TORONTO, ONTARIO--(Marketwired - Nov 18, 2014) - Kilo Goldmines Ltd. (TSX VENTURE:KGL) (FRANKFURT:02K) ("Kilo" or the "Company") provides an update on its exploration activities on its Imbo licence within the Ngayu Greenstone Belt.
HIGHLIGHTS
- Adumbi West IP survey and geological mapping in progress
- Drilling scheduled to commence in Q1, 2015
- Data review for Adumbi completed
- Re-logging of Kitenge core completed
- Re-logging of Manzako core on-going
A pole-dipole Induced Polarization (IP) orientation survey comprising five and two lines has been conducted over the Adumbi and Kitenge prospects, respectively. The objectives of this IP orientation survey were to assess the IP response in known zones of mineralization with the view, if positive, to applying the technique in other areas of potential mineralization, especially in those areas of transported cover. Initial indications are that clearly defined chargeability anomalies are associated with the mineralization with corresponding resistivity lows. Final interpretation of the data is pending.
Detailed geological mapping has been completed over the Adumbi West target, which is possibly the faulted extension of the Adumbi prospect trend. The Adumbi West target is defined by a two kilometre long magnetic anomaly which has very similar characteristics to the principal Adumbi prospect. Coincident with this magnetic anomaly is a low level gold-in-soil geochemical anomaly. However, the area covering the Adumbi West target is interpreted to be overlain by transported overburden of varying thickness, which is probably masking the underlying geochemical response. The low level soil geochemical anomaly is most likely a result of bioturbation. Several zones of artisanal mining activity are present on the flanks of the strong magnetic feature where the artisanal miners are typically focussing on high grade quartz veins. A systematic IP orientation survey has commenced over the coincident magnetic and gold-in-soil anomalies with the view to defining zones of mineralization for drill testing in the first quarter of 2015.
The data review exercise that has been reported in a previous press release has been completed for the Adumbi prospect and is currently in progress for the Kitenge and Manzako prospects.
The review of Adumbi drilling data has led to a more in depth analysis of structural controls on mineralization focussing on delineating high grade structural controls. This is being assessed in conjunction with previously completed detailed underground mapping with the objective of defining additional down-plunge drill targets. Wireframe modelling of mineralization and structural features are being re-evaluated accordingly and is on-going.
Re-logging of 15,298 meters of Diamond drill core and construction of cross and long sections at the Kitenge prospect has been completed. Lithological, alteration and mineralization wireframes are currently in preparation.
At the Manzako prospect, re-logging of 8,286 meters is approximately 46% complete with a view to being completed by year-end.
Michael Skead, the Interim CEO of Kilo said: "We are reaching an exciting phase of the exploration program to expand the resources on the Imbo licence. The on-going extensive review of all known available data is allowing the exploration team to redefine geological and mineralization models for the known prospects. These models are being applied to other untested drill targets, such as Adumbi West. We anticipate that drilling will commence in the first quarter of 2015."
About Kilo
Kilo Goldmines Ltd. (KGL) is a Canadian gold exploration company, listed on the TSX Venture Exchange under the symbol 'KGL' and on the Frankfurt Exchange under the symbol '02K'. KGL holds exploitation and exploration licences covering some 3000 km2 of favourable Archaen Kabalian Greenstones (the Ngayu belt) in the northeast Democratic Republic of Congo an area historically referred to as the Kilo-Moto region, a historic gold-producing region.
Incorporated within these licences is:
- the Somituri Project (71.25% owned by KGL), comprising eight non-contiguous licences (606 km2) held by KGL-Somituri SARL; and
- the KGL Isiro SARL Joint Venture (JV) with Randgold Resources Ltd (2056 km2), for gold and associated minerals only. The JV is managed by Randgold and financed by it to a pre-feasibility (PFS) for a 51% participation interest. Upon completion of the PFS, KGL can participate in funding or Randgold will increase its participation to 65% by completing a Feasibility Study. Areas which may be deemed of no interest to Randgold will be returned to KGL.
Additionally:
- KGL has retained the rights to explore for and develop any iron ore resources (or other minerals) associated with the licences held by KGL Isiro SARL.
- KGL has a minority interest in the Hajigak iron ore project in Afghanistan.
QUALIFIED PERSON
Howard Fall, B.Sc., PhD, MAusIMM, QP (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 contained in this release.
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.