Katoro Gold PLC - Haneti Nickel Project Update
(Registration Number: 9306219)
Share code on AIM: KAT
("Katoro" or "the Company")
· As part of regional exploration reconnaissance, the Haneti exploration team have identified several pegmatite outcrops included within two abandoned artisanal pits;
· The pegmatites appear to intrude along the sheared contact between granite gneisses and serpentinised ultramafic rocks and consist of coarse quartz, lepidolite, and red and black tourmaline;
· Lepidolite contains significant lithium and its presence may be indicative of the presence of lithium minerals such as spodumene and petalite. These pegmatites can also prove prospective for rare earth elements as well as other exotic minerals such as tantalite-columbite;
· There is a clear indication for further exploration work in this area and
· A further work programme is being developed which may include a regional desktop study, detailed field mapping and geochemical analysis, principally to identify lithium bearing minerals including spodumene and petalite and to assess the extent of any mineralisation identified.
Notwithstanding the nickel sulphide focus, work completed to date has also identified the potential for lithium and rare earth element mineralisation and we have decided to investigate this potential immediately, and in parallel to our nickel drill programme.
Recognising the findings, we have moved to rapidly secure licence ground to cover the areas of interest and may extend this licence coverage, should additional zones of interest be identified.
These are exciting times for Katoro as we move into the initial fully funded drilling phase for nickel sulphides and now undertake work to investigate lithium prospectivity."
Background to the
Katoro has a 75% interest in Haneti, a highly prospective, high-grade nickel sulphide asset in
The Company and Power Metal have been undertaking a review and analysis of all historic work completed on the 5,000 sq. km polymetallic Project and believe that it could host a chonolith type nickel sulphide deposit. Previous work undertaken, totalling approximately
In 2012/13, the
Haneti lies within the ground area covered by the HIUC and, following the findings above, was subject to an independent geochemical interpretation, which identified the Mihanza Hill area as a prime drill target for nickel, copper and PGM mineralisation. The findings from the geochemical interpretation report and the in-house review thereon was sent to
A follow up extensive soil sampling programme was then undertaken, the results of which were announced by Katoro on
Following further review of the accumulated work undertaken, the JV partners have agreed to immediately implement a drill programme at two of the Project's key targets: Mihanza Hill and
The main objective of the 2019 exploration work programme will be to ascertain the existence of disseminated or massive sulphide mineralisation at the identified high priority exploration targets. Using a variety of exploration techniques, the programme will seek to define a future drilling programme. Further information regarding this programme, including more extensive information on the drilling methodology and additional geological rationale for the targets selected for drilling, will be provided in due course.
This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014.
For further information please visit www.katorogold.com or contact:
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+44 (0) 20 7409 3494
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+44 (0) 203 7000 093
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+44 (0) 207 236 1177
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