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Kibo’s Tanzania project drilling results likely to boost resource estimate

14th January 2014

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JOHANNESBURG (miningweekly.com) – Dual-listed Kibo Mining on Tuesday said new intersected mineralised zones uncovered during the Imweru project’s Phase 1 drilling programme were expected to boost its imminent updated resource estimate.

The results of the Tanzania-focused company’s 21-hole, 3 265 m reverse circulation and diamond drilling programme, in November, had improved Kibo’s confidence of significantly increasing the quality and quantity of the current resource of the Imweru tenement, CEO Louis Coetzee commented.

“The drill results from Imweru exceed our expectations and confirm not just the continuation of the Imweru mineralised zones between previously drilled locations, but new mineralised zones at depth,” he said.

The first-phase drilling, a continuation of the previously drilled Imweru Central Mineralised Zone (ICMZ) and the first of a two-phase programme, unveiled gold mineralisation intersected in 19 of the 21 holes, with the best intersections including 2.08 m at 11.37 g/t gold; 7 m at 1.68 g/t gold; 8.86 m at 1.70 g/t gold and 4.56 m at 1.93 g/t gold.

The ICMZ region formed part of a larger mineralised corridor on the project extending over a 10 km strike for which an existing inferred gold resource of 629 000 oz of gold had been estimated from drilling by previous operators.

Kibo was currently integrating the results with those from previous drilling initiatives to produce a Joint Ore Reserve Committee- (Jorc-) compliant updated resource estimate before embarking on the second phase of drilling and determining the most appropriate next phase of development for the project during the first half of 2014.

“We now look forward to producing an updated Jorc-compliant resource estimate before proceeding to the next development phase of the project,” Coetzee said.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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