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Friday, 2 November 2012
Kilo Goldmines hits high grade gold at Somituri project
Toronto-based Kilo Goldmines (CVE:KGL) announced Friday results from 11 diamond drill holes at its Somituri project in northeastern Democratic Republic of Congo, which show additional mineralization aside from the primary target.
The 11 holes were completed this year, at 160 metre intervals, for a total of 2,714 metres over a strike length of 1,419 metres on the Kitenge prospect of the project. The prospect is just 4 kilometres from Kilo's 1.87 million ounce Adumbi gold deposit.
Notable results from the holes reported today include 5.8 metres at 42.24 grams per tonne (g/t) in a 700 metre open-ended high grade gold zone, as well as 2.95 metres at 9.19 g/t gold, and 3.92 metres at 13.6 g/t gold.
The company also saw a weighted average of 4.3 metres at 12.51 g/t gold.
Kilo said the gold zone was confirmed over an open-ended 1,500 metres.
"The gold intersections in the 2012 drill holes confirms the Kitenge Prospect consists of a strike-continuous gold bearing structure hosting high grade gold values and infill drilling should result in delineating additional resources," said president and CEO, Alex van Hoeken.
"The results show that in addition to the main shear zone (KSZ), which is our primary target, there is additional mineralization in the hanging wall and footwall which could give more mineralized zones than anticipated.
"The high grades from the recent drilling, in combination with the 1.87 million ounce Adumbi deposit, indicate that a larger, higher grade global resource in the Somituri project will be possible, with the objective of feeding a single mill from multiple pits."
He further said that the 2012 exploration program was completed at a "much lower cost" than budgeted, drilling the 10,000 metres announced at the beginning of the year. Limited results from this drilling have been received so far, while drilling is also still continuing.
The Somituri project consists of eight exploitation licenses totalling 606 square kilometres in the Archaen Ngayu Greenstone belt.
According to historical records, the Kitenge and Manzako mines produced about 100,000 ounces of gold to 1955, and the 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, based in Johannesburg, calculated an NI 43-101 compliant inferred gold resource estimate of 1.87 million ounces grading 1.63 g/t gold using a 0.50 g/t gold cut-off on the Adumbi prospect in April.