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looking at how large of an area the gold zone has recently been enlarged to through exploratory drilling... It's possible once we get the drilling results that Kilo Goldmines likely has many more millions of ounces of gold, and may be on par or excel over Banro or the old parent company Moto Goldmines..... I consider Kilo a solid long term investment and just need to look at the market cap of Banro or Loncor to see where this stock is headed.....
maybe more gold than Banro here! It's very possible considering the increasing size of the strike
June 30, 2011, 7:35 am Press Release
TORONTO, ONTARIO--(Marketwire - June 30, 2011) - Kilo Goldmines Ltd. ("Kilo" or the "Company") (TSX VENTURE:KGL - News; FRANKFURT:02K - News) is pleased to announce that 31.70 metres grading 4.39 g/t gold has been obtained in a trench on the Manzako Prospect of the Somituri Project in north-eastern Democratic Republic of Congo ("DRC"). A 13.60 metre interval in this trench returned 8.99 g/t gold; moreover, the trench has not traversed the entire mineralized zone.
The Manzako Prospect is characterized by a series of parallel gold bearing quartz veins hosted within tuffaceous metasediments and mafic volcanic tuffs over a 2.5 kilometre strike length and a width in the order of 500 metres. An initial trenching program on the Manzako Prospect consisted of six short trenches totalling 235.10 metres to evaluate six separate areas of current and/or historical gold exploitation as illustrated on Figure 1. A summary of the Manzako trenches and weighted average gold intersections is listed in Table 1.
Table 1. Manzako trenches and gold intersections.
Length From To Interval Gold
Trench (m) Azimuth (m) (m) (m) (g/t)
SMTR001 19.40 230 5.30 12.40 7.10 0.52
SMTR002 57.10 040 17.80 18.80 1.00 0.47
56.30 57.10 0.80 0.44
SMTR003 31.70 040 0.00 31.70 31.70(i) 4.39
Includes 8.60 22.20 13.60 8.99
SMTR004 38.10 040 21.20 22.30 1.10 0.43
SMTR005 44.50 224 5.00 6.00 1.00 0.44
9.00 10.00 1.00 5.03
SMTR006 44.30 220 no elevated gold values
Note: (i) includes 1 m that was not sampled.
Peter Hooper, Executive Chairman of Kilo, commenting on the Manzako Prospect trench results stated; "The wide gold zone delineated by trench SMTR0003 was unexpected on a prospect that to date has only returned high gold values over narrow widths, consistent with the historical data.
These new results are very encouraging and indicate that detailed exploration may discover additional wide zone(s) of high grade gold."
The initial and last sample in trench SMTR003 returned 0.43 g/t Au and 3.23 g/t Au respectively indicative that the limits of the mineralized zone have not been determined. The trench will be extended in both directions. Given that the samples were collected horizontally over the length of the trench the true width of the gold zone reported on herein is considered to be 100%. The gold bearing zone in SMTR003 is tentatively interpreted to dip steeply towards the northeast. To further evaluate this new gold discovery a diamond drill hole will be collared to the northeast of the trench and drilled southwest to undercut this gold zone. Soil sampling is currently being carried out over the entire Manzako Prospect at 20 metre intervals on lines spaced 160 metres apart and oriented normal to the lithological strike direction. The objective of the soil sampling survey is to define the distribution of gold mineralization on the Manzako Prospect and provide guidance to the continuing trenching and drilling programs.
Trench SMTR002 will be extended to the northeast as the last sample returned an elevated value of 0.44 g/t Au.
Illustrated on Figure 1, in addition to the trenches are the 2010 diamond drill holes. Drill hole SADD0001, collared to the northwest of trench SMTR003, is interpreted to have drilled beneath, or within the footwall, of the northerly dipping gold zone intersected in trench SMTR003.
The trenches were manually excavated into weathered in-situ rock. Continuous horizontal chip-channel samples were collected from one wall of the trench over the entire length of the trench. Sample lengths were 1.0 metre or less in length with the exception of the first sample which was 1.5 metres long.
About the Somituri Project
The Somituru project consists of eight Exploitation Licenses, valid until 2039, within the Ngayu Greenstone Belt, Oriental Province. The 2010 drilling on the Adumbi gold deposit delineated a gold zone with an NI43-101 compliant inferred resource estimate of 2.03 million ounces grading 1.37 g/t Au at a cut-off grade of 0.50 g/t Au (see Press Release dated March 2, 2010).
Historical exploitation on the Adumbi gold deposit was carried out from surface to the water table, or about 120 vertical metres and focused on a high-grade quartz vein situated in close proximity to the footwall limits of the 2010 delineated gold mineralization. Records from the colonial era, unverified by the Company, indicate that during the 1940s until its closure in 1958 the combined gold production from the Adumbi and Bagbaie (Adumbi North) gold mines produced about 200,000 ounces of gold from approximately 500,000 tonnes quartz vein ore that averaged 11 g/t gold.
According to historical records, unverified by the Company, the Kitenge and Manzako mines produced about 100,000 ounces of gold prior to about 1942.
QC and Analytical Procedures
Quality control of analytical results is monitored by the company with the insertion of commercial standards and blanks in every batch of samples submitted for analysis. For additional details the reader is referred to Kilo's previously announced (see May 4, 2010 press release) quality control and analytical procedures.
About Kilo
Kilo Goldmines Ltd. is a Canadian gold exploration company that is listed on the TSX Venture Exchange under the symbol 'KGL' and on the Frankfurt Exchange under the symbol '02K'. The Company has over 7,000 square kilometres of favourable Archaean Kabalian greenstone in the Kilo-Moto area in the Democratic Republic of the Congo. Kilo's principal focus is to advance its projects from exploration through feasibility to project development and ultimately to full production in a socially and environmentally responsible manner. The Company owns a 71.25% interest in the DRC entity that holds the Somituri Project Exploitation Permits.
Qualified Person
The trench program, and results, disclosed in this press release were planned by Kilo geologists under the supervision of the Company's geological consultant Stanley Robinson. Stanley Robinson, M.Sc., P.Geo is also the 'qualified person' (as that term is defined under National Instrument 43-101) of the Company who has reviewed the scientific and technical information contained in this release.
Figure 1, is a compilation map of the portion of PE9691 explored by the Company to date: http://www.kilogold.net/pr30jun2011
Facebook: www.kilogoldmines.com/facebook
This news release may contain forward looking statements concerning future operations of Kilo Goldmines Ltd. All forward looking statements concerning the Company's future plans and operations, including management's assessment of the Company's project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company's control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact:
Peter Hooper
Kilo Goldmines Ltd.
Executive Chairman
(416) 360-3402
info@kilogoldmines.com
www.kilogoldmines.com
Kilo Announces Exploration Update of the Somituri Project, DRC
http://www.kilogold.net/investors/pr28jun2011.cfm
TORONTO, ONTARIO--(Marketwire - June 28, 2011) - Kilo Goldmines Ltd. ("Kilo" or the "Company") (TSX VENTURE:KGL)(FRANKFURT:02K) is pleased to announce that an exploration program of trenching, soil sampling and drilling with two diamond drills is currently underway on selected targets on the Somituri Project in north-eastern Democratic Republic of Congo ("DRC"). The corporate objective in the short term is to improve the geological understanding of a number of gold bearing exploration targets on Exploitation Permit PE9691. The gold targets are all situated within a 10 kilometre radius of a possible central processing facility where material could be blended. In addition, exploration is being carried out on PE9692, 35 km to the west northwest of PE9691 and an initial evaluation of the gold potential on the other six licences of the Somituri project is planned.
