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  • Kaboko Mining Expands Mansa Manganese Drilling Program 0 comments
    Sep 23, 2013 8:19 PM

    Kaboko Mining's (ASX: KAB) exploration to establish a maiden JORC Resource at its Mansa manganese project in Zambia is progressing well with the company expanding the drilling program.

    This involves drilling additional deeper holes targeting confirmation of the known mineralisation area and potential extension of this area.

    It follows encouraging indicative results from the initial drilling of 17 holes totalling 870 metres as part of a 1,200 metre program.

    These drilling results will be used to in conjunction with the recent scoping study to prepare a JORC compliant resource statement at the Mansa Project.

    The company had in August rung in a first sale of 2,000 tonnes of high-grade manganese ore from the Mansa mine to the Noble Group under its $10 million pre-pay and offtake agreement.

    Production from the mine has reached 5,000 tonnes per month, with a current stockpile of 10 000 tonnes high grade manganese on site and a further 22,000 tonnes of alluvial unprocessed overburden being stockpiled.

    Option shortfall

    The company added it has completed the option rights issue shortfall of 121,975,898 options exercisable at $0.012 on or before 31 August 2013 at an issue price of $0.001 each, bringing the total raised to $292,415 before costs.

    It had previously allotted 170,440,000 new options, which represented a take-up of about 59%.

    Analysis

    Kaboko Mining is likely to pen in a strong maiden JORC Resource, given its decision to expand the drilling program after completing the initial holes.

    Reaching this milestone would fuel a rise in the market valuation of the company.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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