Dual-listed Kibo Mining, the Tanzania-focused mineral exploration and development company, says that the 2013 Haneti nickel, PGE and gold field exploration programme is now underway and that the first batch of samples have been produced and prepared for analysis.
Subsequent to the company’s earlier announcement that the joint venture agreement with Brazilian industrial conglomerate, Votorantim, is no longer subject to any conditions precedent, the initial tranche of exploration funding for 2013 was duly received into the joint venture (JV).
This was followed by the prompt mobilisation and deployment of the field teams, with the first batch of samples delivered on 18 June 2013. Subject to available laboratory capacity, the first lab-results from Phase 1 are expected by the end of August 2013.
Meanwhile, the company said that Phase 1 of the current field exploration work programme will be aimed at final preparation of existing drill targets converting new prospects, identified from results of earlier exploration work within the target area, into additional drill targets for follow up during Phase 2.
Expansion of the current drill target area through further field reconnaissance of adjacent areas.
“The deployment of the field team has been a significant milestone in this initial phase of the Haneti JV, and we have been pleased to see the commencement of active ground work in this very exciting JV-project with Brazilian major Votorantim.
“Following thorough analysis by Kibo and Votorantim of previous exploration at Haneti, work on site has proceeded apace with the first samples already produced and ready for laboratory analysis. We look forward to releasing initial results around the end of August this year,” concluded Kibo Mining’s CEO Louis Coetzee.