PE9692
During 2011 the Company carried out an initial exploration program of geological mapping, rock sampling, trenching and sampling, on the southern portion of PE9692. Two areas, about 300 metres apart, are the focus of work where quartz veins are hosted in sheared sericite schist. The lithological units strike northwest and the sericite schist unit is flanked to the southwest by the BIF unit.
The Company plans to carry out a detailed soil sampling survey to define areas for trenching and ultimately diamond drilling. Historical workings, considered to be from the colonial-era, were observed within the vicinity.
PE9691
A compilation of the 2010 exploration data, coupled with historical data has, to date, defined seven areas that warrant further evaluation through exploration as illustrated on Figure 1. During 2010 some 1041 soil samples were collected from widely spaced lines. A number of the soil samples returned statistically anomalous values equal to, or greater than, 0.20 g/t Au. Only those soil sample sites with values equal to or greater than 200 ppb (0.20 g/t) are illustrated on Figure 1; gold values for samples that returned 300 ppb or higher (0.30 g/t) are indicated on Figure 1. A brief summary of the characteristics of each exploration target are presented below.
Kitenge Prospect
Gold bearing quartz veins hosted in tuffaceous metasediments on the Kitenge Prospect were exploited during the colonial era by open pit and underground methods. Diamond drilling of five holes in 2010 intersected high grade gold values hosted in narrow quartz veins. Gold-in-soil anomalies with values up to 0.60 g/t Au were delineated immediately to the south of the area drilled in 2010. Trench SKTR002 completed over a length of 206.8 metres in 2011, was excavated on the interpreted strike of the gold-in-soil anomaly; it intersected gold values over a combined width of 56 metres normal to the regional strike, from southeast to northwest, as follows;
From (m) To (m) Interval (m) Gold (g/t)
99.00 107.20 8.20 1.15
118.10 134.20 16.10 0.55
162.90 193.00 32.10 0.70
Includes 177.30 193.00 15.70 1.00
The Company has completed two diamond drill holes undercutting the gold values obtained in trench SKTR002. Both of these drill holes intersected shear zones typified by metasediments altered to sericite schist hosting finely disseminated pyrite. An artisanal mining site was also undercut by one of these diamond drill holes. A trench being excavated 80 metres to the northwest has intersected the sercite schist shear zone.
The sampled drill core has been dispatched to ALS Chemex for sample preparation and analysis. Assay results will be announced once the Company receives the data. Additional sites along the projected northwest strike have been prepared for diamond drilling. In addition, the gridded area is currently being expanded for soil sampling.
Adumbi Gold Deposit
The 2010 drilling on the Adumbi gold deposit delineated a gold zone with an NI43-101 compliant inferred resource estimate of 2.03 million ounces grading 1.37 g/t Au at a cut-off grade of 0.50 g/t Au (see Press Release dated March 2, 2010). The Adumbi gold deposit is hosted within banded iron formation ("BIF") and quartz veins with true widths that range from 20 to 140 metres wide. The BIF defines a prominent hill that rises some 130 metres above the base elevation of the surrounding area. The strike extensions of the Adumbi gold deposit remain open and it is open to depth beyond the limits of the NI43-101 compliant estimated resource.
To date, in 2011 the company has completed three diamond drill holes in selected areas on the Adumbi gold prospect; all of these drill holes intersected mineralized BIF and quartz veins. Assay results will be announced once the Company receives the data. Additional drilling is planned.
Canal Prospect
The Canal Prospect, hosted in BIF, is considered to be a southeast trending splay off of the Adumbi gold deposit. This prospect consists of gold hosted within BIF and quartz veins over an interpreted 1.5 kilometre strike length towards the southeast; a series of trenches excavated in 2011 confirms geological continuity over approximately 700 metres and additional trenches are planned. One diamond drill hole was collared on this prospect in 2010 and it returned 11.45 m grading 3.33 g/t Au.
The first 2011 diamond drill hole collared on the Canal Prospect intersected an alternating sequence of BIF and tuffaceous metasediments over a core length of about 30 metres followed by a quartz vein for 14 metres. The second 2011 drill hole intersected the BIF unit beneath the 2010 intersection. One diamond drill hole is in progress and additional drill holes will be collared at a spacing of 160 metre intervals along strike. Assay results will be announced once the Company receives the data.
Vatican Prospect
The Vatican Prospect is typified by a series of parallel gold bearing quartz veins over a strike length of about 1.0 kilometre and a width in the order of 250 metres hosted within tuffaceous metasediments. In addition thin intervals of BIF were observed within artisanal workings in close proximity to quartz veins. The Vatican Prospect, first exploited in the colonial-era, is currently the focus of intense artisanal exploitation whereby historical tailings are being reworked through the assistance of high pressure water.
One diamond drill hole has been completed, one is in progress and a third is planned; metasedimentary rocks with some quartz veining as well as narrow intervals of BIF have been intersected.
Manzako Prospect
Exploitation on the Manzako Prospect was carried out from surface and underground during the colonial era; the ore was processed together with ore from the Kitenge Prospect. The Manzako Prospect is characterized by a series of parallel gold bearing quartz veins hosted within tuffaceous metasediments and mafic volcanic tuffs over a 2.5 kilometre strike length and a width in the order of 500 metres. Gold-in-soil values up to 1.50 g/t Au were obtained. The 2010 diamond drilling intersected multiple gold bearing intervals in two widely spaced drill holes evaluating separate gold bearing quartz veins. Gold intersections in SMDD002 included 3.90m @ 2.63 g/t Au and 4.70m @ 9.37 g/t Au, and in SMDD003 2.40m @ 2.63 g/t Au and 6.50m @ 7.76 g/t Au.
Soil sampling is currently being carried out over the Manzako Prospect at a density of 20 metres x 160 metres.
Libreville - Monde Arabe Prospect
The Libreville - Monde Arabe Prospect is defined by an intermittent series of historical and current exploitation workings coupled with anomalous gold-in-soil anomalies over a northwest - southeast strike length in the order of 3 kilometres and a width of about 0.5 kilometres. The gold bearing quartz veins are hosted within tuffaceous metasediments and localized occurrences of sericite schist. Infill soil sampling will be carried out over this prospect to further define targets for trenching and follow-up diamond drilling.
Adumbi North Prospect
The Adumbi North Prospect, referenced as Bagbaie during the colonial era, was mined from surface and underground. The mined area consists of quartz veins hosted in sheared tuffaceous meatasediments over a strike length of about 500 metres. A gold-in-soil anomaly, about 500 metres wide oriented normal to strike with values up to 3.61 g/t Au was defined. The immediate exploration objective is to further evaluate this area through trenching, mapping and drilling.
Peter Hooper, Executive Chairman of Kilo, commenting on the 2011 exploration program stated; "Historical data coupled with results of the 2010 exploration activities has confirmed that a number of highly prospective Adumbi size targets may occur on PE9691. The main focus of the 2011 program will be to i) infill drill the Adumbi Deposit in the high grade areas to both increase the total resource and convert inferred ounces to indicate ounces, and ii) define new NI43-101 compliant resources bydrill testing each of the other high priority exploration prospects. In addition, surface work consisting of further soil sampling and trenching will be carried out beyond the defined limits of the known zones with the objective of delineating additional drill targets. The initial exploration success on PE9692 is particularly encouraging and the Company plans to carry out follow-up exploration as well as continue with preliminary exploration over selected areas of the remaining seven Exploitation Licences of the Somituri Project."
The size of each Prospect is summarized in Table 1; the Adumbi Gold Deposit is highlighted.
Table 1. Size of the Exploration Prospects.
