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LONDON (Alliance News) - Kibo Mining PLC Tuesday said an independent geochemical interpretation report had confirmed the nickel sulphide potential at the Mihanza area of the Haneti project in central Tanzania, meaning that case for further exploration and development of the project is "compelling".
In a statement, the Tanzania-focused mineral explorer said the report prepare by Dr. Nigel Brand Geoservices Pty Ltd, which was based on detailed analyses of the soil and rock geochemical over the nickel-copper-platinum group metals project, showed it is a "robust drill target" with the potential to represent the surface expression of a significant nickel-copper-platinum group-style sulphide deposit at depth.
"Various additional work is underway to review the entire dataset from Haneti with a view to further improving our understanding. We are now confidently moving forward to enable rapid visible progress at Haneti, for the benefit of the company and our shareholders. Further updates will follow," Chief Executive Louis Coetzee said in a statement.
Still, Kibo Mining shares were down 4.1% at 6.47 pence Tuesday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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