Katoro Gold PLC Imweru PFS expanded to Include a LiDAR Survey (3975X)
24 November 2017 - 6:00PM
UK Regulatory
TIDMKAT
RNS Number : 3975X
Katoro Gold PLC
24 November 2017
Katoro Gold plc (Incorporated in England and Wales)
(Registration Number: 9306219)
Share code on AIM: KAT
ISIN: GB00BSNBL022
("Katoro" or "the Company")
24 November 2017
Katoro Gold Plc ("Katoro" or the "Company")
Imweru Project's Pre-Feasibility Study Expanded to Include a
LiDAR Survey
Katoro Gold Plc (AIM:KAT), the Tanzania focused gold exploration
and development company, is pleased to announce that it has
commissioned a Light Detection and Ranging ("LiDAR") survey at its
Imweru gold project ("Imweru") in Tanzania to further strengthen
the Pre-Feasibility Study ("PFS"), which remains on track to
complete in the near term.
The Company is advancing Imweru through a work programme
consisting of the completion of a PFS, drilling programme, a
feasibility study and the application for a Mining Licence as well
as an Environmental and Social Impact Assessment ("ESIA").
Accordingly, as a valuable addition to the PFS, a LiDAR survey has
been commissioned without compromising the timeline or budget.
The survey will use pulsed laser light to create a highly
accurate data set over the entire envisaged Imweru mining area. The
survey will measure the distance to a surface target area by
illuminating that target with a pulsed laser light, and in doing so
measuring the reflected pulses with a sensor. In the case of
Imweru, this will be used to produce a digital topographical
database to enable the creation of high-resolution topographical
maps which will provide high accuracy data for the final resource
estimation and optimised mine design. The airborne LiDAR survey
will be executed with a Piper PA-32 Cherokee 6, which is modified
for this purpose and approved by the Tanzanian Civil Aviation
Authority.
The approximate US$14,000 cost of the LiDAR survey will be
satisfied through the issue of new ordinary shares in Katoro on
delivery of the survey report, with the number of new ordinary
shares to be issued to be determined based on the Katoro share
price at the time of such issue.
Additionally, Katoro recently completed Phase 2 of the ESIA,
used for predicting and assessing the potential environmental and
social impacts of a project, evaluating alternatives and designing
appropriate management and monitoring measures and has subsequently
received approval from the National Environmental Management
Council to proceed with Phase 3 (final phase) of the ESIA.
Louis Coetzee, Executive Chairman of Katoro commented: "We are
delighted to have commissioned the LiDAR survey, which will add
integrity and confidence to the PFS. Thanks to completing previous
milestones at Imweru ahead of schedule, we can deliver this
supplementary survey without compromising the timeline for the PFS
and at no additional cash cost. Good progress continues to be made
on advancing Imweru and I look forward to providing further updates
in this regard over the coming months."
**ENDS**
For further information please visit www.katorogold.com or
contact:
Louis Coetzee +27 (0)83 Katoro Gold Executive Chairman
2606126 plc
Jon Belliss +44 (0)207 Beaufort Securities Broker
382 8300 Limited
Richard +44 (0)20 Strand Hanson Nominated Adviser
Tulloch 7409 3494 Limited
Ritchie
Balmer
Frederick
Twist
Isabel de +44 (0)207 St Brides Partners Investor and
Salis 236 1177 Ltd Media Relations
Priit Piip Adviser
Notes to editors:
In May 2017 Katoro was admitted to trading on AIM. Katoro owns
100% of the Imweru and Lubando Gold Projects in Tanzania, 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 announced as required
and posted on its website www.katorogold.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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