Gold Geochemistry Anomalies Delineated on the Kilo-Randgold Joint
Venture Project, DRC
TORONTO, ONTARIO--(Marketwired - Feb 3, 2014) - Kilo Goldmines
Ltd. ("Kilo" or the "Company") (TSX-VENTURE:KGL) (FRANKFURT:02K) is
pleased to announce that Randgold Resources plc ("RRL") provided
the following update on the 2 056.76 km² Kilo - Randgold joint
venture ("JV") on the Ngayu and Isiro Archaean Greenstone Belts in
Oriental Province, Democratic Republic of Congo today at the Indaba
conference in Cape Town, South Africa.
- Regional soil sampling over the priority conceptual targets
of the Ngayu belt is complete following the collection of 2414
samples over a 400m x 200m grid, covering a total of 210
km2 (Figure 1).
- The gold in soil results have been hand contoured and
reveal three gold anomalies worthy of follow-up surface exploration
work. The anomalies include Yambenda, Bonzuzu and Mbese.
- The most significant of these is Yambenda which measures
9.5km x 1.5km at 50ppb Au (including 3.0km x 1.5km at 100ppb and
1.5km x 1.5km at 100ppb). The gold anomaly coincides with the
flanks of a prominent ridge truncated by the SW flowing Nepoko
River. Geologically the anomaly overlies a volcano sedimentary
package and appears to be spatially associated with a steeply
dipping banded iron formation trending northwest (Figure
2).
- Soil sampling has commenced on the Isiro belt. A total of
364 samples have been taken at the time of report but no assay
results have been received (Figure 3).
Alex van Hoeken, President and CEO of Kilo, today stated:
"We are extremely pleased with the professionalism and
dedication of our joint venture partner, which has generated
anomalies within four months of being on the ground. We look
forward to infill results so that drilling could commence during
the course of 2014. "
KILO - RRL JV GEOLOGY
The JV property is underlain with Archaean rocks of the Ngayu
and Isiro Greenstones Belt, as illustrated on Figures 1 and 3. The
greenstones belts are comprised of Upper Kabalian metasedimentary
rocks, banded iron formation ("BIF"), iron (haematite), mafic
volcanics as well as mafic to felsic intrusive rocks.
SOIL SAMPLING PROCEDURES
The soil samples were collected at a depth of approximately 50
cm, below the humus horizon and above the gravel layer, at 200 m
intervals on lines 400 m apart. Sample sites were located by GPS
and coordinates were recorded for each site. Approximately 5 kg of
material present at the depth sampled was collected and placed into
a plastic bag together with a pre-numbered sample tag and the bag
was securely closed. Topographic, grain size, colour, old/artisanal
workings, farms, villages, roads, outcrop and regolith data was
recorded during sampling.
Sampling was carried out by up to seven sampling teams, each led
by a Congolese geologist. Kilo provided logistical support as well
as sampling teams comprised of technical and casual labour who
reported to Randgold senior geologists.
QUALITY CONTROL AND ANALYTICAL PROCEDURES
Sample preparation consisted of sorting the samples into
sequential numerical order, followed by drying at 90°C, and sieving
to -80 mesh (80 microns) at Kilo's Somituri Project exploration
camp. Randgold delivered the sample pulps to the SGS Laboratory in
Doko, DRC. SGS analyzed the samples using a 50 g charge by Fire
Assay with Atomic Adsorption; SGS method, FA505.
Analytical quality control consisted of the insertion of
commercial blank and standard reference material in every batch of
samples submitted for analysis.
ABOUT THE KGL - RRL JV
The Kilo - RRL JV Project consisting of 12 Exploration Licences,
is held 75% by Kilo and 25% (?) by Suez Holdings Ltd., the property
vendors. Kilo has an agreement to buy out its 25% minority partner,
Suez Holdings Ltd, which has a free carried interest through
production for non-iron commodities. Buy out terms are an aggregate
of 635 000 USD in cash and 356 000 shares over a 6 year period with
initial no cash down (see press release dated December 6,
2012).
Pursuant to the Kilo - RRL JV Option Agreement for gold and
associated minerals (see press release dated December 6, 2012)
Randgold are required to finance all exploration on Kilo's licences
for which they will obtain incremental ownership based on milestone
events. Randgold has up to five years to establish a pre
feasibility study and a joint venture committee will manage the
exploration program which will rely on knowledge and expertise from
both companies.
