TORONTO, ONTARIO--(Marketwire - Jan 14, 2013) - Kilo Goldmines Ltd. ("Kilo" or the "Company") (TSX VENTURE:KGL)(FRANKFURT:02K) is pleased to announce significant results from six additional diamond drill holes, totalling 1,292.50 m. These results include 4.07 m grading 17.25 g/t Au commencing at a downhole depth of 126.8 m, including 1.07 m grading 63.8 g/t Au in hole SMDD0018.
Other Highlights Include
- 9.55 m @ 2.72 g/t Au
- 2.00 m @ 23.46 g/t Au
- 700 m strike continuous gold zone
- gold zone part of open-ended 2.2 km gold bearing structure
These additional holes, at approximately 160 m intervals, as illustrated on Figure 1, now define a strike length of 700 m at the Manzako Prospect, which is on the Company''s Somituri Project in northeastern Democratice Republic of Congo ("DRC"). The Manzako structure is estimated to be 2.2km in strike length as defined by colonial-era mining, previous trenches, soil sampling results and geological mapping. The Manzako Prospect is 5.0 km east and south from, and parallel to, the Company''s 1.87 M oz Adumbi gold deposit.
The gold intersections obtained in the Kilo drill holes, presented from southeast to northwest, are listed in Table 1 and the drill holes are illustrated on Figure 1. The location of the Manzako Prospect with respect to other Prospects on the Imbo licence is illustrated in Figure 2.
Alex van Hoeken, President and CEO of Kilo stated:
"The gold intersections in these drill holes confirm the Manzako Prospect hosts a strike-continuous structure with high grade gold values where infill drilling is expected to delineate additional resources. These Manzako Prospect results confirm the presence of multiple continuous gold mineralization zones, currently, namely Adumbi, Kitenge and now Manzako on the Imbo Licence.
These high grades from the Manzako Prospect further enhances my belief that continued drilling will add to the current resource base of the 1.87 M oz Adumbi deposit as will the Kitenge Prospect. Our focus has been to define a larger, higher grade global resource on the Imbo licence of the Somituri Project with the objective of feeding a single mill from multiple pits. We are very pleased that our 2012 exploration efforts continue to demonstrate this goal is realistic and achievable."
|Table 1. Gold intersections in Manzako Prospect drill holes, Somituri Project, DRC.|
|Drill Hole |
(2012 hole in bold)
|To (m)||Int. |
Drilled in 2010
|*previously reported (see press release dated October 27, 2010)|
|Intersections were calculated on un-cut gold values|
|True thickness estimated as 70% of core length intersections|
Gold at Manzako occurs with quartz + carbonate + pyrite ± pyrrhotite ± arsenopyrite ± chalcopyrite in a northwest-southeast oriented shear zone hosting auriferous quartz vein(s) that dips about 80 degrees northeast, herein termed the Manzako Shear Zone ("MSZ"). Preliminary interpretation concludes that the MSZ is bedding parallel to sub-parallel in chloritized, sericitized and silicified mafic volcanic rocks, including pillowed basalts.
Infill and step out drilling with a minimum of two holes per section is planned for the next drilling campaign.
About the Somituri Project
The Somituri Project consists of eight Exploitation Licences totalling 606 square kilometres in the Archaen Ngayu Greenstone belt, in the north eastern Democratic Republic of Congo.
According to historical records, unverified by the Company, the Kitenge and Manzako mines produced about 100,000 ounces of gold to 1955, and Adumbi gold mine produced about 200,000 ounces 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 calculated an NI 43-101 compliant inferred gold resource estimate of 1.87 million ounces grading 1.63 g/t Au using a 0.50 g/t Au cut-off on the Adumbi Prospect.
Quality Control and Analytical Procedures
The drill core was sawn in half with a diamond saw and one half core for each sample was placed into plastic bags and stapled shut. Commercial standards and blanks were 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 Chemex. Sample pulps were shipped from the DRC to ALS Chemex 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 Chemiex is accredited to international standards.
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 3,000 square kilometres of favourable Archaean Kabalian greenstone in the Kilo-Moto area in the Democratic Republic of the Congo. Kilo''s principal focus is to advance its projects from exploration through feasibility to project development and ultimately to full production in a socially and environmentally responsible manner. The Company owns a 71.25% interest in the DRC entity that holds the Somituri Project Exploitation Permits.
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.
This news release may contain forward looking statements concerning future operations of Kilo Goldmines Ltd. All forward looking statements concerning the Company''s future plans and operations, including management''s assessment of the Company''s project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company''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.
To view "Figure 1. Map illustrating the Manzako Prospect diamond drill holes SMDD0016 to 21 inclusive.", please visit the following link: http://media3.marketwire.com/docs/846478a.pdf.
To view "Figure 2. Map illustrating Manzako Prospect with respect to other Imbo Licence prospects.", please visit the following link: http://media3.marketwire.com/docs/846478b.pdf.