Kilo Goldmines Ltd. ("KGL" or the "Company") is pleased to announce an update on its exploration activities.
Since closing the recent $6 million financing on May 2nd, 2014, the Company has recruited several geologists to reinforce its exploration efforts. The four senior members of this exploration team have over 100 year's combined experience, and have worked on exploration projects in western, central, and eastern Africa that have yielded resources of over 35 million ounces Au.
The enhanced team has focused its efforts on reviewing the entire existing database, as well as re- logging all the existing drill core. The ultimate aim is to generate integrated geological models for the three main prospects, utilising lithological, structural, alteration and mineralization data. The revised models will be used for planning infill and extension drilling programmes, as well as elevating the confidence of mineral resources from the current inferred category to the indicated category.
The review of the Adumbi data has been completed and geological modelling is in progress. The team is now assessing all data and core for the Manzako and Kitenge prospects, and the programme is expected to be complete by the end of August 2014.
The joint venture between Kilo Goldmines and Randgold Resources Limited is proceeding as scheduled. Infill soil sampling, pitting, and trenching is being undertaken on the various anomalies identified in the Ngayu block of licenses, whilst first pass sampling on the Isiro block of licenses is still in progress. Randgold is hiring some of the Company's equipment and utilizing some of its personnel.
Alex van Hoeken, President and CEO of KGL stated: "We are pleased with the progress of the review and are confident that its conclusion will improve the modelling of the project. The Company remains focused on increasing asset and shareholder value by continuing to execute work programs with these aims.".
QUALIFIED PERSON
The data review disclosed in this press release was supervised by Howard Fall. Howard Fall, B.Sc.Ph.D., MAusIMM CP (Geo) is also the 'qualified person' (as that term is defined under National Instrument 43-101) retained by the Company who has reviewed the scientific and technical information contained in this release.
ABOUT KILO
Kilo Goldmines Ltd. (KGL) is a Canadian gold exploration company, listed on the TSX Venture Exchange under the symbol 'KGL' and on the Frankfurt Exchange under the symbol '02K'. KGL holds exploitation and exploration licences covering some »3000 km2 of favourable Archaen Kabalian Greenstones(the Ngayu belt) in the northeast Democratic Republic of Congo an area historically referred to as the Kilo-Moto region, a historic gold-producing region (11 Moz, Mineweb).
Incorporated within these licences is:
- the Somituri Project (71.25% owned by KGL), comprising eight non-contiguous licences (606 km2)
- the KGL Isiro SARL Joint Venture (JV) with Randgold Resources Ltd (2056 km2), for gold and associated minerals only. The JV is managed by Randgold and financed by it to a pre-feasibility (PFS). Upon completion of the PFS, KGL can participate in funding or Randgold will increase its participation to 65% by completing a Feasibility Study. Areas which may be deemed of no interest to Randgold will be returned to KGL.
Additionally:
- KGL has retained the rights to explore for and develop any iron ore resources(or other minerals) associated with the licences held by KGL Isiro SARL. These licences were in a JV with Rio Tinto who have now withdrawn.
- KGL has a minority interest in the Hajigak iron ore project in Afghanistan.