Katoro Gold
PLC
('Katoro'
or the 'Company')
New Uranium
Project
Staking
of White Pine Uranium Project in Ontario, Canada
09 September 2024: Katoro Gold
PLC (AIM:KAT), the strategic and precious minerals exploration
and development company, is pleased to provide a business
development update on the staking of the White Pine Uranium Project ("White Pine" or the "Project") in
Ontario, Canada through its 100% owned subsidiary Katoro Canada
Inc.
HIGHLIGHTS
§ Katoro moves into uranium
exploration with its first acquisition through staking of the White
Pine Uranium Project in Ontario, Canada.
§ The Project covers an area of
8036 hectares and is well situated close to the Trans-Canada
Highway.
§ While still very early stage,
data gathered thus far from the public domain (1980, 2003-05 &
2008) highlights the possibility for White Pine to host a
significant uranium discovery:
§ Highly anomalous
uranium1 in the bulk of lake sediments gathered across
the Project area;
§ Geophysical airborne
radiometric signature2 indicates the presence of
radioactive minerals;
§ A prospective geological
setting between two granitic rock bodies and associated radioactive
mineral occurrences3.
§ The Company initially intends
to undertake limited reconnaissance and sampling on the ground as
well as desktop-based assessment of the opportunity, which it
expects will amount to approximately £5,000 over the next 6 months;
further work thereafter will be determined by the results of this
initial assessment.
§ Canadian subsidiary Katoro
Canada Inc. formed to hold the Company's Canadian interests and
holds a 100% interest in the Project.
§ Further project opportunities
under review in precious and critical metals, including uranium, in
Canada and Southern Africa. The focus is on potentially high
impact opportunities through staking or
acquisition.
Patrick Cullen, Interim Chief
Executive Officer of Katoro Gold plc, commented:
"I
am very pleased to announce this development at Katoro. In parallel
with the work done in refinancing, reorganising and stabilising the
business, we have been reviewing a range of new opportunities of
varying scale and complexity, with uranium being one metal we are
focused on.
White Pine represents a notable first step into uranium
exploration for Katoro at what the Board believes is an opportune
time and in a world class jurisdiction. The significant uranium
experience within the leadership team and the Company's expanded
network has enabled us to evaluate and move quickly on this
opportunity.
The archives of the Ontario Ministry of Mines and other
resources in the public domain provide abundant exploration data
acquired by exploration companies and various government
programmes. These data all point towards significant uranium
prospectivity in our target area. I look forward to providing
updates on this exciting acquisition and other developments within
the business."
FURTHER INFORMATION
LOCATION
§ The White
Pine Project is located in the Kenora District in northwest
Ontario, Canada (see Figure 1 below) and comprises 384 cells
covering an area of 8,036 hectares. The Project is very
well-situated, about 5 kilometres from the Trans-Canadian Highway,
and 75 kilometres (or approximately one hour's drive) southeast of
the town of Dryden, population 7,749 (2016).
§ Ontario is
recognised and ranked as a world-leading jurisdiction for
exploration and mining investment and production. In addition, the
province has hosted historic uranium production at 15
uranium mines, with production commencing in 1955
up until the 1990s.
URANIUM PROSPECTIVITY
§ Based on
Open File Reports that comprise the wider Ontario Lake Sediment
Database, uranium in lake sediment values from the Project area
(see Figure 2) are considered very highly anomalous and extremely
anomalous when compared with regional data compiled from lake
sediment surveys conducted by the Ontario Geological
Survey1. The lake sediment results of up to 142 ppm U
across the White Pine claims represent some of the highest results
recorded by the Ontario Geological Survey in the
Province.
§ Statistical analysis was completed in-house at Katoro over an
area of approximately 15,000 km2 covered by the regional
lake sediment study. Results indicate that uranium in 20 samples
from 29 samples within the Project area contain uranium values
above mean plus 3 standard deviations (generally considered very
highly anomalous); 8 samples contain uranium values of between 3
and 5 standard deviations above mean (generally considered very
highly anomalous) and 9 samples from the Project area contain
uranium values in excess of 5 standard deviations above the mean
(generally considered extremely anomalous). These results, and
their spatial relationship are illustrated in Figure 2.
§ The
results of a radiometric survey2 over the Project area
(see Figure 3) indicate an intense radiometric signature over the
Project, extending at least 14km. This area aligns closely with the
anomalous uranium-in-lake sediments described above.
§ The White
Pine project area has prospective geology supportive of
intrusive-type uranium targets with two granitic rock bodies, which
have radioactive occurrences3 within them; the granites
intrude into an area of Archean felsic gneiss (see Figure 2). The
highly anomalous lake sediments, and a significant airborne
radiometric response are all concentrated in the same
area.
