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Katoro Gold

Haneti Nickel Project Update

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RNS Number : 9698E
Katoro Gold PLC
09 July 2019
 

 

Katoro Gold plc (Incorporated in England and Wales)

(Registration Number: 9306219)

Share code on AIM: KAT

ISIN: GB00BSNBL022

("Katoro" or "the Company")

 

Dated: 9 July 2019

Katoro Gold PLC ('Katoro' or the 'Company')

Haneti Project - Lithium Prospectivity and New Licences

 

Katoro Gold PLC (AIM: KAT), the Tanzanian focused exploration and development company, is pleased to provide an update in respect of its 75% owned Haneti Nickel Project ('Haneti' or the 'Project') in Tanzania.

 

Summary:

·    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 Eagle Exploration Ltd, the Tanzanian subsidiary of Katoro which holds 100 per cent. of Haneti and which the Company has a 75 per cent. interest in, has applied for five additional exploration licences in the area covering the zones of interest; 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.

 

Louis Coetzee, Executive Chairman of Katoro commented: "The main thrust of our work to date at Haneti has been exploration for nickel sulphides, and we will be publishing details of the planned drill programme in this regard shortly.

 

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 Haneti Nickel Project

 

Katoro has a 75% interest in Haneti, a highly prospective, high-grade nickel sulphide asset in Tanzania.  Development of Haneti is being advanced in tandem with its joint venture partner, Power Metal Resources plc (LON:POW) ("Power Metal") (previously called African Battery Metals plc), which has the remaining 25% interest in Haneti and a right to acquire a further 10% interest from Katoro to increase its interest to 35%, through a cash payment of £25,000 to Katoro, until 15 May 2020. 

 

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 US$1.5 million, has identified grades of up to 13.59% nickel with additional gold, cobalt, platinum values and some significant lithium anomalies.  Additionally, independent work, undertaken by Western Geophysics Pty, underlined the potential of Haneti to host a substantial nickel sulphide deposit.

 

In 2012/13, the Geological Survey of Tanzania ('GST') conducted a high resolution airborne geophysical survey covering an area of approximately 12,000 sq. km.  The GST survey outlined mafic-ultramafic zones with strike lengths of 10-20 km (northwest zone), 30 km (southwest zone) and 80 km (central zone), extending the footprint of the known nickel sulphide prospective Haneti-Itiso Ultramafic Complex ('HIUC').

 

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 Perth based geophysical consultants, Spinifex Geophysics, for detailed processing and interpretation to better understand the geology of Haneti and to generate new target areas particularly for nickel, copper and platinum group metals (PGM) div mineralisation.

 

A follow up extensive soil sampling programme was then undertaken, the results of which were announced by Katoro on 20 May 2019.  This extended the strike length of previously identified high priority areas and the findings have been utilised to inform planning for a proposed drill programme.  Furthermore, it also identified a new, previously unidentified exploration target.

 

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 Mwaka Hill.  At the primary target, Mihanza Hill, a high magnetic anomaly was modelled using a 3D inversion modelling technique to better understand how the magnetic signature varied with depth.  The results indicate that there is a considerable 'root' to the Mihanza Hill ultramafic outcrop, which points to a large volume of rock that could have positive implications for the differentiation of nickel sulphide rich magmas and provides a large volume of nickel prospective target rock at this location. 

 

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.

 

**ENDS**

 

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:

 

 

 

Louis Coetzee

 

[email protected]

Katoro Gold plc

Executive Chairman

Richard Tulloch

+44 (0) 20 7409 3494

Strand Hanson Limited

Nominated Adviser

Ritchie Balmer

Georgia Langoulant

 

 

 


 

 

 

Ben Tadd

Tom Curran

 

+44 (0) 203 7000 093

SVS Securities

Broker

Isabel de Salis

Gaby Jenner

+44 (0) 207 236 1177

St Brides Partners Ltd

Investor and Media Relations Adviser

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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