TIDMKAT
RNS Number : 9441M
Katoro Gold PLC
26 January 2021
Katoro Gold plc (Incorporated in England and Wales )
( Registration Number: 9306219)
Share code on AIM: KAT
ISIN: GB00BSNBL022
("Katoro" or "the Company")
26 January 2021
Katoro Gold plc ('Katoro' or the 'Company')
HANETI NICKEL PGM PROJECT - DRILLING UPDATE
Katoro Gold plc (AIM: KAT) ("Katoro"), 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" or the "Project") in Tanzania.
Katoro holds a 65% ownership interest in Haneti with 35% held by
Power Metal Resources plc (LON:POW)("Power Metal").
HIGHLIGHTS:
-- Maiden drill programme now complete with 1,965 metres of
Rotary Air Blast ("RAB") drilling completed over 50 holes at
Mihanza Hill and Mwaka Hill with 1,965 samples collected.
-- 776 three metre composite samples prepared from the RAB drill
programme with a Quality Assurance/Quality Control sample inserted
every 10 samples.
-- All RAB samples have now been sent to SGS Tanzania ("SGS"),
an accredited assay laboratory, all samples will be analysed by
their multi-element Aqua Regia Digestion/ICP-OES method with 13
select samples to also be tested using Fire Assay for gold,
platinum and palladium.
-- In addition, 4 rock samples collected from mapping have been sent to SGS for assay.
Louis Coetzee, Chairman of Katoro Gold plc, commented: "We are
very pleased with the successful completion of the first drill
programme at Haneti, marking a significant milestone in the ongoing
exploration programme at the Project. We have a very clear
exploration strategy for Haneti and, subject to the outcome of
results from the maiden drill programme, are ready to proceed with
the next phase.
"We would like to thank the exploration team who forfeited their
Christmas break and worked hard over the traditional Christmas
season to implement this programme successfully, particularly given
the challenging weather conditions towards the latter half of the
programme."
HANETI PROJECT - NICKEL SULPHIDE AND PGM TARGETS - 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
The RAB drilling programme focussed on the Mihanza Hill and
Mwaka Hill targets which were selected based on the recommendations
of the 2012 airborne electromagnetic ("AEM") geophysics survey, the
detailed field programme undertaken in 2013 and further
supplementary exploration findings. Drilling was focused on Mihanzi
Hill and Mwaka Hill for this campaign, as they were considered to
be the priority targets at this stage.
The 1,965m RAB drilling programme consisted of 50 holes drilled
on linear fences across the targets. The programme is seeking 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 was 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.
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 a number of 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.
**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 info@stbridespartners.co.uk St Brides Partners Investor and Media
Beth Melluish Ltd Relations Adviser
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