Kilo Goldmines Commences 8,900 Metre Diamond Drilling Program
TSX VENTURE: KGL
TORONTO, ONTARIO--(Marketwired - Nov. 2, 2016) - Kilo Goldmines Ltd. ("Kilo" or "KGL" or the "Company") (TSX VENTURE:KGL)(FRANKFURT:02K) is pleased to announce the commencement of a 63 hole diamond drilling program totalling 8,900 metres on the Imbo Licence (PE9691) in the northeastern Democratic Republic of Congo ("DRC").
The program is designed to test soil geochemical and geophysical anomalies on three targets located within 4 km of the Company's Adumbi prospect (Inferred Resource of 19.11 Mt @ 2.2 g/t Au for 1.362 Moz of gold) as shown in Figure 1.
One rig has commenced operating at the Adumbi South target and a second rig is due to commence at the Kitenge Extension target. Details of the program are as follows:
- Adumbi South Target (20 drill holes totalling 3,100 m, on 7 traverses at a spacing of 160 m along strike, Figure 2). The target lies 480 m to the south of the Adumbi prospect, and is defined by a 1.4 km-long magnetic anomaly that appears to be demagnetized in places, and a >200 ppb gold-in-soil anomaly. This target has similar geomorphological features to that of Adumbi West (see below) in that it occurs in a topographical low, variably covered by transported soil with little to no lithological exposure. The tenor of the gold-in-soil anomaly and the associated magnetic feature at Adumbi South is very similar to that associated with the Canal zone, which is thought to be the southeastern extension of the Adumbi mineralization. Previous drill intersections of Canal mineralization include:
- SCDD0001 - 12.55 m @ 7.70 g/t Au
- SCDD0004 - 6.45 m @ 4.21 g/t Au
- SADD0006 - 11.35 m 3.45 g/t Au
- Adumbi West Target (26 drill holes totalling 3,400 m, on 10 traverses at a spacing of 160 m along strike, Figure 3). This target lies to the west of the Adumbi prospect and is believed to be the faulted extension of Adumbi. It occurs in a topographical low, and for the most part is covered by transported material varying in depth from 30 cm to >3 m. The target is defined by a 1.7 km-long linear magnetic anomaly and a coincident and linear gold-in-soil anomaly with values of 50 ppb - 1,000 ppb. This magnetic feature is similar to that which defines the banded ironstone formation ("BIF") at the Adumbi prospect. All soil samples were collected at a depth of 1 m below the surface and for the most part were taken in transported material. The fact that the gold-in-soil anomaly is linear and coincident with an underlying but separate magnetic feature, gives confidence that the source of the gold-in-soil anomaly is in the underlying bedrock, rather than the transported overburden. Detailed mapping over the Adumbi West target has revealed BIF float that is believed to be the source of the strong magnetic feature, similar to Adumbi.
- Kitenge Extension Target (17 drill holes totalling 2,400 m, on 7 traverses at a spacing of 320 m along strike, Figure 4). The target lies to the southeast of Adumbi, northwest of the Kitenge prospect that was drilled in 2013 (Inferred Resource of 0.91 Mt @ 6.60 g/t Au for 0.191 Moz of gold) and is defined by an approximately 2 km-long magnetic feature with a coincident gold-in-soil anomaly with values from 50 ppb to 450 ppb. The magnetic feature has similar characteristics to that at the Canal and Adumbi South targets. Geomorphologically this target is similar to both the Adumbi South and West targets.
The planned drill holes have an average down-hole depth of 140 m (maximum of 167 m) and are inclined at -50°. All core is being orientated to facilitate structural interpretation, and half-core sampling will be based on geological features with a maximum sample length of 1 m.
Following the drilling program, other exploration planned by the Company includes:
- Follow-up of the 7 km-long stream sediment geochemical (BLEG) anomaly located to the east of the Imbo River (see the Company's press release of 23rd September, 2015). The objective will be to define drill targets through a combination of gridding, mapping, soil sampling and trenching.
- Stream sediment (BLEG) sampling on the Company's five other licence blocks in the Ngayu greenstone belt (PE137, PE138, PE140, PE9692 and PE9695) covering an area of 239 sq. km.
David Netherway, Chairman of Kilo, commented:
"We are extremely pleased to have been able to finally commence drilling following the wet season in DRC. Our geologists have identified some extremely interesting targets and we will report the results of the drilling campaign as they become available. The drilling programme is expected to take approximately six months. We will then start the BLEG programmes on our other licences."
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.
Kilo Goldmines Ltd. is a Canadian gold exploration company that is listed on the TSX Venture Exchange under the symbol 'KGL' and on the Frankfurt Exchange under the symbol '02K'. The Company holds about 2,417 square kilometres of prospective Archaean Kibalian greenstone in the Kilo-Moto area in the Democratic Republic of the Congo.
Incorporated within these licences are:
- the Somituri project (71.25% owned by KGL), comprising six contiguous licences (361km2) held by KGL-Somituri SARL.
- 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.
KGL has retained the rights to explore for and develop iron ore resources and other minerals associated with the licences held by KGL Isiro SARL.
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, 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.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.