Target Strike Length
(km) Width
(km) Target Area
(Square km)
Adumbi North Prospect 0.50 0.50 0.25
Adumbi Gold Deposit 1.2 0.20 0.24
Canal Prospect 1.5 0.10 0.15
Libreville - Monde Arabe Prospect 3.0 0.75 2.25
Vatican Prospect 1.0 0.75 0.75
Kitenge Prospect 1.2 0.80 0.96
Manzako prospect 2.5 0.50 1.25
About the Somituri Project
The Somituru project consists of eight Exploitation Licenses, valid until 2039, within the Ngayu Greenstone Belt, Oriental Province.
Historical exploitation on the Adumbi gold deposit was carried out from surface to the water table, or about 120 vertical metres and focused on a high-grade quartz vein situated in close proximity to the footwall limits of the 2010 delineated gold mineralization. Records from the colonial era, unverified by the Company, indicate that during the 1940s until its closure in 1958 the combined gold production from the Adumbiand Bagbaie (Adumbi North) gold mines produced about 200,000 ounces of gold from approximately 500,000 tonnes quartz vein ore that averaged 11 g/t gold.
According to historical records, unverified by the Company, the Kitenge and Manzako mines produced about 100,000 ounces of gold prior to about 1942.
QC and Analytical Procedures
Quality control of analytical results is monitored by the company with the insertion of commercial standards and blanks in every batch of samples submitted for analysis. For additional details the reader is referred to Kilo's previously announced (see May 4, 2010 press release) quality control and analytical procedures.
About Kilo
Kilo Goldmines Ltd. is a Canadian gold exploration company that is listed on the TSX Venture Exchange under the symbol 'KGL' and on the Frankfurt Exchange under the symbol '02K'. The Company has over 7,000 square kilometres of favourable Archaean Kabalian greenstone in the Kilo-Moto area in the Democratic Republic of the Congo. Kilo's principal focus is to advance its projects from exploration through feasibility to project development and ultimately to full production in a socially and environmentally responsible manner. The Company owns a 71.25% interest in the DRC entity that holds the Somituri Project Exploitation Permits.
Qualified Person
The drilling program disclosed in this press release was planned and supervised by the Company's geological consultant Stanley Robinson. Stanley Robinson, M.Sc., P.Geo is also the 'qualified person' (as that term is defined under National Instrument 43-101) of the Company who has reviewed the scientific and technical information contained in this release.
Figure 1, is a compilation map of the portion of PE9691 explored by the Company to date: http://www.kilogold.net/pr28jun2011
This news release may contain forward looking statements concerning future operations of Kilo Goldmines Ltd. All forward looking statements concerning the Company's future plans and operations, including management's assessment of the Company's project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company's control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact:
Kilo Goldmines Ltd.
Peter Hooper
Executive Chairman
+1-416-360-3415
info@kilogoldmines.com
www.kilogoldmines.com
CFMonitor Thanks for such a excellent report!
For an updated chart on 18 of our top Sub-Saharan gold mining companies and their resources visit www.CFMonitor.com including Kilo Gold (TSX-V:KGL), Banro Corporation (TSX:BAA)(NYSE:BAA) and Loncor Resources (TSX:LN)(NYSE:LON) in the DR Congo.
Nice job of Kilo helping to raise $80,000 for the medical projects in the Eastern DRC!
I think the only thing investors are waiting for is a nice PR... That should let this baby loose!!!
Huge volume/ Tight trading range...
.20 cents is artificial, under .20 cents is completely out of line with Kilo's expectations, recent developments, and progress. (REALITY) The stock is having an out of body experience, but will soon return to reality. Be Patient, the company will start producing incredible news soon...
This is the bottom and here is why!
The only pressure we have is from the offering:
(Closing of the offering is expected to occur on or about May 12, 2011)
http://tmx.quotemedia.com/article.php?newsid=40993001&qm_symbol=KGL
I HAVE A GOOD FEELING THIS IS ABOUT THE PLACE WHERE WE BREAK OUT HIGHER FROM...
About time were headed in the right direction.
Attention Kilo and all the greedy people involved with the private offering, you will fail, honesty is the best policy. Do the right thing next time, for this is your last chance to make things right, or nobody will believe a word you say the next time you cry wolf. I have seen this same scenario play out over and over again, and allowing this stock to stay so low will destroy your reputation, and all your credibility.
All directors and associations can be and will be exposed. And they should be clearly outlined in all documents.
Connect the dots... the apple does not fall far from the tree...
Conflict of Interest clearly going on with the company. Look at the director Jim Mustard, he is also vice president at Haywood, one of the big firms involved with the private offering of shares. Haywood was also the firm that nearly single handedly took the stock price down from .40 to .20 by the time it got to .20 they got smart and changed the tag under who was selling the shares that was publicly by the tag Haywood on the TMX to Anonymous. Now how can such an act or relationship not be considered a serious conflict of interest. The private money is being funded by a director? Who is in turn dumping shares to no tomorrow. Why? so they can buy them back cheap as dirt, and rinse and repeat? I DON'T THINK SO! Investors don't deserve to be treated like this, and I hope the company as a whole is aware of these conspicuous associations between the private deals and the directors/board members who did benefit and stand to benefit even more from these actions, at the expense of the common shareholders. Enough is Enough.
Too many things are amiss, too many questions unanswered, too many promises and expectations are being broken, I sure hope Kilo snaps out of it soon, because what they are doing is too damn obvious, and the investors are not ready to stand buy and let them destroy our investment any longer.
http://investing.businessweek.com/research/stocks/private/person.asp?personId=12784581&privcapId=1443827&previousCapId=1443827&previousTitle=PI%20Financial%20Corp.
What makes no sense to me is who is selling all these shares for a substantial loss, and to serve what purpose, the actions taken by those with large amounts of shares goes against everything and anything the company has thus produced.
Closing of the offering is expected to occur on or about May 12, 2011.
Where are they taking it to 0? Seriously why sell shares below the offering? Makes no sense at all... I can't understand the rationale behind this move...
makes no sense, all sells going through are at a loss, how can this be?
Freeport, Lundin Eye Congo Expansion After Approval
April 20 (Bloomberg) -- Freeport-McMoRan Copper & Gold Inc. and Lundin Mining Corp. can proceed with plans for an expansion of their $2 billion Tenke project in the Democratic Republic of Congo after their revised contract with the government received presidential approval, the mining companies said.
The Tenke Fungurume Mining Sarl joint venture was renegotiated in October to give 20 percent of the project to Congo's state-owned Gecamines, leaving Phoenix-based Freeport with 56 percent and Toronto's Lundin with 24 percent.
The new contract received final approval from Congo's Council of Ministers and President Joseph Kabila earlier this month, Freeport spokesman Eric Kinneberg said in an e-mailed response to questions yesterday.
Freeport continues to carry out "drilling activities, exploration analyses and metallurgical testing to evaluate the potential of the highly prospective minerals district" at Tenke, Kinneberg said. "These analyses are being incorporated in future plans to evaluate expansion opportunities."
Tenke produced 120,271 metric tons of copper cathode last year and expects to produce about 130,000 tons in 2011, Lundin said on April 18. The expansion could boost annual output to more than 400,000 tons a year, the companies have said.
Freeport will give an update on the project during its first quarter earnings call today at 10 a.m. New York-time, Kinneberg said.
http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2011/04/20/bloomberg1376-LJY3Z407SXKX01-7TCKAIPTPB2JE0FNFVIME4G1K9.DTL
Hedge Funds are net buyers with only one or two big frims iquidating from the private... Getting better as we go!
Plenty of Liquidity (Volume) at these levels! Positive sign!
