Technical Report - Haneti

RNS Number : 4036C

Kibo Mining Plc

17 March 2014

 

Kibo Mining Plc

(Incorporated in Ireland)

Registration Number: 451931

(External registration number: 2011/007371/10)

Share code on the JSE: KBO

Share code on the AIM: KIBO

ISIN: IE00B61XQX41

("Kibo" or the "Company")

March 17, 2014

Technical Report Confirms Haneti Nickel, PGM and Lithium Target Potential

Kibo Mining plc ("Kibo" or the "Company") the Tanzania focussed mineral exploration and development company is pleased to announce it has identified a 30km strike of nickel-platinum prospectivity at Haneti following receipt of a comprehensive technical report covering full historical exploration and technical data from the Haneti project. The technical report, prepared by Mzuri Exploration Services ("MXS")("The Report"),the Company's exploration service provider in Tanzania, includes the full data and conclusions drawn from the 2013 exploration programme and provides a detailed assessment and recommendations for steps to be taken to confirm the nature and extent of mineralisation identified on the company's 100% owned Haneti project.

Highlights:

·      30km strike of nickel-Platinum Group Metal ("PGM") prospectivity identified at Haneti

·      High priority nickel and PGM targets at Mwaka and Mihanza Hill confirmed

·      Potential of project to host lithium pegmatite mineralisation (lithium and associated elements such as niobium and tantalum) to be further investigated

·      Based on this technical report the company is now able to focus future activities on key tenements highly prospective for target mineralisation

The Report contains the following key data and recommendations:

·      Multi-element results from legacy and recent soil and rock geochemical surveys over the central 30 km strike of the Nickel-PGM prospective Haneti Itiso Ultramafic Complex ("HIUC") have been integrated to produce geochemical plots that point towards areas for follow up trenching/pitting, ground geophysics and drilling

·      Two target areas at Mwaka and Mihanza hills are recommended for initial drilling during 2014 based on a combination of anomalous soil and rock geochemistry, ground geophysics and favourable geology

·      Advanced statistical analyses and interpretation of the multi-element geochemical database by an independent expert on the geochemistry of weathered nickel sulphide bearing ultramafic terranes are being undertaken to guide future field activities on the project

·      Detailed aerial aeromagnetic,  radiometric and gravity data from a recently flown Government survey in the region and covering Haneti, when made available later this year, will supplement the Company's existing information database and technical understanding of the project

·      A rationalisation and consolidation plan for the project tenements is being formulated in order to focus resources on the key gold prospective (Londoni-Hombolo-Mosangani ) and the nickel-PGM prospective (HIUC ) trends based on the results of the 2013 regional mapping programme

·      A desktop study is recommended to assess the potential of the project to host economic lithium pegmatite mineralisation (lithium and associated elements such as niobium and tantalum) based on initial anomalous rock grab sampling results from lithium pegmatites identified  on the project

Louis Coetzee, C.E.O. of Kibo Mining, commented:

"The report released today demonstrates the strategic importance of Haneti and its potential to deliver considerable opportunity to the company going forward making the project one of the Company's key assets. Results from the 2013 exploration programme at Haneti, when integrated with prior historical work undertaken, demonstrate the high degree of prospectivity evident on the ground. Haneti provides Kibo with exposure to highly attractive nickel, gold and Platinum Group Metal targets; and now, potential strategic metal opportunities with lithium and niobium prospectivity. 

We are thankful for Votorantim Metals joint venture funding of the 2013 Haneti programme which was completed at no cost to Kibo shareholders.  The prospectivity confirmed in the report is exciting for the Company and shareholders, and we intend to move forward with the key steps outlined above in a disciplined manner to unlock the potential value for shareholders. 

Kibo Mining - Notes to editors

Kibo Mining is listed on the AIM market in London and the AltX in Johannesburg. The Company is focused on exploration and development of mineral projects in Tanzania, and controls one of Tanzania's largest mineral right portfolios. Tanzania provides a secure and stable operating environment for the mineral resource industry and Kibo Mining therein.

Kibo Mining holds a thermal coal deposit at Rukwa, which has a significant JORC compliant defined resource, and is developing a 250-350MW mouth-of-mine thermal power station with an established management team that includes Standard Bank as Financial Advisor.

Kibo also holds the Haneti Licence on which the latest technical report confirms prospectivity for nickel, PGMs, gold and strategic metals.

The Company also has extensive gold focused interests including Lake Victoria Goldfields and Morogoro projects. At Lake Victoria, the Company has projects with a substantial existing JORC compliant gold resource and is seeking to materially increase this resource through exploration of known extensions to existing mineralisation.

Kibo Mining also holds the Pinewood (coal & uranium) projects.

The Company's projects are located in the established and gold prolific Lake Victoria Goldfields, the emerging goldfields of eastern Tanzania and the Mtwara Corridor in southern Tanzania where the Government has prioritised infrastructural development attracting significant recent investment in coal and uranium. The Company has a positive working relationship with the Tanzanian government at local, regional and national levels and works hard to maintain positive relationships with all communities where company interests are held.  The Company recognises the potential to enhance the quality of life and opportunity for Tanzanian citizens through careful development of its projects.

Updates on the Company's activities are regularly posted on its website www.kibomining.com 

Contacts

Louis Coetzee	[phone]	Kibo Mining plc	Chief Executive Officer
Andreas Lianos	[phone]	River Group	Corporate Adviser and Designated Adviser on JSE
Jon Belliss	[phone]	Hume Capital	Broker
Stuart Laing	[phone]	RFC Ambrian Limited	Nominated Adviser on AIM
Daniel Thöle Lydia Eades	[phone] [phone]	Bell Pottinger	Investor and Media Relations

Review by Qualified Person

The information in this RNS has been reviewed by Noel O'Keeffe, P.Geo, who is a Member of the Institute of Geologists of Ireland. Noel O'Keeffe is Exploration Director of Kibo. Noel O'Keeffe has more than five years relevant experience in the styles of mineralisation and types of deposit under consideration.

Johannesburg

17 March 2014

Corporate and Designated Adviser

River Group

 

END

 

 

MSCJIMRTMBJBBRI