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Katoro Gold focuses on potential at Haneti in Tanzania

Snapshot

Through exploration, Katoro is looking to confirm Haneti as a sizeable nickel sulphide project

Katoro Gold - Katoro Gold focuses on potential at Haneti in Tanzania

Quick facts: Katoro Gold

Price: 1.03 GBX

AIM:KAT
Market: AIM
Market Cap: £1.85 m
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  • Katoro owns Haneti nickel and PGM deposit in Tanzania

  • Recently sold its two gold licences in the country in return for a royalty and US$1mln cash

  • Company is 54.6% owned by Kibo Energy

 

What it owns

Haneti

Haneti comprises tenements (prospecting licences, offers and applications) that contain nickel, platinum-group-elements and gold.

It covers an area of approximately 5,000 sq. km in central Tanzania and forms a near contiguous project block.

Through exploration, Katoro (LON:KAT)  is looking to confirm Haneti as a sizeable nickel sulphide project but recently identified potential for lithium and other rare earth elements.

Applications have been lodged for five additional licences at Haneti to explore the lithium potential.

Louis Coetzee, executive chairman, said: “Notwithstanding the nickel sulphide focus, work completed to date has also identified the potential for lithium and rare earth element mineralisation and we have decided to investigate this potential immediately, and in parallel to our nickel drill programme.

 

Gold 

In August, Katoro disposed of its gold licences at Imweru and Lubando to LVG, a company that already has mining rights over a nearby block.

LVG, is paying US$1mln for Reef Miners, the owner of the Imweru and Lubando gold licences.

The consideration also includes a 1.5% Net Smelter Royalty and an alternative to take shares instead of cash.

Coetzee said he remained confident in the potential of the two licences, but the sale releases cash for Haneti.

Power Metal Resources PLC (LON:POW) owns a 5.9% stake in Katoro and has a 25% stake in Haneti with an option to take this up to 35% for a small cash payment.

 

Video

Inflection points

Completion of gold licences re-positioning

Katoro sees it as a way for them to get into production more quickly

Drilling starts at Haneti

Nickel price rising strongly due to predicted need when electric vehicles and storage take off

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Watch

Full interview: Power Metal's Paul Johnson sees 'significant upside...

Power Metal Resources' (LON:POW) Paul Johnson talks Proactive London's Andrew Scott through developments and the exploration potential at the Haneti project in Tanzania. POW has a 25% interest in the project via its stake in Katoro Gold (LON:KAT) - with a right to increase that to 35% through...

on 9/10/19

2 min read