Kibo Mining finds more potential in Tanzania

Posted on : Friday , 26th June 2015

Mineral exploration and development company Kibo Mining has identified a new zone of ultramafic rocks over a strike length of about 30 km, similar to the Haneti-Itiso Ultramafic Complex (HIUC), in Tanzania. This would be a new target zone for follow-up exploration, the Aim-listed company said on Wednesday. MORE INSIGHT Kibo starts exploration work at Tanzania gold project Kibo Mining raises £1.5m Kibo raises £950 000 through share placement The airborne geophysical data interpretation, carried out over its Haneti nickel project, also confirmed an 80 km strike length of the nickel/copper/platinum group metals (Ni-Cu-PGM) prospective complex. "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,” Kibo CEO Louis Coetzee said. He added that the results reconfirmed the company’s 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, besides others, includes a priority first-phase drill programme and potential subsequent project partnerships,” said Coetzee. A number of other areas were also being identified within the HIUC showing similar magnetic and gravity signatures as the known ultramafic outcrops, such as Mihanza and Mwaka Hills, and could be confidently interpreted as new areas of subcropping ultramafic rocks and targets for follow-up exploration.