This is great they updated the investor presentation:
http://www.kilogold.net/investors/events.cfm
We have 2 million ounces of gold and a growing highly mineralized area that is expected to become a new gold zone. Kilo is lead by the founders of Moto who successfully found over 20 million ounces a few years ago under Moto Goldmines. Kilo has two neighbors, Banro BAA and Loncor who is on the Toronto. Loncor just recently started it's drilling program, and had a major 24 million dollar investment from Newmont. Banro is a close neighbor with 11 million proven ounces and growing. Banro and Loncor are making it, Moto made it in the past, AngloAshanti, Randgold, and Newmont all want in. The rush is on for the gold properties in the DRC and Kilo is already sitting on some of the most prospective historic and artisanal mine sites. Everything is set up for this to run, but the private placement was done with the wrong firm, by the wrong type of business fat cats looking to turn a quick buck. And now here we are sitting at .20 driven down 20% of market cap because Haywood needed to sell that last 50,000 share block for only $10,000 @ .20 and .20 is the entry price of the private they did, so the logic behind the decline is completely mind boggling. The only sense it makes is if they are shorting and dumping, but I cant see how then can possibly cover when they need to, I still think they are loading the spring for Kilo to break out higher. HOW CAN A FIRM OR WHY WOULD THEY DRIVE DOWN THE MARKET CAP 20% FOR ONLY $10,000? UNREAL!!!!!!!!!!!!!! There has to be something else going on. Im just going to keep buying.
Just to let you know I'm following this board, not really knowing whats going on. Sorry it s not going well for you here at the moment investorwisdom. I check the chart daily for progress and just lately to to see if the selling is coming to an end. Tell me again why this is such a bargain stock?
Kiwi
The stock is defying the laws of physics, and really starting to make me wonder about the relationship between Haywood and Credit Suisse Securities, when Haywood stopped dumping, Credit Suisse showed up, and it's all in small blocks, I wonder if they are illegally taking turns shorting and dumping shares from the private placement. And why the hell is the company so quiet, after all the news they were putting out leading up to the reserves.... I hope Kilo gets their act together and addresses the decline in share price soon.
I think we should be headed higher soon!
I don't see how we can go much lower, if it does I'm ready to sell all my other stock to load up on the 52 wk low.......
Hi Steve, I think it's important to note that many of those warrants are priced above .50 and will most likely expire without having any impact on O/S, However about 18 million of those warrants are related to the last private placement and they can be purchased @ .30 Taking into account the current price of the stock, I think the most likely scenario is many of the warrants will expire, and the stock will not reach the fully diluted status.
Shares Outstanding - 112.8 M
Options 8.8 M
Warrants 45.4 M
Fully Diluted 167.0 M
(as of 8 Nov 2010)
http://kilogold.net/investors/
Kilo Announces 2.0 Million Ounces Gold Initial Inferred Mineral Resource Estimate for the Adumbi Deposit, Somituri Project, DRC
http://www.kilogold.net/investors/pr2mar2011.cfm
TORONTO, ONTARIO--(Marketwire - March 2, 2011) - Kilo Goldmines Ltd. ("Kilo" or the "Company") (TSX VENTURE:KGL)(FRANKFURT:02K) is pleased to announce an initial National Instrument 43-101 ("NI 43-101") compliant inferred resource estimate on the Adumbi Deposit of the Somituri Project in north-eastern Democratic Republic of Congo ("DRC"). The resource estimate has been prepared by independent geological consulting firm The Mineral Corporation, of South Africa. The Banded Ironstone containing the deposit has an estimated strike length of 1.2 km as defined by Kilo's drilling to date. Based on regional compilation and artisanal gold mining activity, the Banded Ironstone appears to be located along a regional lineament exceeding 5 km in length. The deposit remains open at depth. Other Kilo drilled prospects on the Somituri Project, namely the Kitenge and Manzako, are not included in the mineral resource estimate.
SUMMARY - NI 43-101 COMPLIANT INFERRED RESOURCE
At a 0.5g/t gold cut-off grade the Adumbi Prospect contains an Inferred Mineral Resource of 46.3 million tonne at a grade of 1.37g/t gold containing 2.03 million ounces of gold. The 0.5g/t cut-off is deemed appropriate based on current gold prices and possible processing costs of circa US$20/tonne.
Inferred mineral resources were estimated at a range of cut-off grades from 0.00 g/t gold to 1.00 g/t gold as presented in Table 1.
Table 1. Graded Mineral Resource Estimates for the Adumbi Deposit.
Cut off
(g/t Au) Tonnes above
cut off Grade above
cut off (g/t Au) Tonnage above
cut off Million ounces Au
above cut off
0.00 57 772 686 1.16 100% 2.15
0.50 46 307 259 1.37 80% 2.03
1.00 27 337 071 1.80 47% 1.58
The deposit is hosted in chemical metasedimentary rocks consisting of intervals of chert, chert banded with banded iron formation ("BIF"), as well as minor intervals of chert banded with black shale and several narrow intervals of black shale; quartz veins occur throughout the chemical metasedimentary rocks.
The Adumbi Deposit occurs within the sub-vertical to steep northeasterly dipping sheared BIF that is mineralized from surface. Topographically the deposit forms a steep-sided hill, elongated parallel to strike, that rises some 130 metres above the base elevation. As defined by current drilling to date, the BIF has an estimated strike length of 1.2 km that appears to be hosted within a regional lineament in excess of 5 km length along which artisanal gold mining activity occurs. The deposit remains open at depth.
The mineralization occurs associated with quartz veins and veinlets hosted by the BIF and average sulphide content is in the order of 3 to 10%. Preliminary conclusions are that the gold occurs with late-stage pyrite. Visible gold has not been observed to date in the drill core.
This is the first resource estimate completed for the Adumbi Deposit. Mr. David Young, of The Mineral Corporation, is the "Qualified Person" who prepared the mineral resource estimate. The mineral resource estimate was prepared using the Canadian Institute of Mining Metallurgy and Petroleum ("CIM") definition Standards (2005) and CIM Best Practice Guidelines for Preparing Mineral Resources and Mineral Reserves. Mr. Young is independent of Kilo as that term is defined in NI 43-101.
The Mineral Resource estimate is based on 25 drill holes collared on section lines at approximately 80 metre intervals, 4 adits and 12 trenches. The drilling, trenching and historical underground exploitation on the Adumbi Deposit demonstrate lithological and mineralization continuity along strike and at depth.
The NI 43-101 report containing the resource estimate will be finalized by the Mineral Corporation, filed on SEDAR and posted on Kilo's website within the next forty-five days.
Klaus Eckhof, President and CEO of Kilo stated "This initial resource estimate of 2 million ounces of contained gold is a significant milestone for the Company and represents a strong starting point as we continue to advance the Somituri project forward." Peter Hooper, Executive Chairman of Kilo added "Our expectation is that significant potential exists to add ounces at Adumbi by infill drilling along strike and to depth. Due to the wide-spaced drilling on Adumbi, combined with the necessity of collaring drill holes within the mineralized zone to intersect the zone proximal to surface, and the resultant termination of drill holes prior to completion through to the entire footwall, management has concluded that both the quoted grade and estimated ounces may be understated. In addition, further drilling on the Kitenge and Manzako Prospects as well as drilling on the currently un-explored colonial era Bagbaie [Adumbi North Prospect] provides further optimism for delineating additional resources on the Somituri Project."
2011 Exploration on the Somituri Project
The Company intends to expand the initial Adumbi inferred mineral resources by drilling along strike and at depth with deeper drilling. In addition, infill drilling will be carried out with the intention of converting inferred mineral resources to the indicated category. Metallurgical test work is in progress and petrographic studies are also planned.
