Haneti Diamond Drill Programme Mobilizes

RNS Number : 9880X

Katoro Gold PLC

11 January 2022

 

Katoro Gold plc (Incorporated in England and Wales)

( Registration Number: 9306219)

Share code on AIM: KAT

ISIN: GB00BSNBL022

("Katoro" or "the Company")

 

11 January 2022

Katoro Gold PLC ('Katoro' or the 'Company')

Haneti Diamond Drill Programme Mobilizes

Katoro Gold PLC (AIM: KAT), the gold and nickel exploration and development company, is pleased to announce that mobilization for the Haneti diamond drill programme has commenced.

On the 8^th November 2021, the Company announced that it will be conducting a diamond drill programme on its Haneti Nickel project, in which the Company holds 65% ownership interest with 35% held by Power Metal Resources plc (LON: POW). Following the results received from the RAB drill programme that was completed in early 2021, it is expected that mobilization will be completed on or around the 17^th January 2022. Drilling on the 1,000-meter programme to commence on or around the 20^th January 2022.

Additional information as well as a map highlighting the planned locations for the 2022 diamond drilling programme can be found on slide 11 on the following link: https://katorogold.com/wp-content/uploads/2021/05/HANETI-Pres-21_v2.0_040521-1.pdf .

Katoro Executive Chairman, Louis Coetzee, said: "We are very pleased to be starting off the new year on a good note for the Haneti project. Commencing with the next phase of the diamond drill programme marks a milestone in our exploration strategy. Subject to the results from the diamond programme, we look forward to unlocking even more positive developments.

"In the process of planning and preparing for the abovementioned drill programme, the Company also successfully renewed all the prospecting licences that cover the Haneti project area. This means that the Haneti project now has another 7 years active life. This will also give us an opportunity for further exploration/ development of the Haneti project area."

HIGHLIGHTS:

-  The planned 1,000m drill programme consists of three deep diamond core targeting magmatic nickel (Ni) copper (Cu) platinum group element (PGE) sulphide mineralisation.  The work will constitute the first diamond drilling conducted out by the JV within the Haneti Project area.

- The planned drillholes are designed to provide a full intersection through the various ultramafic sequences to produce fresh rock samples for detailed geochemical and petrographic analysis.

- Two diamond core holes are planned at the Mwaka Target for a combined total of approximately 505m. The holes have current planned depths of 264m and 241m and are designed to test two discrete high-priority conductors which were identified during the 2012 electromagnetic ("EM") geophysics survey.

-      A single 495m deep diamond core drill hole is planned at the Mihanza Target. The Mihanza target was subject to a shallow Rotary Air Blast ("RAB") drill programme that was completed in early 2021; the programme confirmed the presence of near-surface Ni-Cu-PGE sulphide mineralisation. The Mihanza Target is centred around coincident magnetic high geophysical and nickel geochemical anomalies. Detailed modelling and inversion analysis of the airborne magnetic data completed in 2014 identified a large plug shaped magnetic anomaly (interpreted to represent an ultramafic body) which lies at roughly 300m below surface. This plug shaped body has never been drill tested, and the drill hole planned at Mihanza is specifically designed to intersect the anomaly at depth.

This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014.

**ENDS**

For further information please visit www.katorogold.com or contact:

Louis Coetzee	[e-mail]	Katoro Gold plc	Executive Chairman
Bhavesh Patel Andrew Thomson	[phone]	RFC Ambrian Limited	Nominated Adviser
Nick Emmerson Sam Lomanto	[phone]	SI Capital Ltd	Broker
Isabel de Salis Oonagh Reidy	[phone]	St Brides Partners Ltd	Investor and Media Relations Adviser

 

END

 

 

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