Kibo Mining (LON:KIBO) has received the final report from an airborne geophysical data interpretation carried out over its Haneti project in central Tanzania.
Results from the preliminary findings were announced last month but Kibo has now received confirmation of the location, strike extent and internal structure of two newly interpreted composite mafic-ultramafic zones that significantly extend the footprint of the Haneti Itiso ultramafic complex (HIUC).
The newly outlined mafic-ultramafic zones, with strike lengths of around 30 kilometres (km) in the south-west zone) and 10-20 km in the north-west zone) occur to the south-east and the north-west of the central 80 km long (strike length) HIUC respectively and may represent folded repetitions and fault off-set extensions of the HIUC;
Kibo revealed that modelling of the high magnetic anomaly over the Mihanza drill prospect shows that the magnetic susceptibility increases with depth, and that the prospect rocks extend to 800 metres, which indicates the potential for a significant volume of nickel prospective target rock at this location alone.
“The results emerging from our desktop studies, which commenced late last year, aimed to extract optimum benefit from our existing exploration database and the Tanzanian Government geophysical data which recently became available,” said Louis Coetzee, chief executive officer of Kibo.
“The interpretation and modelling has produced exciting results, showing the HIUC rocks occur over a far greater strike length than previously thought. This work enabled the prospectivity of Haneti for nickel sulphide mineralisation to be enhanced significantly, at minimum cost, and provides a more detailed picture of the sub-surface extent and geological structure. This will assist us in implementing a more focused drilling programme," he added.
Shares in Kibo were off a shade at 4.78p in mid-morning trading, having closed at 4.88p on Friday.