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LONDON (Alliance News) - Kibo Mining PLC on Monday said it has received the airborne geophysical survey results for the Haneti nickel project in Tanzania.
The final report on the survey confirms the location, strike extent and internal structure of two newly interpreted composite mafic-ultramafic zones, which extends the size of the Haneti-Itiso Ultramafic complex at the site.
The group added that the modelling over the Mihanza drill prospect shows magnetic susceptibility increases with depth, indicating the potential for a significant volume of nickel prospective target rock within this location.
Kibo said the data will continue to be studied in-house and by its consultants in order to assist with new geological modelling, new ground acquisition, exploration targeting, and exploration programme design.
"The interpretation and modelling has produced exciting results, showing the HIUC rocks occur over a far greater strike length than previously thought. This work enabled the prospectivity of Haneti for nickel sulphide mineralisation to be enhanced significantly, at minimum cost, and provides a more detailed picture of the sub-surface extent and geological structure. This will assist us in implementing a more focused drilling programme," said Louis Coetzee, Kibo's chief executive.
Kibo shares were down 2.0% to 4.7765 pence on Monday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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