Katoro Gold plc (Incorporated in England and Wales)
(Registration Number: 9306219)
Share code on AIM: KAT
ISIN: GB00BSNBL022
("Katoro" or "the Company")
15 June 2017
Imweru Drill Programme Update
Katoro Gold plc ("Katoro" or the "Company") (AIM: KAT), the Tanzania focused gold exploration and development company, is pleased to announce that the drilling programme on its Imweru gold project in Tanzania commenced two months ahead of schedule and is progressing at pace.
The first four drill holes were completed faster than expected, off the back of a programme deployment that was achieved in a very impressive eight days from program authorisation to the commencement of drilling. The first samples from drilling completed to date, will also arrive at the laboratory for analysis, within the next five days.
In addition to the samples referred to above, a number of reverse circulation ("RC") samples and ¼ core DD samples, have also been prepared to satisfy the metallurgical analysis requirement of the pre-feasibility study. These samples will be exported to South Africa for analysis next week.
During meetings with the Tanzanian Ministry of Energy and Minerals ("MEM") on 13 June 2017, the latest developments in relation to possible further changes in mining policies and the Tanzanian Mining Act were discussed. From these discussions, it was clear that the Company's current operations are not in any way affected by the current debate regarding the export of gold concentrate.
Louis Coetzee, Executive Chairman of Katoro commented: "We are extremely pleased with progress on the Imweru drill programme and we are looking forward to receiving the first test results from the laboratory. The excellent progress so far should also allow the Company to advance the Imweru pre-feasibility study."
Enquiries
Katoro Gold plc |
+27 (0) 83 2606126 |
Louis Coetzee |
|
Beaufort Securities Limited |
+44 (0) 20 7382 8300 |
Jon Belliss |
|
Strand Hanson Limited |
+44 (0) 20 7409 3494 |
Richard Tulloch |
|
Ritchie Balmer |
|
Frederick Twist |
|
Bell Pottinger |
+44 (0) 20 3772 2500 |
Liz Morley |
|
Molly Stewart |
|
Katoro Gold - Notes to editors
In May 2017 Katoro acquired the Imweru and Lubando Gold Projects in Tanzania from Kibo Mining plc for a total consideration of £3.66 million and was admitted to trading on AIM.
Following the acquisition, Katoro owns 100% of the Imweru and Lubando Projects, which both have Mineral Resources established in accordance with the JORC (2012) Code. The total Mineral Resources stated for Imweru consist of 11.607 Mt at grade of 1.38 g/t for a Mineral Resource of 515,110 oz Au at a resource pay limit of 0.4 g/t for the open pittable material and 1.3 g/t for the underground material, while the Lubando Mineral Resources equate to 6.78 Mt at grade of 1.10 g/t for 239,870 oz Au at a pay limit of 0.4 g/t to a depth of 200 m and 1.3 g/t below the 200 m depth cut-off. The respective projects also include the earlier stage Sheba (within the Imweru Licence Portfolio and Imweru Option Portfolio), Pamba and Busolwa (both within the Lubando Licence Portfolio and Lubando Option Portfolio) projects. The JORC Code compliant Competent Person's Report for each of Imweru and Lubando are available on Katoro's website www.katorogold.com.
The Company's primary focus is on advancing and developing Imweru through a work programme which will include, inter alia, a feasibility study and a drilling programme, with the aim, subject to funding, to commence production with an initial target of 50,000 oz gold per annum within 18-24 months from admission to AIM.
Updates on the Katoro's activities will be posted on its website www.katorogold.com.
This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").
