Modern Mining July 2018

MINING News

Katoro Gold to acquire Kibo Nickel

New Akyanga resource a ‘game-changer’ for ARC ARC Minerals has updated mineral resource estimate for the Akyanga deposit, part of its Casa project, located in the eastern part of the DRC. The update was prepared by Denny Jones, an Australian-based resource consul- tancy, and is reported in accordance with the requirements of the 2012 JORC Code. The deposit is nowestimated to host 3mil- lion ounces of gold averaging 2,16 grams per tonne with a near-term exploration target of a further 200 000 to 600 000 ounces of gold in the Akyanga East Area. Nick von Schirnding, ARC’s Executive Chairman, commented: “The increase in Akyanga’s JORC mineral resource from 1,6 Moz to 3 Moz is a game-changer for us and has exceeded our most optimistic expec- tations. The increased ounces and grade have the potential to significantly enhance the economics of developing the mine. We shall now commence with a scoping study, target- ing a 150 – 200 koz per annum low cost gold operation, to be completed by year end. 

AIM-listed Katoro Gold has announced that it has entered into a conditional agreement to acquire Kibo Nickel Limited and its wholly owned subsidiary, Eagle Exploration Limited (the ‘Kibo Nickel Group’), from the company’s majority shareholder, Kibo Mining, which is the 100 % owner of the polymetallic Haneti nickel project in Tanzania. Additionally, the company reports that it has raised £325 000 via a placing of 25 million new ordinary shares. The Kibo Nickel Group controls 100 % of Haneti, which covers an area of approximately 5 000 km 2 and forms a near contiguous project block, with approxi- mately US$1,5million spent on exploration to date by the seller. The project is located in the Dodoma region in central Tanzania. “Haneti is a highly prospective high- grade nickel sulphide asset and is a great addition to Katoro’s portfolio,” comments Louis Coetzee, Katoro’s Executive Chairman. “Historic work has already yielded excep-

tional high grades of up to 13,9 % nickel, as well as discoveries of gold, cobalt and platinum and some significant lithium anomalies. With independent work already outlining the potential for a significant nickel deposit, we are excited about initiat- ing an exploration and development plan. Katoro will prioritise developing an exploration programme for Haneti, utilis- ing the decades of experience that it has in developing projects inTanzania in the same way as has been used to develop Katoro’s two gold projects in development – Imweru and Lubando – located in the Lake Victoria goldfield of northern Tanzania. As announced on 24 May 2018, Katoro recently completed its assessment of the economic feasibility of Imweru and, based on the preliminary pre-feasibility results and the new mining legislation and regulations in Tanzania, believes there is good upside exploration and development potential for the further advancement of Imweru. 

July 2018  MODERN MINING  13