Wednesday, 6 June 2012

Kilo Goldmines uncovers new targets at Somituri, reports soil samples as high as 69.6 g/t gold

Kilo Goldmines (CVE:KGL) announced Wednesday the results of a geophysical airborne survey on the license that hosts its Adumbi-Canal gold deposit, uncovering new targets.

The Adumbi-Canal deposit forms part of the Somituri project in the Democratic Republic of Congo (DRC), which hosts seven other exploitation licenses.

The company said it delineated banded iron formation over a strike length of 2 kilometres, from the demarcated northwestern limit of the Adumbi-Canal gold deposit.

It also found a linear magnetic feature over a strike length of 6 kilometres, parallel to the Kitenge prospect and Canal gold deposit.

Other notable highlights of the program included a linear magnetic feature extending northwest of the Kitenge prospect, east-west trending faults - one of which occurs through the Canal deposit - and multiple isolated anomalies and linear magnetic anomalies.

In addition, 26 soil samples returned values ranging from 2.04 grams per tonne (g/t) gold to 69.6 g/t gold. The soil samples were collected from a depth of one metre.

The company has collected soil samples over three of the seven other exploitation licenses of the Somituri project, with the fourth now in progress. During the year, it plans to carry out soil sampling over all of the seven other licenses. 

"The airborne magnetic survey has delineated new targets that may increase the overall potential of the PE [exploitation license] and we are particularly encouraged by the confirmation of a previously untested structure in excess of 6 km which is south of and parallel to Adumbi-Canal and Kitenge," said president and CEO Alex van Hoeken.

"I flew over this potential structure and witnessed significant artisanal workings over the entire length.

"The other targets are indicative of structural complexity namely dilation and shearing, coupled with demagnetization; many of these are associated with elevated gold-in-soil values."

Hoeken went on to state that he went to each of the targets as well on the western side of the Imbo river, and could see artisanal workings in most of the targets.

"Our team is also very encouraged by the BIF [banded iron formation] west of Adumbi," he said.

"We know from historical records that significant commercial scale colonial mining activity was undertaken there and some evidence of this can still be seen, so the survey has confirmed this as a priority target."

Indeed, the company said it has recently pushed a road closely into this area to facilitate the start of exploration activitites.

"We will be following some of these anomalies up in the current drilling programme, and plan to address them all in due course," Hoeken concluded.

Drilling is currently in progress on the Manzako and Kitenge prospects at the site.

The magnetic survey was carried out by South Africa-based Resolution Geophysics in April, with a total of 1,416 line kilometres surveyed, spaced at 100 metre intervals.

Kilo is in the midst of a systematic exploration program on the exploitation license hosting the Adumbi-Canal deposit, including core drilling, soil sampling and geological mapping.

So far, around 10 per cent of the total 10,000 metres forecast for this year has been completed. Further soil sampling and mapping will be carried out to follow up on the targets from the geophysical program.

Kilo Goldmines is a Canadian gold explorer that has over 7,000 square kilometres of Archaean Kabalian greenstone in the Kilo-Moto area in the Democratic Republic of the Congo. 

The company owns a 75 per cent interest in the DRC entity that holds the Somituri project exploitation permits and a 71.25 per cent interest in the project.
It also has a joint venture with Rio Tinto (NYSE:RIO) for iron ore on licences in north-eastern DRC.

The Adumbi-Canal deposit hosts an NI 43-101 compliant inferred resource of 1.61 million ounces, grading 2.04 g/t gold, with a cut off grade of 1.00 g/t gold.
According to historical records, during the 1940s until its closure in 1958, combined production from the Adumbi and Adumbi North mines totalled roughly 200,000 ounces of gold.

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