Seeking Alpha

Proactive Investor's  Instablog

Proactive Investor
Send Message
Proactiveinvestors is a leading multimedia news organization, investor portal and events management business with offices in New York, Sydney, Toronto and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of... More
My company:
Proactiveinvestors
My blog:
Proactiveinvestors
  • Kilo Goldmines Says Latest Kitenge Drilling Shows High Grades Continue With Depth 0 comments
    Jan 23, 2013 2:34 PM

    Kilo Goldmines (CVE:KGL) unveiled Wednesday results from the Kitenge prospect at its Somituri project in the Democratic Republic of Congo, saying they provide some of the clearest evidence yet of the continuity of high grade gold values with depth.

    Of the notable results, the company hit 3.75 metres grading 27.08 grams per tonne (g/t) gold in hole 35, with a depth below surface of only 125 metres, meaning drilling can stand to be much deeper. The intersection was 60 metres vertically below prior hole 21 that was announced in November, which returned 5.8 metres at 42.24 g/t gold.

    Kilo said the Kitenge prospect is now defined over a 1500 metre strike length. Kitenge is one of several exploration areas on the company's Somituri project and is just 4km from Kilo's 1.87 million ounce Adumbi gold deposit.

    So far, 11 diamond drill holes make up the 700-metre high grade zone within the 1,500 metre long Kitenge structure, defined to shallow depths of around 65 metres. The two deepest intercepts are 125 and 145 metres vertically below surface.

    The junior gold explorer said the structure remains open on strike and at depth, adding that Kitenge is thought to show many of the characteristics of mesothermal gold deposits, where zones of high grade mineralization occur as defined "shoots" within a major structure and can exceed depths of 2 kilometres below surface.

    "These additional deeper gold intersections at Kitenge, provide some of the clearest evidence yet of the continuity of high grade gold values with depth. These deeper, higher grade results support the need for additional drilling over the entire Kitenge structure," said president and CEO, Alex van Hoeken.

    "We now have additional confidence that, not only is the structure open on strike, but the width and gold tenor is likely to increase with depth.

    "Kitenge is rapidly shaping up to be one the better prospects identified on the underexplored Imbo Licence and additional drilling is planned to delineate the extent of the high grade zone, possibly steeply plunging gold shoots that occur within the Kitenge main shear zone."

    The company said that more drill results are expected from the high grade zone.

    Kilo owns a 71.25% interest in the Somituri project and holds mineral rights on eight non-contiguous exploitation licences valid until 2039 covering 606 sq km, which includes the Imbo licence, which is 122 sq km.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Back To Proactive Investor's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »

Latest Comments


Posts by Themes
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.