The Tanzanian-focused explorer made the announcement as it published its 2018 results, which showed it narrowed its loss to £492,275 from £1.9mln last year and ended the year with “adequate financial resources” to continue operations for the “foreseeable future”.
Haneti acquisitoin an 'exciting opportunity' for Katoro
A key highlight of last year was Katoro’s completion of the acquisition of the Haneti Nickel Project in Tanzania from majority shareholder, Kibo Energy PLC.
“We believe this to be an exciting opportunity for Katoro, given nickel's notable role in the rapidly growing electric vehicle battery market,” executive chairman, Louis Coetzee said.
Katoro said a review and analysis of historic work at Haneti has led it to believe the project could host a honolith type nickel sulphide deposit.
It identified several high priority exploration targets, including Mihanza Hill, and are now advancing its 2019 work programme to ascertain the existence of disseminated or massive sulphide mineralisation.
A soil sampling programme was completed and submitted for independent laboratory analysis. This delivered results reconfirming, and extending the strike length, of the previously identified high priority ultramafic exploration targets. The sampling also found an additional ultramafic target, previously unknown to the company.
Katoro determining next steps for Imweru project
Elsewhere, a pre-feasibility study of the Imweru project was put on hold due to conduct further assessments to determine the extent to which new Tanzanian mining legislation and regulations could impact the viability of the project.
Following competition of the assessment, the company concluded that there was “still good upside exploration and development potential for the further development in time of the project”.
“We are continuing our engagement with the Tanzanian Ministry of Minerals to determine the next steps with regards to the project's development,” it said.
Katoro assessing economic potential of Lubando project
Katoro is continuing to assess the economic potential of its other gold project, Lubando, in Tanzania.
The project remains on hold as Katoro focuses on the potential development of the Imweru project and the Haneti projects.
“Looking ahead, I am particularly excited about Haneti's potential, which has multiple value upside triggers ahead and I look forward to keeping shareholders updated on our progress in this regard,” Coetzee said.