Katoro Gold PLC Drilling Commenced at Haneti Nickel Project (0322K)
30 December 2020 - 6:00PM
UK Regulatory
TIDMKAT
RNS Number : 0322K
Katoro Gold PLC
30 December 2020
Katoro Gold plc (Incorporated in England and Wales )
( Registration Number: 9306219)
Share code on AIM: KAT
ISIN: GB00BSNBL022
("Katoro" or "the Company")
30 December 2020
Katoro Gold plc ('Katoro' or the 'Company')
Drilling Commenced at Haneti Nickel Project
Katoro Gold plc (AIM:KAT), the AIM listed gold and nickel
exploration and development company, is pleased to provide an
update regarding the maiden drill programme targeting the discovery
of nickel and platinum group metals ("PGM") at the Haneti Nickel
Project ("Haneti") in Tanzania. Katoro holds a 65% interest in
Haneti with 35% held by Power Metal Resources plc (LON:POW).
HIGHLIGHTS
-- Maiden drill programme underway at Haneti having successfully
mobilised the team and drill rig to site and with the local and
regional approvals in place.
-- 2,000 metres of Rotary Air Blast ("RAB") drilling planned
over 50 holes to circa 40 metres depth per hole.
-- The RAB drill holes will be drilled on profiles across the
three target areas in order to provide enhanced information of the
subsurface shape and orientation of the ultramafic rock bodies
being targeted and allowing for the optimisation of a planned
follow-on diamond drill programme.
-- Katoro's costs in respect of the programme are fully covered from existing cash resources.
Louis Coetzee, Chairman of Katoro Gold plc commented: "We are
very excited to see the first exploration drill programme at Haneti
now underway and look forward to updating shareholders as the work
progresses."
FURTHER INFORMATION
Project overview
The Haneti Nickel Project covers an area of approximately 5,000
km(2) in central Tanzania approximately 88 km north of the capital
city Dodoma. It comprises tenements (prospecting licences, offers
and applications) prospective for nickel, PGMs and gold.
One of the key exploration objectives for the JV partners at
Haneti is to delineate the potential for economic nickel
mineralisation on the linear dyke-like, Haneti-Itiso Ultramafic
Complex ("HIUC"), which sporadically crops out over a strike length
of 80 km through the centre of the tenement holding. The HIUC
mainly comprises serpentinites (metamorphosed ultrabasic rocks such
as dunite and peridotite), with metabasic rocks such as metagabbro
and metadolerite and is being targeted for a Chonolith-Type Nickel
exploration model.
RAB Drill Programme
An initial three target areas have been selected for RAB
drilling: Milhanza Hill; Mwaka Hill; and Igari Hill. These targets
are based on the recommendations of the 2012 AEM survey, the
detailed field programme undertaken in 2013, and further
supplementary exploration findings.
The planned 2,000 metres RAB drilling programme will consist
approximately 50 holes drilled on linear fences across the targets.
The programme will seek to verify the existence of near surface
nickel sulphide mineralisation at each target whilst increasing the
geological understanding such that the orientation and the meterage
of a planned follow-up diamond drill programme can be optimised to
confirm the scale of any nickel sulphide mineralisation.
The drilling will be conducted by an experienced Tanzanian
company in line with international best practice and in accordance
with health and safety and COVID-19 precautions.
Historic Nickel Exploration
The Haneti area was first explored in 1931 by a private
prospector who collected a nickel--rich magnetite sample at Mihanza
Hill. Later trenching uncovered a few discontinuous, green--stained
veins rich in nickel--silicates and containing several percent
nickel.
In the early 1960s, the Geological Survey of Tanzania carried
out mapping, pitting, soil sampling, trenching and rock chip
sampling of ultramafic outcrops on the Zoani, Mindii and Mihanza
hills, within the HIUC belt. Further geological mapping and
sampling was undertaken in 2006, 2007 and in 2013. Additionally, an
airborne electromagnetic ("AEM") geophysics survey was completed
over the Mihanza and Mwaka Hill anomalies in 2012 with further
geophysics flown in 2015.
A study commissioned with a consultant expert in ultramafic
geochemistry in 2015 identified the nickel, copper, platinum,
palladium anomaly at Mihanza Hill as a drill ready target. This
report suggested that the Itiso--Haneti Ultramafic body may fit the
Chonolith-Type Nickel exploration model, which would imply that the
main ultramafic belt may have small discrete sulphide bodies
associated with it.
In 2019, several soil samples collected during the 2013
exploration programme were sent for analysis and the results
confirmed the existing knowledge base and also identified a new
ultramafic subcrop (see RNS dated 30 January 2019).
**ENDS**
For further information please visit www.katorogold.com or
contact:
Louis Coetzee louisc@katorogold.com Katoro Gold plc Executive Chairman
Bhavesh Patel +44 20 3440 6800 RFC Ambrian Limited Nominated Advisor
Andrew Thomson
Nick Emmerson +44 (0) 1483 413 SI Capital Ltd Broker
Sam Lomanto 500
Isabel de Salis +44 (0) 20 7236 St Brides Partners Investor and Media
Beth Melluish 1177 Ltd Relations Adviser
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END
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