Mapping, trenching and diamond drilling is being carried out on the other known prospects. In addition, mapping and sampling is in progress on another of the 8 Exploitation Licences that constitute the Somituri Project with the objective of defining drill targets.
Exploration and Analytical Procedures
The drilling was carried out by diamond drill rigs. Core samples were split in half with an electric saw, sampled and bagged by the geologists on site at the Adumbi Prospect exploration camp. The core, trench and adit samples were maintained in a secure location prior to transport to Kilo's administrative office by company vehicle. Subsequently the samples were transported by commercial carrier to the ALS Chemex laboratory in Mwanza, Tanzania. The samples were crushed to a minimum 70% passing a 2mm screen; the entire sample was then pulverized to 90% less than 75 microns. Quality control samples consisting of commercial standards and blanks were included with every batch of samples submitted to the laboratory. Sample pulps were forwarded by commercial carrier from ALS Chemex (Tanzania) to ALS Chemex in Johannesburg, South Africa and to Vancouver, Canada. Gold was determined on a 50 gram charge by the Fire Assay ("FA") with Atomic Absorption ("AA") finish method. The ALS Chemex Group is accredited to International Standards.
About Kilo
Kilo Goldmines Ltd. is a Canadian gold exploration company that is listed on the TSX Venture Exchange under the symbol 'KGL' and on the Frankfurt Exchange under the symbol '02K'. The Company has over 16,000 square kilometres of favourable Archaean Kabalian greenstone in the Kilo-Moto area in the Democratic Republic of the Congo. Kilo's principal focus is to advance its projects from exploration through feasibility to project development and ultimately to full production in a socially and environmentally responsible manner. The Company owns a 71.25% interest in the DRC entity that holds the Somituri Project Exploitation Permits.
Qualified Person
Mr. David Young of The Mineral Corporation has reviewed the scientific and technical information contained in this news release. Mr. Young is a 'Qualified Person' as that term is defined under NI 43-101.
Upcoming Events
Kilo will be attending the PDAC 2011 Conference in Toronto, Canada from March 6 to 9 (booth #2833). Kilo's management team is available to meet with investors at both events.
This news release may contain forward looking statements concerning future operations of Kilo Goldmines Ltd. All forward looking statements concerning the Company's future plans and operations, including management's assessment of the Company's project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company's control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact:
Kilo Goldmines Ltd.
Peter Hooper
Executive Chairman
+1-416-360-3415
info@kilogoldmines.com
www.kilogoldmines.com
KILO has made it BIG TIME! NO LONGER JUST A EXPLORATION COMPANY!!!!
Kilo Drilling Intersects 3.51g/t Gold Over 31.30 Metres on the Adumbi Prospect, Somituri Project, DRC
http://www.kilogold.net/investors/pr24feb2011.cfm
http://kilogold.net/downloads/pr24feb2011.pdf
TORONTO, ONTARIO--(Marketwire - Feb. 24, 2011) - Kilo Goldmines Ltd. ("Kilo" or the "Company") (TSX VENTURE:KGL)(FRANKFURT:02K) is pleased to announce results from diamond drill holes no. 20 and 22 on section 19755E and diamond drill holes no. 25 and 27 on section 19595E of the Company's Adumbi Prospect, Somituri Project in north-eastern Democratic Republic of Congo ("DRC").
Somituri - Adumbi Prospect Drilling
Diamond drill-holes SADD0020 and SADD0022 were collared on drill section 19755E and drill holes SADD0025 and SADD0027 were collared on drill section 19595E, to explore the horizontal and vertical continuity of gold mineralization intersected in the drill holes collared on sections 19835E and 19680E (see Nov. 23rd 2010, Jan. 5th 2011, Feb. 1st 2011 and Jun. 2nd 2010 press releases). The gold intersections are summarized by section, from east to west, below. The drill holes collared on section 19755E are illustrated in Figure 1 and the drill holes collared on section 19595E are illustrated on Figure
Intersected by diamond drill holes SADD0020, SADD0022, SADD0025 and SADD0027 is the sub-vertical chemical metasedimentary rocks predominantly characterized by intervals of chert, chert banded with haematite iron formation (BIF), as well as minor intervals of chert banded with black shale and several narrow intervals of black shale; quartz veins occur throughout the chemical metasedimentary rocks. Quartz veining is characterized by several dominant veins with widths in excess of several metres oriented parallel or sub-parallel to the regional strike of the lithologies; one of these referenced as the 'Main Vein' occurs in close proximity to the contact with the footwall tuffaceous metasediments and greywacke and it was the subject of exploitation by colonial-era mining over a strike length of nearly 2 kilometres.
Peter Hooper, Executive Chairman of Kilo stated, "The intersections of gold bearing mineralization in all of the drill holes collared on each of these section lines is very encouraging as horizontal and vertical continuity of the gold zone is being confirmed."
Drill holes SADD0020, SADD0022, SADD0025 and SADD0027 were drilled on a magnetic azimuth of 220 degrees at an inclination of -50 degrees to depths of 109.80m, 295.70m, 126.30m and 270.70m, respectively. Drill hole SADD0020 terminated prior to reaching the footwall rocks due to technical difficulties. It is estimated that the true widths of the mineralized intervals in all of these drill holes are approximately 75 percent of the intersected widths in the drill holes.
About the Somituri Project
The Company completed 31 diamond drill holes, including 6 abandoned drill holes, for a total of 6,610.78 metres in 2010 exploring a 2.04 kilometre strike length of the Adumbi Prospect. Records from the colonial era, unverified by the Company, indicate that during the 1940s until its closure in 1958 the combined production from the Adumbi and Bagbaie mines totaled about 200,000 ounces of gold; the Adumbi gold was hosted in quartz vein ore that averaged 11 g/t gold.
In addition, five drill holes have been completed on the past producing Kitenge gold mine, three holes have been completed on the former Manzako gold mine and one drill hole has been completed on the Monde Arabe target, which may be the northwest strike extension of the Kitenge gold bearing structure. According to historical records, unverified by the Company, the Kitenge and Manzako mines produced about 100,000 ounces of gold prior to about 1942. In addition, trenching and deep soil sampling is being carried out.
QC and Analytical Procedures
Quality control of analytical results is monitored by the Company with the insertion of commercial standards and blanks in every batch of samples submitted for analysis. For additional details the reader is referred to Kilo's previously announced (see May 4, 2010 press release) quality control and analytical procedures.
About Kilo
Kilo Goldmines Ltd. is a Canadian gold exploration company that is listed on the TSX Venture Exchange under the symbol 'KGL' and on the Frankfurt Exchange under the symbol '02K'. The Company has over 16,000 square kilometres of favourable Archaean Kabalian greenstone in the Kilo-Moto area in the Democratic Republic of the Congo. Kilo's principal focus is to advance its projects from exploration through feasibility to project development and ultimately to full production in a socially and environmentally responsible manner. The Company owns a 71.25% interest in the DRC entity that holds the Somituri Project Exploitation Permits.
Qualified Person
The drilling program disclosed in this press release was planned and supervised by the Company's geological consultant Stanley Robinson. Stanley Robinson, M.Sc., P.Geo is also the 'qualified person' (as that term is defined under National Instrument 43-101) of the Company who has reviewed the scientific and technical information contained in this release.
Figure 1, illustrating Diamond drill section 19835E on the Adumbi prospect, as well as the Adumbi mine can be viewed at: http://www.kilogold.net/pr24feb2011/. The reader is referred to the November 23, 2010 press release for a map illustrating the drill holes and drill section lines on the Adumbi Prospect.
Upcoming Events
Kilo will be attending PDAC 2011 Conference in Toronto, Canada from March 6 to 9 (booth #2833). Kilo's management team will be available to meet with investors at both events.
