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  • Kilo Goldmines Restarts Drilling Following C$10mln Funding 0 comments
    Apr 9, 2013 2:55 PM

    Kilo Goldmines (CVE:KGL) has confirmed the re-start of exploration drilling on the Lmbo licence, in the Democratic Republic of Congo (NYSE:DRC).

    This comes after Kilo closed a significant new funding, which raised just around C$10mln.

    The programme is focussed on the Kitenge and Manzako prospects, both of which are parts of the Somituri project.

    Drilling will also follow up and test prospects identified through previous geophysical exploration work. The company also plans to resume its exploration activities across the other areas of the Somituri project.

    "We are pleased that our contractor was able to achieve rapid mobilization and recommence operations only three days after the company closed its C$10mln financing, and has been able to achieve production rates over 50 metres per shift per drill," said chief executive Alex van Hoeken.

    "We look forward to receiving results during the course of the year, as the high grades we have obtained from the 2012 campaign have been highly encouraging for our current strategy of finding additional resources."

    Meanwhile, Kilo also revealed highlight drill results from the Manzako prospect including 7.6 metres with a gold grade of 3.91 grams per tonne (g/t), and 11.2 metres at 4.96 g/t. Also a highlight trenching result had 31.7 metres at 4.96 g/t.

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

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