relevant to the style of mineralisation and
type of deposit under consideration and to the activity which he is undertaking to qualify as a
qualified person. Noel O’Keeffe consents to the inclusion in the report of the matters based on
his information in the form and context in which it appears.
Johannesburg
14 January 2014
Corporate and Designated Adviser
River Group
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