Katoro Gold PLC - Haneti Nickel Sulphide Drill Programme Finalised
(Registration Number: 9306219)
Share code on AIM: KAT
('Katoro' or 'the Company')
HANETI PROJECT - NICKEL SULPHIDE DRILL PROGRAMME FINALISED
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· The main prospective belt of rocks within the
· The JV partners being
· Confirmation of targeted geological structures and the discovery of a new nickel sulphide deposit or deposits would generate considerable commercial value for the JV partners.
· Exploration work will align with and complement discussions with third parties, who have expressed interest in the
· First stage exploration programme verifying and drill-testing potential chonolith-type nickel sulphide mineralisation within the HIUC.
· A short shallow (100m) rotary air blast drill programme will seek to verify three near-surface targets ahead of a confirmatory deep (300m) diamond drilling programme.
· Airborne geophysics over the wider project area will seek to delineate additional deep-seated targets.
· Katoro's share of the outlined drill programme is to be funded from existing cash resources, following the Company's recent
"The Haneti project encompasses a significant project area within which Katoro has previously identified a number of very promising drill targets that are prospective for possible nickel sulphide deposit(s). Our first drill programme will aim to enhance our existing understanding of the geological characteristics of the Project and to potentially identify the existence of nickel sulphides. We have opted for a diligent approach in the form of a two-stage drill programme, using shallow rotary air blast drilling to verify the proposed targets which will be followed, subject to results from the initial drill programme, by a follow-on deeper diamond drill programme.
"Preparations are currently underway for the launch of the drill programme and we look forward to announcing mobilisation, which will not only mark a historic milestone in the execution of the Haneti exploration programme but also an exciting point for the Haneti Joint Venture with
"I look forward to providing further updates and to inform the market on our future project strategies and plans for Haneti in due course."
HANETI PROJECT OWNERSHIP STRUCTURE
Power Metal also holds an option to increase its interest in the Project from 25% to 35% through a payment to
One of the key exploration objectives for the JV partners at the
HANETI GEOLOGY AND
The main prospective belt of rocks within the
Geologically, the Haneti tenements straddle the boundary between the Archaean Dodoman Craton to the south‐west and gneisses of the Palaeo‐
Bordering the Haneti block to the west, a new greenstone belt, the Londoni Greenstone Belt has been recognised in recent years within the Archaean Dodoman System. This greenstone geology extends southeast into the Haneti project where work on third party mining claims that occur within the Haneti prospecting licence Offer area, PLA 1162, has reported positive results.
The Haneti area was first explored in 1931 by a private prospector who collected a Ni‐rich magnetite sample at Mihanza Hill. Later trenching uncovered a few discontinuous green‐stained veins rich in Ni‐silicates and containing several percent nickel.
In the early 1960s the
Further geological mapping and sampling was undertaken in 2006, 2007 and in 2013.
An airborne electromagnetic ('AEM') geophysics survey was completed over the Mihanza and
A study commissioned with a consultant expert in ultramafic geochemistry in 2015 identified the nickel, copper, platinum, palladium anomaly at Mihanza Hill as a drill ready target. This report suggested that the Itiso‐Haneti Ultramafic body may fit the Chonolith-Type Nickel exploration model which would imply that the main ultramafic belt may have small discrete sulphide bodies associated with it.
In 2019 a number of soil samples, collected during the 2013 exploration programme, were sent for analysis and the results confirmed the existing knowledge base and also identified a new ultramafic subcrop.
PROPOSED EXPLORATION DRILL PROGRAMME
Three preliminary target areas have been selected for exploratory diamond drilling; Milhanza Hill;
In order to maximise the chances of intersecting mineralisation, the diamond drilling will be preceded by a 20 hole programme of confirmatory rotary air-blast ('RAB') drilling. This phase will consist of 2,000 metres of RAB drilling consisting of two drill fences, 10 x 100 metre spaced, 100 metre deep holes.
The RAB drilling will seek to verify the existence of near surface mineralisation whilst increasing the geological understanding such that the orientation and the meterage of the follow-up diamond drill holes can be optimised to confirm the scale of potential massive sulphide mineralisation.
All RAB drill samples will be subject to multi element and base metal analysis on three metre composites with select samples analysed for platinum group elements.
The exact number and meterage of diamond drill holes will be refined by the RAB drill studies however the initial plan is for a minimum of three, 300 metre deep diamond holes.
The diamond holes are planned to provide a full intersection through the ultramafic inclusion and to provide fresh rock samples for detailed geochemical, petrographic and isotope analysis. The aim is to identify nickel sulphide mineralisation.
In addition, an airborne Versatile Time Domain Electromagnetic ('VTEM') geophysics survey with the capability to generate targets at a depth of several hundred metres, is planned, to provide coverage of a greater proportion of the
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 20 3440 6800
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+44 (0) 1483 413 500
SI Capital Ltd
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+44 (0) 20 7236 1177
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Investor and Media Relations Adviser
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