KIBO MINING PLC
Drilling Results
Kibo Mining plc ("Kibo" or the "Company") (AIM: KIBO) the mineral exploration and development company focused on gold and nickel projects in Tanzania, is pleased to announce drilling results on its Luhala project located in the Lake Victoria Goldfields of northern Tanzania. The Company will earn a 100% interest in the Luhala project through an option and royalty agreement with Canadian and American listed Tanzanian Royalty Exploration Ltd.
Highlights
Gold mineralisation intersected in six out of twelve holes drilled;
Best intersections of 8 metres at 2.99 g/t, 3 metres at 2.54 g/t and 2 m at 2.03 g/t; and
Extension of Kisunge East mineralised structure at depth confirmed.
Noel O'Keeffe, C.E.O. of Kibo commented:
"These drill results are consistent with expectations and confirm the continuation of the Kisunge East mineralised structure at shallow depth to the east from where it was previously drilled. Most significantly, the results provide confidence in the potential at Luhala to substantially increase the resource by follow-up drilling at Kisunge East and on the other mineralised zones on the project. ".
Christian Schaffalitzky, Chairman of Kibo added:
"It is relevant to compare the gold grades at Luhala with those on African Barrick's Tusker Deposit (Nyanzaga project) 40 km to the northwest and located on the same regional fault structure and with similar geology to Luhala. With a resource of ~ 4m ounces at 1.3 g/t, Tusker is currently being evaluated as a low grade bulk mining proposition by African Barrick. Compared with Tusker, drilling at Luhala has not been extensive and has only tested the mineralisation to a maximum depth of about 120 metres and mostly in the weathered zone. Clearly, there is significant potential on Luhala to increase the mineral resource by additional drilling."
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