§ Other data
available from the Ontario Ministry of Mines archives includes
relatively detailed landforms maps4 which, on first
review, give support to the view that the elevated uranium values
indicated in other data are derived from a local source.
CORPORATE STRUCTURE
§ Katoro has
registered a new wholly owned Canadian subsidiary Katoro Canada
Inc. which owns a 100% interest in the Project. Katoro Canada Inc.
is incorporated in British Columbia and registered in
Ontario.
FURTHER STAKING INFORMATION
§ The total
cost of staking the project with the Ontario Ministry of Mines
Mineral Lands Administration System ("MLAS") is CAD$19,200 (GBP
£10,850) or CAD$50 per staked claim.
§ The newly
staked claims are issued for a two-year term with no minimum spend
requirement but which can then be extended for subsequent years by
spending a minimum of CAD$153,600 (GBP£86,800) per annum. This
assumes Katoro chooses to extend all claims which will only be
determined following this two-year initial term. If the area is
reduced or expanded, then this value may change.
REFERENCES
1Jackson, J.E. 2003, Lake Sediment Geochemical Data from the
Ignace Survey Area, Northwestern Ontario: Operation Treasure Hunt,
MRD118 & Russel, D.F., 2004, Lake
Sediment and Water Data for the Sturgeon Lake-Wabigoon Lake Area,
MRD130 & Felix, V.E., 2005, Lake
Sediment and Water Analytical Data for the Eagle Lake Area,
Northwestern Ontario, MRD 145
2Goldak Airborne Surveys 2008, Technical report on a
radiometric survey, Basket Lake Block, Northwestern Ontario, Takara
Resources Inc.
3Breaks, F.W. 1980, Sioux Lookout-Armstrong, Geological
Compilation Series, Kenora and Thunder Bay Districts, Ontario
Geological Survey: 2000 Series
Map, NTS Number: 52
4Mollard, D.G. 1980, Press Lake, Data Base Map, Northern
Ontario Engineering Geology Terrain Study, Ontario Geological
Survey: 5000 Series Map, NTS Number: 52
LOCATION, URANIUM IN LAKE SEDIMENTS, GEOLOGY AND RADIOMETRIC
MAPS
Figure 1: Regional
Map
Figure 2: Geology, Uranium in
Lake Sediments and Radioactive Occurrences
Figure 3: Radiometric and
Uranium in Lake Sediments
QUALIFIED PERSON STATEMENT
The technical information contained
in this disclosure has been reviewed and approved by Mr Nick
O'Reilly (MSc, DIC, MIMMM QMR, MAusIMM, FGS), who is a
qualified geologist and acts as the Qualified Person under the AIM
Rules - Note for Mining and Oil & Gas Companies. Mr
O'Reilly is a principal consultant working for Mining
Analyst Consulting Ltd which is providing independent
technical review to Katoro Gold PLC.
GLOSSARY
Archean (or Archaean) -
the geological period from 4,000 million years ago to
2,500 million years ago
Batholith - a type of igneous
intrusion
Felsic gneiss - a high-grade
metamorphic rock and dominated by light-coloured minerals, commonly
quartz and feldspar
Intrusive-type targets - exploration
targets associated with igneous intrusions
Igneous intrusion - type of rock
formed when magma cools and solidifies before it reaches the
surface
ppm - a concentration in parts per
million
Radiometric survey (or gamma-ray
spectrometric survey) - a geophysical process used to estimate
concentrations of the radioelements: potassium, uranium and thorium
in the near surface
U - uranium, a silvery-white
metallic chemical element in the periodic table, with atomic number
92
This announcement contains
inside information as stipulated under the Market Abuse Regulations
(EU) no. 596/2014.
Beaumont Cornish Limited ("Beaumont
Cornish") is the Company's Nominated Adviser and is authorised and
regulated by the FCA. Beaumont Cornish's responsibilities as the
Company's Nominated Adviser, including a responsibility to advise
and guide the Company on its responsibilities under the AIM Rules
for Companies and AIM Rules for Nominated Advisers, are owed solely
to the London Stock Exchange. Beaumont Cornish is not acting for
and will not be responsible to any other persons for providing
protections afforded to customers of Beaumont Cornish nor for
advising them in relation to the proposed arrangements described in
this announcement or any matter referred to in it.
For further information please
visit www.katorogold.com
or contact:
Katoro Gold PLC
Patrick Cullen, Interim Chief
Executive Officer
info@katorogold.com
Beaumont Cornish
Limited
Nominated Adviser
James
Biddle
+44 207 628 3396
Roland Cornish
SI
Capital
Ltd
Corporate Broker
Nick
Emmerson
+44 148 341 3500
Sam Lomanto
**ENDS**
