TIDMKIBO
RNS Number : 1216D
Kibo Mining Plc
27 January 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: IE00B61XQX41
("Kibo" or "the Company")
Dated: 27 January 2015
Haneti Nickel Project- Positive Geochemical Update
Highlights
-- Mihanza Hill prospect ("Mihanza") soil anomaly proves to be
consistent with that expected for a significant Ni-Cu-PGE sulphide
deposit
-- Key parameters of anomaly indicate a signature with the
potential to represent a significant magmatic Ni-Cu sulphide
source
-- Characteristics of Mihanza Ni-Cu anomaly suggests a possible
"chonolith" intrusion which dramatically improves the probability
of exploration success
-- Mihanza results validates and independently confirms the Ni-
Cu- PGM potential of the Haneti project
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 an independent
geochemical interpretation report (the "Report") based on detailed
analyses of its soil and rock geochemical over the
nickel-copper-PGM Haneti project in central Tanzania. The report
confirms the Mihanza area as a robust drill target with the
potential to represent the surface expression of a significant
Ni-Cu-PGE style sulphide deposit at depth. The work was carried out
by consultant geochemist Dr. Nigel Brand Geoservices Pty Ltd of
Perth Western Australia who has global experience interpreting
geochemical data over nickel sulphide style mineralisation targets
particularly in Australia and East Africa.
The geochemical analyses were primarily based on soil and rock
sampling results from Kibo's 2013 exploration programme at Haneti.
This geochemical study is the first component of desktop based
exploration data analyses that the Company is undertaking to
extract maximum benefit from available geological, geochemical and
geophysical data for the project before it commences the next phase
of exploration which will include drilling of priority targets.
Maps showing the location of the prospects discussed below can be
found on the Haneti project page of the Company's website
(www.kibomining.com).
Louis Coetzee, Chief Executive Officer of Kibo Mining plc,
commented: " With this new report to hand the case for further
exploration and development at Haneti is compelling. We
aredelighted that the geochemical work undertaken has highlighted
the nickel sulphide potential at Haneti and ratified historic
exploration work and our own findings as previously announced.
Various additional work is underway to review the entire dataset
from Haneti with a view to further improving our understanding. We
are now confidently moving forward to enable rapid visible progress
at Haneti, for the benefit of the company and our shareholders.
Further updates will follow."
Technical Discussion
Mihanza Prospect
The Report's most important finding is that the geochemical data
for Mihanza strongly supports the view that this is a robust drill
target with the potential to represent the surface expression of a
significant Ni-Cu-PGE style sulphide deposit at depth. Mihanza
together with Mwaka Hill (Mwaka) were previously identified from
the results of the Company's exploration surveys to represent two
well defined drill targets that it intends to test. In regard to
the Mihanza target, the principal conclusions from the Report
are:
-- Mihanza Hill forms a discrete, coherent and robust Ni-Cu-Cr
(PGE) soil anomaly supported by rock chip data. This anomaly has
developed on the gentle slopes and is not considered to be a
function of a weathered topographic high
-- When benchmarked against another soil data set collected over
a mineralized ultramafic complex in East Africa the Mihanza Hill
data shows close similarities to the Cu and Cr distribution, higher
in Pd and Ni
-- Mihanza Hill forms a discrete, coherent and robust
nickel-copper-chromium soil anomaly, supported by rock chip
data
-- The key parameters of this anomaly indicate a signature with
the potential to represent a significant magmatic Ni-Cu sulphide
source
-- Although limited the PGE soil data is anomalous and provides
supporting evidence for a sulphide association
-- Gossanous rock chip samples lie within the zone of coincident
Ni-Cu and strongly support the potential for Ni-Cu sulphides at
Mihanza Hill
-- The Mihanza Hill anomaly is consistent with that expected for
a significant Ni-Cu-PGE sulphide deposit
-- This is a drill ready target and the nature of the Mihanza
Ni-Cu anomaly suggests a possible chonolith intrusion (see below)
which dramatically improves the probability of exploration
success
The suggestion of a "chonolith" intrusion as the potential host
to sulphide mineralisation at Mihanza is supported in the Report by
the nature of the soil anomaly, the supporting rock sample data
(grades of up to 13% nickel and 2.3 grams per tonne combined
platinum & palladium have been previously reported at Mihanza)
and its regional setting at the southeast edge of the Tanzanian
Craton associated with deep crustal lineaments. Significantly,
"chonolith" intrusions are recognised as important hosts to nickel
sulphide mineralisation at Glencore/Barrick's Kabanga nickel
sulphide deposit (58 million tonnes @ 2.6% Ni) located, 670 km to
the northwest of Haneti on the northwest margin of the Tanzanian
craton. Among other major global chonolith associated nickel
sulphide deposits are Norilsk (Russia) and Voiseys Bay (Canada).
