Katoro Gold plc (Incorporated in England and Wales)
(Registration Number: 9306219)
Share code on AIM: KAT
("Katoro" or "the Company")
Dated: 30 January 2019
Katoro Gold PLC ('Katoro' or the 'Company')
Haneti Nickel Project Update
Katoro Gold PLC (AIM: KAT), the Tanzanian focused exploration and development company, is pleased to provide an update on its Haneti Nickel Project ('HNP' or 'the Project').
· Review and analysis by the Company of all historic work undertaken on the Project now completed
· Identified several high priority exploration targets
· New work programme prepared and commenced
· Soil sampling programme completed and ready to be submitted for laboratory analysis
· Several high priority exploration targets identified - initial focus to be the Mihanza Hill target
Louis Coetzee, Katoro's Executive Chairman said, "Having only completed the acquisition of HNP last November, we are delighted with the rapid progress that has already been achieved. With several high priority exploration targets now identified, we are focused on advancing a new work programme at the Project to establish evidence of disseminated sulphide mineralisation. Accordingly, we look forward to updating the market on the upcoming developments."
The 5,000 sq. km polymetallic Haneti Nickel Project in Tanzania is a highly prospective, high-grade nickel sulphide asset. Previous work, totalling approximately US$1.5 million, has identified grades of up to 13.59% nickel with additional gold, cobalt, platinum credits and some significant lithium anomalies. Additionally, independent work, undertaken by Western Geophysics Pty, underlines the potential of HNP to host a substantial nickel sulphide deposit.
The Company acquired HNP in November 2018 and immediately commenced a review and analysis of all historic work completed on the Project. Based on the review of historic exploration work on the Project, the Company believes that it could host a chonolith type nickel sulphide deposit and that Mihanza Hill, one of several high priority exploration targets within HNP, is the most prospective target identified to date and this will be the initial focus for the Company.
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, including Mihanaza Hill. Using a variety of exploration techniques, the programme will seek to define a future drilling programme. Work has already commenced in this regard, with the Company having completed a soil sampling programme of 1,300 samples which are now ready to be submitted for laboratory analysis.
This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014.
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