There are indications that Aim-listed Katoro Gold’s 75%-owned Haneti nickel project, in Tanzania, could host a chonolith-type nickel sulphide deposit.
The company would, therefore, push ahead with preparations for a fully funded drilling programme at the two key targets, Mihanza Hill and Mwaka Hill, where it hoped to determine the existence of disseminated or massive sulphide mineralisation and define a future larger drilling programme, Katoro executive chairperson Louis Coetzee said in a statement on Wednesday.
At the primary target, Mihanza Hill, a high magnetic anomaly was modelled using a three-dimensional inversion modelling technique to better understand how the magnetic signature varied with depth.
The results indicated that there was a considerable “root” to the Mihanza Hill ultramafic outcrop, which pointed to a large volume of rock that could have positive implications for the differentiation of nickel sulphide rich magmas and provides a large volume of nickel prospective target rock at this location, the company reported.
The main objective of the 2019 exploration work programme will be to ascertain the existence of disseminated or massive sulphide mineralisation at the identified high-priority exploration targets.
Using a variety of exploration techniques, the programme will seek to define a future drilling programme.
Haneti is a highly prospective, high-grade nickel sulphide asset.
Development of Haneti is being advanced in tandem with Katoro’s joint venture partner, Power Metal Resources – previously known as African Battery Metals.
Power Metal holds a 25% interest in Haneti and has the right to acquire a further 10% interest from Katoro for £25 000 before May 15, 2020.