Katoro Gold PLC Imweru Drill Programme Update (1122I)
15 June 2017 - 4:00PM
UK Regulatory
TIDMKAT TIDMKIBO
RNS Number : 1122I
Katoro Gold PLC
15 June 2017
Katoro Gold plc (Incorporated in England and Wales)
(Registration Number: 9306219)
Share code on AIM: KAT
ISIN: GB00BSNBL022
("Katoro" or "the Company")
15 June 2017
Imweru Drill Programme Update
Katoro Gold plc ("Katoro" or the "Company") (AIM: KAT), the
Tanzania focused gold exploration and development company, is
pleased to announce that the drilling programme on its Imweru gold
project in Tanzania commenced two months ahead of schedule and is
progressing at pace.
The first four drill holes were completed faster than expected,
off the back of a programme deployment that was achieved in a very
impressive eight days from program authorisation to the
commencement of drilling. The first samples from drilling completed
to date, will also arrive at the laboratory for analysis, within
the next five days.
In addition to the samples referred to above, a number of
reverse circulation ("RC") samples and 1/4 core DD samples, have
also been prepared to satisfy the metallurgical analysis
requirement of the pre-feasibility study. These samples will be
exported to South Africa for analysis next week.
During meetings with the Tanzanian Ministry of Energy and
Minerals ("MEM") on 13 June 2017, the latest developments in
relation to possible further changes in mining policies and the
Tanzanian Mining Act were discussed. From these discussions, it was
clear that the Company's current operations are not in any way
affected by the current debate regarding the export of gold
concentrate.
Louis Coetzee, Executive Chairman of Katoro commented: "We are
extremely pleased with progress on the Imweru drill programme and
we are looking forward to receiving the first test results from the
laboratory. The excellent progress so far should also allow the
Company to advance the Imweru pre-feasibility study."
Enquiries
Katoro Gold plc +27 (0) 83 2606126
Louis Coetzee
Beaufort Securities Limited +44 (0) 20 7382 8300
Jon Belliss
Strand Hanson Limited +44 (0) 20 7409 3494
Richard Tulloch
Ritchie Balmer
Frederick Twist
Bell Pottinger +44 (0) 20 3772 2500
Liz Morley
Molly Stewart
Katoro Gold - Notes to editors
In May 2017 Katoro acquired the Imweru and Lubando Gold Projects
in Tanzania from Kibo Mining plc for a total consideration of
GBP3.66 million and was admitted to trading on AIM.
Following the acquisition, Katoro owns 100% of the Imweru and
Lubando Projects, 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 posted on its website
www.katorogold.com.
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").
This information is provided by RNS
The company news service from the London Stock Exchange
END
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