Katoro Gold PLC Diamond Drilling at Haneti Nickel PGM Project (6465U)
April 07 2021 - 4:00AM
UK Regulatory
TIDMKAT
RNS Number : 6465U
Katoro Gold PLC
07 April 2021
Katoro Gold plc (Incorporated in England and Wales)
(Registration Number: 9306219)
Share code on AIM: KAT
ISIN: GB00BSNBL022
("Katoro" or "the Company")
7 April 2021
Katoro Gold plc ("Katoro Gold" or the "Company")
Haneti Nickel PGM Project - Decision to Proceed with Diamond
Drilling Programme
Katoro Gold plc (AIM: KAT), the AIM listed gold and nickel
exploration and development company, is pleased to announce an
update regarding a maiden rotary air blast ("RAB") drill programme
targeting the discovery of nickel and platinum group metals ("PGM")
at the Haneti Nickel PGM Project ("Haneti" or the "Project") in
Tanzania.
Katoro Gold holds a 65% ownership interest in Haneti with 35%
held by Power Metal Resources plc.
Louis Coetzee Executive Chairman of Katoro Gold PLC said: "We
are delighted to report that following receipt of the results from
the recently completed RAB drill programme at Haneti, the decision
has been made to advance the Haneti Nickel PGM Project to deep
diamond drilling.
"Information from the recent shallow drilling results and the
discovery of new gossanous nickel-copper-magnetite veining at
Mihanza Hill, confirmed the results from previous exploration work
done at Haneti, which was the primary objective of the RAB drill
programme. The latest results provided the confirmation we wanted
to take the next step in our exploration strategy for Haneti and to
proceed with deep diamond drilling. With the diamond drill
programme, we will assess the potential for possible economic
nickel sulphide mineralisation at Haneti.
"We are currently busy with the planning and design of an
appropriate diamond drilling programme as well as the selection and
engagement of a suitable drilling contractor.
"We look forward to providing further updates shortly."
Details
An inaugural diamond drilling programme is now planned to test
for nickel and PGM sulphide mineralisation at depth following the
successful completion of the shallow RAB drilling programme at
Mihanza Hill and Mwaka Hill and the identification of
nickel-copper-magnetite gossanous veins at a new outcrop at Mihanza
Hill.
Following the completion of the 50 hole (1,965m), shallow RAB
drilling programme at Mihanza Hill and Mwaka Hill, announced 26
January 2021, the assay results have now been received from SGS
Laboratories and a decision has been made to progress to a diamond
core drilling programme in order to test for nickel sulphide
mineralisation at depth.
The objective of the RAB drilling programme was to delimit the
extent of ultramafic intrusive geology below nickel enriched
laterite and regolith cover, on two approximately 1km long
transects orientated across time-domain electromagnetic ("TDEM")
geophysics anomalies previously identified at Mihanza Hill and
Mwaka Hill.
The deeply weathered nature of the rocks intersected by the
shallow RAB drilling meant that no fresh un-altered rock or primary
nickel sulphide mineralisation was delineated though the programme
has successfully allowed the determination of gneiss-ultramafic
serpentinite hangingwall/footwall contacts helping to further
constrain the diamond drilling target area.
Importantly, concurrent surface mapping has identified small
scale nickel-copper-magnetite gossanous veins at a new outcrop at
Mihanza Hill. The geological team consider this discovery as
substantiation of the potential for primary nickel rich sulphide
mineralisation within the underlying ultramafic body, underpinning
the requirement to progress to a deep drilling programme.
Diamond drilling is now planned to a depth of at least 400m in
order to intersect the TDEM and magnetic geophysics anomalies, to
test for primary sulphide mineralisation and to obtain fresh
unaltered rock samples for mineralogical analysis. Further details
on the planned diamond drill programme and the starting date will
be provided shortly.
**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 Adviser
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
Charlie Hollinshead Ltd Relations Adviser
TECHNICAL REVIEW STATEMENT
The technical information contained in this disclosure has been
read and approved by Mr Noel O'Keeffe B,Sc (Hons) Geology, PGeo),
who is a qualified geologist and has more than five years'
experience in the type of mineral setting being reviewed. Mr
O'Keeffe acts as the Competent Person under the AIM Rules - Note
for Mining and Oil & Gas Companies and is also a director of
Kibo Energy PLC who holds a 25.37% beneficial interest in
Katoro.
The information contained within this announcement is considered
to be inside information prior to its release, as defined in
Article 7 of the Market Abuse Regulation No.596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
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END
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