Kibo Mining (LON:KIBO) has received positive first results from an airborne survey at its Haneti project in central Tanzania, which included identifying a new zone for follow up exploration.
The firm can now identify further priority areas and drill targets similar to those already defined at Mihanza and Mwaka Hills for Ni-Cu-PGM (nickel, copper, platinum group metals) style mineralisation, the firm said.
A new zone of ultramafic rocks over a strike of around 30 km similar to the HIUC (Haneti-Itiso Ultramafic Complex) was identified.
Louis Coetzee, Kibo's chief executive, said: "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 latest results reconfirm our 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 amongst others includes a priority first phase drill programme and potential subsequent project partnerships.
"We are pleased to see the Haneti project come into its own and take its place as a driver of shareholder value alongside our Mbeya Coal to Power Project and our Imweru Gold Project.
"Further updates across the company's portfolio are expected to follow shortly."