This news release may contain forward looking statements concerning future operations of Kilo Goldmines Ltd. All forward looking statements concerning the Company's future plans and operations, including management's assessment of the Company's project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company's control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact:
Kilo Goldmines Ltd.
Peter Hooper
Executive Chairman
+1-416-360-3415
info@kilogoldmines.com
www.kilogoldmines.com
quote "•Blue sky potential; 16,000 km2 of highly prospective ground in the Kibalian greenstone belt"
Taken from the home page www.kilogold.net
THE SKY IS THE LIMIT!
here is another great chart that a good buddy made for me:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=58910411
Things must of gone pretty good today at Mining Indaba! I expect the pressure to continue building through the next investor conference coming up in Canada, then the big release of the companies reserves in the ground comes in! Looks like we have what we need to keep the trend moving up. GL
strong L2 support of the stock here!
Kilo Drilling Intersects 2.60 g/t Gold Over 136.80 Metres From Surface on the Adumbi Prospect, Somituri Project, DRC
TORONTO, ONTARIO--(Marketwire - Feb. 1, 2011) - Kilo Goldmines Ltd. ("Kilo" or the "Company") (TSX VENTURE:KGL)(FRANKFURT:02K) is pleased to announce results from the remainder of diamond drill hole sixteen and all of diamond drill hole nineteen on the Company's Adumbi Prospect of the Somituri Project in north-eastern Democratic Republic of Congo ("DRC").
Somituri - Adumbi Prospect Drilling
Diamond drill-hole SADD0016 was collared on a magnetic azimuth of 220 degrees at an inclination of -57 degrees and drilled to 157.70 metres on drill section 19835E to intersect the mineralized gold bearing structure intersected in drill hole SADD0004 on drill section 19850E (see July 9, 2010 press release) close to surface. Diamond drill-hole SADD0019 was collared on a magnetic azimuth of 220 degrees at an inclination of -50 degrees and drilled to 294.40 metres to further confirm vertical continuity of the mineralized gold bearing structure. The gold intersections are summarized in the table below.
Adumbi Prospect Drill Section 19835E
Drill Hole From (m) To (m) Interval (m) Gold g/t
SADD0016* 0.00 136.80 136.80 2.60
includes 30.30 43.30 13.00 5.48
and 98.10 120.10 22.00 7.19
151.00 152.40 1.40 1.82
SADD0019 66.40 69.40 3.00 1.81
87.30 97.70 10.40 1.46
174.00 218.40 44.40 1.04
232.70 256.92 24.22 2.05
The true widths for the gold zones intersected in drill hole SADD0016 are approximately 73% and in drill hole SADD0019 approximately 78% of the drill hole intersection length.
* (partial results reported November 23, 2010)
The diamond drill holes on Section 19835E intersected from northwest to southeast the hanging wall tuffaceous metasedimentary rocks, followed by the chemical metasedimentary rocks predominantly characterized by intervals of chert, chert banded with haematite (oxide zone) and magnetite (sulphide zone) iron formation ("BIF"), as well as minor intervals of chert banded with black shale and several narrow intervals of black shale; quartz veins occur throughout the chemical metasedimentary rocks. Some of these drill holes ended in the footwall tuffaceous metasedimentary rocks and greywacke, whereas others terminated within the mineralized zone due to drilling difficulties.
"The gold intersections in the drill holes on Section 19835E confirms excellent vertical continuation over at least 300 metres with impressive true widths in the order of 80 metres, and particularly encouraging are the gold grades in the 150 vertical metres of the oxide zone" stated Peter Hooper, Executive Chairman of Kilo.
2011 Exploration on the Somituri Project
Company geologists arrived back on site in mid-January and field work consisting of trenching, mapping and soil sampling is in progress. Samples of drill core for metallurgical test work and petrographic studies are being collected. Subject to financing, the Company plans to resume diamond drilling in late Q1-2011. Currently, the exploration camp supporting the Adumbi, Kitenge and Manzako Prospects is road accessible.
In addition, reconnaissance geological evaluation of another one of the eight Somituri Project Exploitation Licences ("PE") has commenced. The PE is host to numerous artisanal gold exploitation sites.
In 2010 the Company explored a 2,058 metre strike length of the Adumbi Prospect with 31 diamond drill holes on 17 section lines, 13 trenches and the sampling of 4 adits. Records from the colonial era, unverified by the Company, indicate that during the 1940s until its closure in 1958 the combined production from the Adumbi and Bagbaie mines totaled about 200,000 ounces of gold; the gold exploited from the Adumbi mine was hosted in quartz vein ore that reportedly averaged 11 g/t gold.
In addition, five diamond drill holes explored a 960 metre strike length of the past producing Kitenge gold mine, three drill holes tested a 1,360 metre strike length of the former Manzako gold mine and one drill hole targeted the Monde Arabe artisanal workings, which may be the northwest strike extension of the Kitenge gold bearing structure. According to historical records, unverified by the Company, the Kitenge and Manzako mines produced about 100,000 ounces of gold prior to about 1942.
QC and Analytical Procedures
Quality control of analytical results is monitored by the company with the insertion of commercial standards and blanks in every batch of samples submitted for analysis. For additional details the reader is referred to Kilo's previously announced (see May 4, 2010 press release) quality control and analytical procedures.
About Kilo
Kilo Goldmines Ltd. is a Canadian gold exploration company that is listed on the TSX Venture Exchange under the symbol 'KGL' and on the Frankfurt Exchange under the symbol '02K'. The Company has over 16,000 square kilometres of favourable Archaean Kabalian greenstone in the Kilo-Moto area in the Democratic Republic of the Congo. Kilo's principal focus is to advance its projects from exploration through feasibility to project development and ultimately to full production in a socially and environmentally responsible manner. The Company owns a 71.25% interest in the DRC entity that holds the Somituri Project Exploitation Permits.
Qualified Person
The drilling program disclosed in this press release was planned and supervised by the Company's geological consultant Stanley Robinson. Stanley Robinson, M.Sc., P.Geo is also the 'qualified person' (as that term is defined under National Instrument 43-101) of the Company who has reviewed the scientific and technical information contained in this release.
Upcoming Events
Kilo will be attending the Mining Indaba 2011 Conference in Cape Town, South Africa from February 7 to 10 (booth #101) and PDAC 2011 Conference in Toronto, Canada from March 6 to 9 (booth #2833). Kilo's management team will be available to meet with investors at both events.
This news release may contain forward looking statements concerning future operations of Kilo Goldmines Ltd. All forward looking statements concerning the Company's future plans and operations, including management's assessment of the Company's project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company's control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact:
Kilo Goldmines Ltd.
Peter Hooper
Executive Chairman
+1-416-360-3415
info@kilogoldmines.com
www.kilogoldmines.com
Kilo Engages 'The Mineral Corporation' to Prepare a Resource Estimate on the Adumbi Prospect, Somituri Project, DRC
TORONTO, ONTARIO, Jan. 28, 2011 (Marketwire) --
Kilo Goldmines Ltd. ("Kilo" or the "Company") (TSX VENTURE:KGL)(FRANKFURT:02K) is pleased to announce that they have engaged 'The Mineral Corporation' to prepare a resource estimate for the Adumbi Prospect of the Somituri Project. The report will also include results of all other aspects of the 2010 exploration program on the Somitui Project in north-eastern Democratic Republic of Congo ("DRC").
The estimate is expected to commence in early February utilizing data available at that time. An initial report is expected to be received and announced towards the end of February 2011 with the final NI 43-101 compliant resource report posted on SEDAR within 45 days of the initial report estimate.
