Katoro Gold PLC (LON:KAT) is looking at ways to boost the resource at its two gold projects in the Lake Victoria Goldfields, Tanzania to one million ounces to help their marketability.
Imweru and Lubando currently have a combined JORC resource of 755,000oz.
Katoro has received expressions of interest from possible partners of acquirers of the assets but exploration to boost the resource would help the process.
Imweru is more advanced and the initial focus will be to identify the most cost-effective route to boost the resource there especially as only 30% of the priority 1 exploration ground has been fully explored.
Talks are underway with the Tanzanian Ministry of Minerals about permits at Imweru.
Louis Coetzee, executive chairman, said that a one million ounces of resource was entirely feasible recognising the known exploration opportunities, initially at Imweru and thereafter possibly at Lubando.
“The board believes that Imweru has the potential to deliver 50,000 ounce per annum gold production should the conditions allow and suitable financing for development and construction be secured.”