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Katoro Gold says Imweru drill programme is “significantly better than planned”

"We are extremely pleased with progress on the Imweru development programme,” said Louis Coetzee, Katoro executive chairman

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Katoro's programme is under budget and ahead of schedule

Katoro Gold Plc (LON:KAT) has told investors that infill drilling at the Imweru gold project in Tanzania is going “significantly better than planned”.

The explorer said that the programme is both ahead of schedule and under budget.

Specifically, it revealed that 75% of an expanded drill programme is now complete, it is 10 days ahead of schedule, and significant cost savings have been achieved.

It has commissioned a full environmental and social impact assessment study, and the company said a fund raising will no longer be required to pay for the study.

The company explained that it has also been able to change and expand the scope of the original Imweru plan – the programme now comprises a total of 31 holes for some 3,410 metres of drilling, rather than 8-10 holes for 1,400 metres.

READ:Newly independent Katoro Gold on the fast-track to production

Samples from the drill programme are being exported to labs in South Africa for analysis.

"We are extremely pleased with progress on the Imweru development programme,” said Louis Coetzee, Katoro executive chairman.

“This, combined with the vast in-country experience of the technical teams, has put the company in a strong position to extract substantially more value out of the approved work program than initially expected.”

Coetzee added: “The fact that the full ESIA can now be conducted in parallel to the Feasibility Study will enable the company to submit a far more complete and technically sound mining right application, which the company believes will significantly expedite the application process.

“The expanded drill program will make an invaluable contribution towards enhancing the integrity of the Imweru resource both quantitatively and qualitatively, whilst simultaneously allowing the company to complete all the geotechnical and hydrological work required for the Imweru Feasibility Study."

Quick facts: Katoro Gold

Price: 2.55 GBX

AIM:KAT
Market: AIM
Market Cap: £8.25 m
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