Klaus Eckhof, President and CEO of Kilo stated "The 2010 exploration program returned sufficiently favourable results over a 2km strike length of the Adumbi Prospect to warrant the completion of an independent gold resource estimate."
The final NI 43-101 compliant resource calculation is expected to capture the analytical results from 28 diamond drill holes (including 3 short abandoned holes), 4 adits and 12 trenches on the Adumbi Prospect. As of the date of this press release (January 28, 2011) Kilo has received complete assay data for 16 diamond drill holes (including one abandoned drill hole), 4 adits, and 7 trenches and partial assay data for 1 additional diamond drill hole.
One diamond drill hole that traversed the entire gold bearing chemical metasedimentary rocks (oxide and fresh rock), as well as the hanging wall and footwall tuffaceous metasedimentary rocks and meta-greywake, has been submitted to ALS Chemex for bulk density determinations. The chemical metasedimentary rocks are sub-vertical and characterized by intervals of chert, chert banded with magnetite and/or haematite iron formation (BIF), as well as minor intervals of chert banded with black shale and several narrow intervals of black shale; quartz veins occur throughout the chemical metasedimentary rocks.
Summary of 2010 Exploration on the Somituri Project
During the period from late January to December 31st 2010 Kilo carried out an initial exploration program on one of eight Exploitation Licenses that constitutes the Somituri Project. Completed during 2010 were 9,745.6 metres of diamond drilling, 592.5 metres of adit sampling, 733.65 metres of trenching, and the collection of 1,233 soil samples (includes QC samples) on four target areas of the Somituri Project.
The Company explored a 2,058 metre strike length of the Adumbi Prospect with 31 drill holes (including 6 re-drilled abandoned holes) on 17 section lines. In addition, the Adumbi Prospect was explored by the sampling of 4 adits and excavation and sampling of 12 trenches. Records from the colonial era, unverified by the Company, indicate that during the 1940s until its closure in 1958 the combined production from the Adumbi and Bagbaie (about 1 kilometre northwest of Adumbi) mines totaled approximately 200,000 ounces of gold. The gold exploited from the Adumbi mine was reported to be hosted in quartz vein ore that averaged 11 g/t gold.
The past producing Kitenge gold mine and its northwest strike extension was explored over a 2 km strike length with five drill holes, three trenches and three lines of soil sampling. Manzako, a former gold producer from surface and underground was targeted over a 1,360 metre strike length by three drill holes. An artisanal working, locally known as Monde Arabe, which may be the northwest strike extension of the Kitenge gold bearing structure, was tested with one drill hole. According to historical records, unverified by the Company, the Kitenge and Manzako mines produced approximately 100,000 ounces of gold prior to about 1942.
QC and Analytical Procedures
Quality control of analytical results is monitored by the Company with the insertion of commercial standards and blanks in every batch of samples submitted for analysis. For additional details the reader is referred to Kilo's previously announced (see May 4, 2010 press release) quality control and analytical procedures.
About The Mineral Corporation
The Mineral Corporation is based in Bryanston, Sandton (Johannesburg) South Africa and is a leading senior advisor to the African and International minerals business offering a broad range of services related to mineral exploration, mine development, and mine optimization across a diverse range of commodities and geographies.
About Kilo Goldmines
Kilo Goldmines Ltd. is a Canadian gold exploration company that is listed on the TSX Venture Exchange under the symbol 'KGL' and on the Frankfurt Exchange under the symbol '02K'. The Company has over 16,000 square kilometres of favourable Archaean Kabalian greenstone in the Kilo-Moto area in the Democratic Republic of the Congo. Kilo's principal focus is to advance its projects from exploration through feasibility to project development and ultimately to full production in a socially and environmentally responsible manner. The Company owns a 71.25% interest in the DRC entity that holds the Somituri Project Exploitation Permits.
Qualified Person
The exploration program disclosed in this press release was planned and supervised by the Company's geological consultant Stanley Robinson. Stanley Robinson, M.Sc., P.Geo is also the 'qualified person' (as that term is defined under National Instrument 43-101) of the Company who has reviewed the scientific and technical information contained in this release.
Upcoming Events
Kilo will be attending the Mining Indaba 2011 Conference in Cape Town, South Africa from February 7 to 10 (booth #101) and PDAC 2011 Conference in Toronto, Canada from March 6 to 9 (booth #2833). Kilo's management team will be available to meet with investors at both events.
This news release may contain forward looking statements concerning future operations of Kilo Goldmines Ltd. All forward looking statements concerning the Company's future plans and operations, including management's assessment of the Company's project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company's control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Kilo Goldmines Ltd.
(416) 360-3402
info@kilogoldmines.com
Facebook: kilogoldmines.com/facebook
www.kilogoldmines.com
Kilo's Drilling Intersects 21.4 g/t Gold Over 0.95 Metres and 1.89 g/t Gold Over 8.15 Metres on the Kitenge Prospect, Somituri Project, DRC TORONTO, ONTARIO, Jan. 26, 2011 (Marketwire) --
Kilo Goldmines Ltd. ("Kilo" or the "Company") (TSX VENTURE:KGL)(FRANKFURT:02K) is pleased to announce partial results from the five diamond drill holes and one road channel sample completed on the Kitenge Prospect, part of the Company's Somituri Project in north-eastern Democratic Republic of Congo ("DRC").
Somituri - Kitenge Prospect
Five diamond drill-holes totaling 1,359.70 metres and a channel sample from a 139.00 metre road cut tested some 1,200 metre strike length of the open ended 4 kilometre long structure hosting the colonial era Kitenge gold mine. According to the historical records reviewed by the company the Kitenge mine operated from 1938 to 1955 and is reported to have produced approximately 65,000 ounces of gold from surface and underground exploitation. The gold intersections obtained in the Kilo drill holes and road cut, presented from northwest to southeast, are listed below and illustrated on Figure 1.
From (m) To (m) Interval Gold g/t
Drill Hole (m)(i)
SKDD0001 Azimuth: 40 degrees magnetic Length: 256.60 metres
0.00 2.00 2.00 0.39
16.00 17.00 1.00 0.65
30.00 36.00 6.00 2.46
includes 35.00 36.00 1.00 12.40
36.00 104.80 assay data not received
106.30 117.30 1.00 2.18
146.40 148.30 1.90 0.75
SKDD0003 Azimuth: 40 degrees magnetic Length: 369.60 metres
0.00 30.50 assay data not received
63.70 107.05 assay data not received
133.50 136.80 3.30 6.71
includes 134.65 135.60 0.95 21.40
201.70 203.70 2.00 0.46
353.80 369.50 assay data not received
SKDD0004 Azimuth: 40 degrees magnetic Length: 368.80 metres
13.35 40.85 27.50 0.25
includes 20.35 26.15 5.80 0.42
SKDD0004 (continued)
and 32.85 37.35 0.44 4.50
65.30 68.30 3.00 0.68
116.95 131.00 14.05 1.35
includes 116.95 125.10 8.15 1.89
and 122.85 123.45 0.60 9.77
SKDD0005 Azimuth: 40 degrees magnetic Length: 355.80 metres
4.30 6.40 2.10 0.70
42.40 148.80 assay data not received
184.50 244.60 assay data not received
245.30 252.30 7.00 0.33
256.80 289.80 assay data not received
SKDD0002 Azimuth: 40 degrees magnetic Length: 364.70 metres
0.00 4.60 4.60 0.97
28.30 32.70 4.40 0.40
38.50 43.80 5.30 2.15
includes 43.10 43.80 0.70 9.72
53.80 131.20 assay data not received
184.50 187.70 3.20 0.86
299.00 364.70 assay data not received
Road Channel 20.00 23.00 3.00 0.77
(i) The widths above are not true widths. True widths remain to be
determined.
