Kibo Mining announces positive results on Haneti Nickel Project
Airborne Geophysical Data Interpretation Results
AA – Kibo Mining Plc (“Kibo” or the “Company”) (AIM:KIBO; JSE AltX: KBO), the Tanzania focused mineral exploration and development company, is pleased to announce that it has received positive preliminary results from an independent Airborne Geophysical Data Interpretation carried out over its Haneti project in central Tanzania. The interpretation used recently acquired high resolution data acquired from the Geological Survey of Tanzania (see RNS of the 13th March 2015). Data processing and interpretation was carried out by Spinifex Geophysics of Perth, Western Australia.
- High resolution magnetic and gravity data show the interpreted aerial extent and geological structure of the Ni-Cu-PGM prospective Haneti-Itiso Ultramafic Complex (HIUC) confirming its continuity over 80 kilometers of strike length;
- A number of other areas have been identified within the HIUC showing similar magnetic and gravity signatures as the known ultramafic outcrops e.g. Mihanza and Mwaka Hills, and which can be confidently interpreted as new areas of sub-cropping ultramafic rocks and targets for follow up exploration;
- The interpretation results resolves some of the internal geological structure of the HIUC, showing it is comprised of a number of attenuated and folded ribbons of ultramafic rocks within the general granite-gneiss country rock which will assist geological interpretation and help focus exploration on areas with best potential;
- The interpretation has identified a new zone of ultramafic rocks over a strike length of approximately 30 km similar to the HIUC, which will be a new target zone for follow up exploration;
- The results will allow Kibo to further rationalise the Haneti project by relinquishing areas where no ultramafic target rocks prospective for Ni-Cu-PGM style mineralisation are indicated;
Louis Coetzee, Chief Executive Officer of Kibo Mining plc, said: “We are extremely pleased with the results emerging from this geophysical interpretation, which significantly enhanced our understanding of the geological structure of the Haneti project at minimal cost. The results will allow us to identify further priority areas for follow-up work and from which additional drill targets similar to those already defined at Mihanza and Mwaka Hills for Ni-Cu-PGM style mineralisation will be developed.
The latest results reconfirm our strong belief in the significant potential of Haneti and its considerable prospectivity. We believe Haneti can generate significant value for shareholders through future work programmes, which amongst others includes a priority first phase drill programme and potential subsequent project partnerships.
We are pleased to see the Haneti project come into its own and take its place as a driver of shareholder value alongside our Mbeya Coal to Power Project and our Imweru Gold Project. Further updates across the Company’s portfolio are expected to follow shortly.”
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