TORONTO, ONTARIO--(Marketwired - Aug. 15, 2013) - Kilo Goldmines Ltd. ( "KGL" or the "Company") (News - Market indicators) (FRANKFURT:02K) is pleased to announce that on August 6th, the Company completed its planned 2013 drilling programme on the Somituri Project's Imbo Licence.
Highlights of the Company's 2013 programme on the Somituri Project are summarised below:
- Total metres drilled:
- Kitenge prospect (5,581 m):
- Manzako prospect (3,158 m):
- Senegal prospect ( 772 m):
- Appointment of Roscoe Postle Associates Inc (RPA) as an independent consultant
The 2013 exploration programme focused on resource definition drilling on the Kitenge/Senegal and Manzako Prospects with the objective of estimating a maiden NI 43-101 compliant resource on one or more of these Prospects illustrated on Figure 1. Since commencing exploration on these Prospects in 2010, the Company has carried out mapping, trenching, soil geochemical surveys, and an airborne magnetic survey. 9,511 metres of drilling was completed in 2013 under contract with Congo Core, based in Kinshasa, DRC.
The Company contracted Young, Stuart & Associates Inc., Topographical, Engineering and Land Surveyors, of South Africa to survey the diamond drill hole collars.
For the delivery of the expected 2013 mineral resource estimate, the Company has appointed international mining consultants RPA to complete an independent NI 43-101-compliant Technical Report. The company expects results to be forthcoming during Q4 2013.
Alex van Hoeken, President and CEO of KGL stated: "Our exploration teams and contractors have all worked diligently to achieve the 2013 programme on time and within budget.
We look forward to updating our investors on the culmination of the 2010 to 2013 drilling programmes and the delivery of another resource estimate on the Imbo Licence. The delivery of the aforementioned estimate, along with the existing 1.87 Moz, 1.63 g/t (Au) estimate for the Adumbi prospect, furthers our strategy of creating a large scale, multi-pit mine on the Imbo licence."
BACKGROUND
The Company's 2013 drilling programme focused on the Manzako, Kitenge and Senegal prospects located on the Company's Imbo licence. This programme was an infill and extension of the 2010-2012 drilling programmes over the same areas. In particular, the program was designed to drill for a maiden resource in one or more of the targeted areas, as per Figure 1.
In the delivery of the aforementioned maiden resource (NI 43-101), Roscoe Postle Associates (RPA) was appointed. RPA is a group of technical professionals who have provided advice to the mining industry for nearly 30 years, and is headquartered in Toronto, Canada, with offices also in the United States and the United Kingdom.
Mrs. Deborah McCombe, RPA's President and CEO, was awarded the Robert Elver Mineral Economics Award for her contributions to the establishment of Canadian regulatory instrument NI 43-101 and her efforts as head of CRIRSCO in the coordination of worldwide standards for resource/reserve reporting.
Mr Ian Blakley, VP and General Manager of RPA UK Ltd, visited the Somituri project from June 19 to June 26.
PROSPECTS
KITENGE SHEAR ZONE
Gold at Kitenge occurs with: quartz; carbonate; pyrite; pyrrhotite; arsenopyrite and chalcopyrite in a northwest-southeast oriented dominant shear zone hosting a continuous auriferous quartz vein that dips about 80 degrees northeast, termed the Kitenge Shear Zone ("KSZ").
Preliminary interpretation concludes that the KSZ is of the order of 75 m wide, bedding parallel to sub-parallel and characterized by highly sericitized and silicified fine grained clastic meta-sedimentary rocks. In addition, gold mineralization also occurs in the footwall and hanging wall rocks of the KSZ.
The 1600 m long KSZ is interpreted to be fault off-set from a major shear zone structure. A series of interpreted faults has divided this major shear zone into, from southeast to northwest the 1600 m Kitenge, the 1500 m Senegal the 1000 m Canal, and the 1500 m Adumbi Prospects. The 2000 m Adumbi West Prospect is also interpreted to be fault off-set from the Adumbi Prospect.
The Senegal Prospect is flanked to the immediate northeast by a linear magnetic high.
MANZAKO SHEAR
Gold at Manzako occurs in association with quartz; carbonate; pyrite; pyrrhotite; arsenopyrite and chalcopyrite in a number of parallel to sub-parallel shear zones that trend northwest-southeast and dip about 65 to 80 degrees northeast. The geology is predominantly mafic volcanic flows with local mafic intrusives.
The Manzako Prospect structures were mined by open pit and underground methods to shallow depths during the Colonial era and select sites are currently targeted by artisanal mining.
ABOUT THE SOMITURI PROJECT
The Somituri Project comprises eight Exploitation Licences, covering 606 km2 of the Archaen Ngayu Greenstone belt in the northeastern Democratic Republic of Congo.
According to historical records, unverified by Kilo, the Kitenge and Manzako mines produced ~100 000 oz of gold to 1955, whilst the Adumbi gold mine produced ~200 000 oz of gold from quartz vein ore that averaged 11 g/t gold during the 1940s until its closure in 1959.
The Mineral Corporation (April 2012), based in Johannesburg South Africa, calculated an NI 43-101 compliant inferred gold resource estimate for the Adumbi Prospect, one of a number targets drilled on the Imbo Licence: The current inferred mineral resource for the Adumbi Prospect, based on varying cut-off grades, includes:
- 1.87 Moz grading 1.63 g/t Au at a 0.50 g/t cut-off grade.
- 1.63 Moz grading 2.04 g/t Au at a 1.0 g/t cut-off grade.
QUALITY CONTROL AND ANALYTICAL PROCEDURES
The drill core was sawn in half with a diamond saw and a half core of each sample was placed into plastic bags and stapled shut. Commercial standards and blanks have been inserted in every batch of samples submitted for analysis in accordance with industry practice. Sample preparation was carried out at the Kilo on-site laboratory managed by ALS Minerals. Sample pulps were shipped from the DRC to ALS Minerals in Johannesburg, South Africa by commercial courier. Gold analysis was determined on a 50 g charge by the Fire Assay with Atomic Absorption finish method. ALS Minerals is accredited to international standards.
Quality control of analytical results is monitored by Kilo with the insertion of commercial standards and blanks in every batch of samples submitted for analysis. For additional details the reader is referred to Kilo's previously announced quality control and analytical procedures (Press Release dated May 4, 2010).
QUALIFIED PERSON
The drilling program disclosed in this press release was planned and supervised by the Company's geological consultant Stanley Robinson. Stanley Robinson, M.Sc., P.Geo is also the 'qualified person' (as that term is defined under National Instrument 43-101) of the Company who has reviewed the scientific and technical information contained in this release.
ABOUT KILO
Kilo Goldmines Ltd. (Kilo) 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. Kilo holds exploitation and exploration licences covering some »3000 km2 of favourable Archaen Kabalian Greenstones in the northeast Democratic Republic of Congo, an area historically referred to as the Kilo-Moto region, a historic gold-producing region (11 Moz, Mineweb).
Incorporated within these licences, is the Somituri Project (71.25% owned by Kilo), comprising eight non-contiguous licences (606 km2) and the KGL Iron SPRL Joint Venture (JV) with Randgold Resources Ltd (2056 km2).
Kilo has retained the rights to explore for iron ore on the properties held by KWR Iron SPRL and has a minority interest in the Hajigak iron ore project in Afghanistan.
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 Figure 1: 2013 Drill Programme (blue circles), please click on the following link: http://media3.marketwire.com/docs/kgl_map.jpg