The terms of the agreement are:
- RRL to earn 51% for the completion of a pre feasibility study
("PFS")
- KGL right to maintain 49% post PFS
- RRL to earn 65% for the completion of a bankable feasibility
study ("BFS") should KGL not contribute post PFS
- KGL option to convert to 1.5% royalty if diluted to 10% or
less
- KGL keeps the exploration rights to all minerals not associated
with gold
- PFS to be established within 5 years
- BFS to be established within 1 year after PFS, or such longer
time to be agreed by the parties
The optioned licences have been transferred into a DRC entity
that is held as to 51% RRL and 49% Kilo, however RRL must satisfy
abovementioned milestones prior to earning any interest.
ABOUT KILO
Kilo holds about 2,700 square kilometres of favourable Archaean
Kibalian greenstone in the northeastern Democratic Republic of the
Congo. The Company owns a 71.25% interest in the Somituri Project
Exploitation Permits within the Ngayu Greenstone Belt immediately
south of the Kilo - RRL JV property. The Imbo Licence, of the
Somituri Project, hosts a number of colonial-era and subsequent
artisanal gold deposits and prospects as well as un-tested
geophysical gold-in-soil anomalies.
An NI 43-101 compliant Inferred Mineral Resource at the Somituri
Project, concluded that the Imbo Licence contains an estimated
total of 1.675 million ounces of gold in three deposits. The
Mineral Resource estimates, by Roscoe Postle Associates Inc
("RPA"), are based on an open pit scenario for the Adumbi deposit
and an underground scenario at both the Kitenge and Manzako
deposits (see Press Release dated January 30, 2014). Adumbi is
hosted chemical metasedimentatry rocks including banded iron
formation, Kitenge is hosted in clastic metasedimentary rocks and
Manzako is hosted in mafic volcanic rocks.
Hosted on the Kilo property, optioned to RRL, is a 19 km² area
covering Mt. Asongo with potential to host 750 to 1 500 million
tonnes of 59 to 65% iron as determined by RPA (see press release
dated September 4, 2013). Kilo holds an 89% interest in the Iron
and Suez retains an 11% interest. Rio Tinto Mining and Exploration
holds an 0.80% production royalty over eight years on the iron.
Kilo's principal focus is to advance its projects from
exploration through feasibility to project development and
ultimately to full production in a socially and environmentally
responsible manner.
ABOUT RANDGOLD
Randgold Resources is a gold mining and exploration company
operating in the prospective gold belts of west and central Africa.
The company's strategy is to create real value for all its
stakeholders through the discovery of multi-million ounce gold
deposits and their development into profitable mines. Major
discoveries to date include the 7.5 million ounce Morila deposit in
southern Mali, the 7 million ounce Yalea deposit and the 5.5
million ounce Gounkoto deposit, both in western Mali, the 4 million
ounce Tongon deposit in the Cote d'Ivoire and the 3 million ounce
Massawa deposit in eastern Senegal.
Today Randgold operates five gold mines: Morila, Loulo, and
Gounkoto in Mali and Tongon in Cote d'Ivoire and Kibali in the
Democratic Republic of Congo. The Massawa project in Senegal is at
feasibility stage and exploration programmes are underway in Cote
d'Ivoire, DRC, Mali, and Senegal.
QUALIFIED PERSON
The soil geochemical surveys disclosed in this press release
were planned and supervised by RRL, the project operator. Technical
data and figures disclosed in this press release were provided to
Kilo by RRL. Stanley Robinson, M.Sc., P.Geo is the 'qualified
person' (as such term is defined under National Instrument 43-101)
of Kilo and has reviewed the scientific and technical information
obtained from RRL and contained in this release, however, the
data-base, soil sample co-ordinates and analytical certificates
were neither reviewed or verified.
DISCLAIMER
This news release may contain forward looking statements
concerning future operations of Kilo Goldmines Ltd. All forward
looking statements concerning Kilo's future plans and operations,
including management's assessment Kilo's project expectations or
beliefs may be subject to certain assumptions, risks and
uncertainties beyond Kilo's control. Investors are cautioned that
any such statements are not guarantees of future performance and
that actual performance and exploration and financial results may
differ materially from any estimates or projections.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Such statements are not guarantees of future performance and
that actual performance and exploration and financial results may
differ materially from any estimates or projections.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
To view Figures 1-3, please visit the following link:
http://media3.marketwire.com/docs/925456f.pdf
Kilo Goldmines Ltd.Alex van HoekenChief Executive Officer (CEO)
& President+1 416 360
3406info@kilogoldmines.comwww.kilogoldmines.com
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