Lake Victoria (Gold)
Shinyanga, Mwanza, Geita & Kagera
90% to 100%
Gold projects with gold resource at Imweru & Lubando and surrounding earlier stage target areas.
Approximately 718,000 oz. Gold (Imweru & Lubando projects)
• Geological appraisal
• Regional soil sampling
• Drilling of priotity targets
• Regional soil sampling
• Drilling of priotity targets
LocationThe Lake Victoria Project comprises 129 mineral licences and applications covering an area of ~2,700 square kilometres that are scattered throughout Tanzania’s premier gold mining region, the Lake Victoria Goldfield (LVG). The tenement portfolio includes two recently acquired resource based projects, Imweru and Lubando.The mineral tenements are spread across four administrative regions, Mwanza, Geita, Shinyanga and Kagera in this part of northern Tanzania. The most convenient access is from the city of Mwanza, Tanzania’s second city, where, Kibo has its exploration office. From Mwanza, access to the majority of the tenements is first by ferry and then by a network of tarred and gravel roads. The operating gold mines in the region have contributed to the improvement in the regional road network in recent years but, given such a large area, access to many of the tenements is still by gravel roads in variable states of repair.
GeologyThe geology of the LVG is broadly similar to other gold producing Archaean greenstone terrains throughout the World and comprises a number of east west trending linear greenstone belts separated by granite-gneiss terrains. The Lake Victoria project tenements surround, straddle and occur within all the major greenstone belts in the LVG and include the Geita, Buhungukira, the Sarama-Rwamagaza and the Ushirombo Greenstone Belts. Additionally a significant number of the tenements are close to gold deposits, operating large scale mines and artisanal workings. Gold mineralisation within the LVG is controlled by a combination of favourable host rocks such as banded iron formation, quartz reefs and porphyries, and favourable structural settings. The Lake Victoria project is well located in this regard and many of the tenements occur on or close to regional structural lineaments and contacts that geologists consider to be controls on gold mineralisation in the area.
Gold discoveries and mine developments to date in the LVG have been mainly based on re-evaluation and extension of historic gold mines and occurrences (e.g. Geita, Bulyanhulu, North Mara). The LVG is now at an exploration maturity stage where companies, assisted by the increased knowledge of the geology and gold mineralisation of the region, are continuing to extend their search for mineralisation further away from the near surface showings and historic gold mining districts. This has already resulted in exploration discovery success in the first phase of systematic company exploration during the mid-nineties with discoveries at Tulawaka, Myabi and in recent years Buswagi.
The Lake Victoria project presents the Company with a large early stage gold prospective licence portfolio in Tanzania’s main gold mining region. The Company's tenements encompass many areas adjacent to known gold discoveries where experience has shown from other parts of the world (e.g. Yilgarn Block, Western Australia) that significant new discoveries can be made with focused and systematic application of modern mineral exploration techniques.
Rationalisation of lake Victoria project tenements 2013During 2013, as part of a review and rationalisation of its tenement portfolio, Kibo reduced the total number and area of its early stage exploration ground on the Lake Victoria project while at the same time increasing the quality of its holdings by acquiring two brownfield exploration projects, Imweru & Lubando and a number of other highly prospective surrounding tenements in the Geita Region. Imweru and Lubando together had a total estimated NI 43 101 compliant resource of 797,900 reported in 2009 to 2010 independent resource estimates carried out on behalf of the previous owners of the projects. The results of a recent drilling programme at Imweru in October 2013 by Kibo have been integrated with historic drill results to produce an updated JORC-compliant resource estimate for that project as discussed in the next section.
Results of Phase 1 Drilling at Imweru January 2014The results of the Phase 1 Imweru drilling programme were reported on the 14 January 2014 (refer RNS News release of that date).These drill results were integrated with historic results to produce an updated resource estimate which was released on the 24 February 2014 (refer RNS news release of that date and the recent independent technical report by Tetra Tech EBA under the Company Documents section of the website). The total resource at Imweru is now estimated at 550,000 oz. (14,954,000 tonnes at 1.14 g/t, 0.4 g/t cut-off). The new resource estimate reflects a 39% increase in total resource ounces at the Imweru Central Mineralised Zone (ICMZ) of which 24% is assigned to the higher quality Indicated category with the remainder in the Inferred category (JORC Code categories). It also incorporates a re-statement of the previously reported resource estimate at the Imweu East Mineralised Zone (IEMZ) to 124,000 oz. (2,653,000 tonnes at 1.45 g/t, 0.4 g/t cut-off). The decrease of approximately 200,000 resource ounces at the IEMZ from the previous estimate results primarily from a change in mineral tenement holdings in the period preceding Kibo's acquisition of Imweru.
The drill results over the ICMZ are very encouraging as evidenced by the significant increase in the quantity and quality of the new resource estimate at this location. Additionally, the Company's independent consultant (Tetra Tech EBA) has noted the potential to further increase the resource in this zone by continued drilling as well as recognising the high quality gold drill targets on adjacent areas which form part of the Company's ground holding in the Geita Region.
Next Exploration Phase 2014Based on the success of the drilling in late 2013 at Imweru and the recognition by Kibo's technical team and independent consultant of the potential to further increase the resource at Imweru further drill phases are planned for 2014. These drill programmes will continue to increase the density and extent of drilling around the existing mineraliszed zones at Imweru but will also test high priority targets elsewhere on the Imweru project at locations where coincident high soil geochemistry, prospective geology and geophysical lineaments occur.
In addition to Imweru, Lubando and adjacent projects in the Geita Region, Kibo also has also consolidated a number of other promising early exploration blocks within the grater Lake Victoria region on which it plans to continue to evaluate during 2014. The most promising to date of this is the Mhangu Block where exploration by Kibo during 2011/2012 has already identified a number of drill targets.