The importance of recognising a chonolith intrusion the potential
setting for any associated Ni sulphide mineralisation at Mihanza
can be appreciated from the fact noted in the Report that there are
62 chonoliths reported in the world, 58 of them have mineralization
of which 26 are mines and 9 are current projects.
Mwaka Hill Prospect
The report findings for the Mwaka is that the Ni and weak Cu
anomaly results probably reflect residual enrichment of nickel
(laterisation process) in an underlying ultramafic rock on a
topographic high and that geochemical support for an underlying
sulphide body at depth is weak. However, this interpretation is
based on an interpretation of the geochemical results alone and
does not consider the two EM conductors that have been identified
from geophysical surveys carried out by the Company in 2012. These
conductors indicate potential sulphide mineralisation at depth and
sustain Mwaka as a viable drill target that will still require
drill testing.
Other Areas
Similar to Mwaka, there is no strong evidence from the soil and
rock geochemistry for Ni sulphide mineralisation associated with
the Kwahemu-Yobo area along trend to the South, but the Report
recommends that the sampling grids be expanded and infilled in this
area to allow for a more comprehensive detailed analyses. Similarly
the Report finds that the other prospects (Mihanza South
Igari-Chini, Mwinditi, Mukulingu, Miti and Ndolonoti) need more
detailed sampling in order to carry out the detailed geochemical
analysis that was possible for Mihanza.
Regional Implications of Results
Based on the robustness of the Mihanza anomaly, the Report
recommends continuing expansion and infill sampling over the other
prospects and other areas along the Mihanza trend many of which
have not yet been sampled at an adequate density to allow for the
detailed interpretation possible at Mihanza. It is worth noting
that approximately only 25 km (31%) of the 80 km strike of nickel
sulphide prospective Haneti Itiso Ultramafic Complex has been
sampled in detail to date.
This Report focused exclusively on the nickel sulphide potential
of the Haneti project and as previously reported the gold and
lithium/strategic mineral potential of the project has also been
demonstrated and will be followed up as part of future follow on
exploration programmes.
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) 20 3693 Hume Capital Broker
Abigail Wayne 1470 Securities
Plc
------------------ ------------------- --------------- ------------------------
Oliver Morse +61 8 9480 2500 RFC Ambrian Nominated Adviser
and Trinity Limited on AIM
McIntyre
------------------ ------------------- --------------- ------------------------
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 Rukwa with
an integrated Coal-Power interim study report to be released in the
near term.
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, with
Preliminary Economic Assessment study findings to be released in
the near term.
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 signed a MOU to enter into a 50/50
Exploration Joint Venture with Metal Tiger plc.
Finally the Company also holds the Morogoro (gold) project where
the company has signed a MOU to enter 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
27 January 2015
Corporate and Designated Adviser
River Group
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCFQLFLEFFXBBK
Kibo Energy (LSE:KIBO)
Historical Stock Chart
From Jun 2024 to Jul 2024
Kibo Energy (LSE:KIBO)
Historical Stock Chart
From Jul 2023 to Jul 2024