"The Kitenge Prospect drilling and road channel sampling has intersected gold mineralization over an open-ended strike length exceeding 1,000 metres" stated Peter Hooper, Executive Chairman, who added "particularly encouraging are the high-grade gold intercepts and the mapped strike length of this prospect. Additional drilling, to further evaluate the Kitenge Prospect on the Somituri Project, is warranted to determine its resource potential."
The true thicknesses of the gold bearing intervals are estimated at approximately 70 percent of the drill hole intersection intervals. A 0.30 g/t gold cut-off was used to calculate the intersections.
The Kitenge gold mineralization is associated with pyrite in quartz veins hosted in highly silicified clastic metasedimentary rocks. As illustrated on Figure 1, the Kitenge Prospect gold bearing structure is approximately 1.5 kilometres northwest of the Adumbi Prospect structure, and trends southeast for at least 4 kilometres. The Kitenge Prospect structure is separate from, and not geologically associated with the strike extension of the past producing Adumbi Prospect. Unlike Kitenge, the Adumbi Prospect gold is hosted in quartz veins and chemical metasedimentary rocks consisting predominantly of chert plus chert with magnetite, or banded iron formation ("BIF") as previously reported (see July 11, 2010 press release). Moreover, drilling to date indicates that the Kitenge gold zones are considerably narrower than the gold zones intersected on the Adumbi Prospect.
The objective of the Kitenge Prospect diamond drilling was to evaluate the potential of this historically mined gold bearing zone with a few widely spaced drill holes. A preliminary interpretation of the geology and assay data received to date confirms the presence of multiple parallel gold bearing zones over a strike length in excess of 1,200 metres hosted within a structure of unknown width. The historical mining on Kitenge is reported to have focused on narrow quartz veins from surface and underground; the Kilo drilling to date has identified the existence of a wider gold bearing zone. Currently the Company has insufficient data to correlate the various gold intersections and demonstrate strike continuity of the gold zones however the high grade gold intercepts obtained in each of diamond drill holes SKDD0001 to SKDD0004 inclusive coupled with the wider gold intersection in SKDD0004 is noteworthy. Management believes that additional drilling to further the interpretation and define the gold potential of the Kitenge Prospect is warranted.
All five diamond drill holes, SKDD0001 to SKDD0005 inclusive, were collared on a magnetic azimuth of 040 degrees and at an inclination of -50 degrees.
Diamond Drill Hole ("DDH") SKDD0001 was completed to a depth of 256.60 metres. DDH SADD0003 was collared 320 metres southeast of DDH SKDD0001 and completed to a depth of 369.60 metres. DDH SKDD0004 was collared 480 metres to the southeast of drill hole SADD0003 and completed to a depth of 368.80 metres. DDH SADD0005 was collared 100 metres behind and on the same section line as SADD0004 with the objective of exploring for parallel gold bearing zones; this DDH was completed to a depth of 355.80 metres. DDH SKDD0002 was collared 160 metres southeast of DDH SKDD0004 and completed to a depth of 364.70 metres. The road cut, some 200 metres southeast of DDH SKDD0002 was sampled on a magnetic azimuth of 020 degrees over a length of 139.00 metres.
About the Somituri Project
Five diamond drill holes and one road cut have been completed on the past producing Kitenge gold mine and three diamond drill holes have been completed on the former Manzako gold mine. According to historical records, unverified by the Company, the Kitenge and Manzako mines produced about 100,000 ounces of gold until 1955. Kilo has completed one diamond drill hole on the Monde Arabe artisanal site which may be on the northwest strike extension of the Kitenge Prospect. In addition, trenching and deep soil sampling is being carried out.
Kilo has completed 31 diamond drill holes (including 6 abandoned holes), 13 trenches and sampled 4 adits on the Adumbi Prospect. Records from the colonial era, unverified by the Company, indicate that during the 1940s until its closure in 1958 the Adumbi gold mine produced about 200,000 ounces of gold from quartz vein ore that averaged 11 g/t gold.
QC and Analytical Procedures
Quality control of analytical results is monitored by the Company with the insertion of commercial standards and blanks in every batch of samples submitted for analysis. For additional details the reader is referred to Kilo's previously announced (see May 4, 2010 press release) quality control and analytical procedures.
About Kilo
Kilo Goldmines Ltd. is a Canadian gold exploration company that is listed on the TSX Venture Exchange under the symbol 'KGL' and on the Frankfurt Exchange under the symbol '02K'. The Company has over 16,000 square kilometres of favourable Archaean Kabalian greenstone in the Kilo-Moto area in the Democratic Republic of the Congo. Kilo's principal focus is to advance its projects from exploration through feasibility to project development and ultimately to full production in a socially and environmentally responsible manner. The Company owns a 71.25% interest in the DRC entity that holds the Somituri Project Exploitation Permits.
Qualified Person
The drilling program disclosed in this press release was planned and supervised by the Company's geological consultant Stanley Robinson. Stanley Robinson, M.Sc., P.Geo is also the 'qualified person' (as that term is defined under National Instrument 43-101) of the Company who has reviewed the scientific and technical information contained in this release.
Figure 1, illustrating the Kitenge Prospect diamond drill holes, road cut and gold values can be viewed at: http://www.kilogold.net/pr26jan2011
Upcoming Events
Kilo will be attending the Mining Indaba 2011 Conference in Capetown, South Africa from February 7 to 10 (booth #101) and PDAC 2011 Conference in Toronto, Canada from March 6 to 9 (booth #2833). Kilo's management team is available to meet with investors at both events.
This news release may contain forward looking statements concerning future operations of Kilo Goldmines Ltd. All forward looking statements concerning the Company's future plans and operations, including management's assessment of the Company's project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company's control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Kilo Goldmines Ltd.
(416) 360-3402
info@kilogoldmines.com
Facebook: kilogoldmines.com/facebook
www.kilogoldmines.com
Congratulations on your drill results at Adumbi and Manzako. We monitor drill results in the Congo and like to see progress such as your announcements. Did you see Loncor Resources' (TSX-V:LN) drill results at Makapela in the DRC last week? They raised $24 million in a bought deal on Friday. We believe all the players in the DRC will see development within the country if the November 2011 election does not unhinge the country.
Kilo Gold Mines - Recent Drill Results
January 13, 2010
Kilo Drilling on the Manzako Prospect Intersects 5.00 Metres Grading 9.92 g/t Gold Somituri Project, DRC
January 5, 2011
Kilo Drilling Intersects 2.38 g/t Gold Over 89.45m on the Adumbi Prospect, Somituri, DRC
December 7, 2010
Kilo Drilling Intersects 2.07 g/t Gold Over 58.8m on the Adumbi Prospect, Somituri, DRC
November 23, 2010
Kilo Drilling Intersects 5.01 g/t Gold Over 21.0m on the Adumbi Prospect, Somituri, DRC
October 27, 2010
Kilo Drilling on the Manzako Prospect Intersects 4.70 Metres Grading 9.37 g/t Gold, Somituri Project, DRC
http://www.kilogold.net/
Link to Properties Overview:
http://www.kilogold.net/properties/
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iki
Discovering the DRC's next MAJOR Gold deposit
Kilo Goldmines Ltd. is a gold exploration and development company that is listed on the TSX Venture Exchange under the symbol 'KGL' and on the Frankfurt Exchange under the symbol '02K.FSE' and available in the USA under the special routing ticker 'KOGMF'. Kilo's principal focus is to advance its projects in the Kilo-Moto area in the Democratic Republic of the Congo from exploration, feasibility, project development and ultimately to full production.
The Company's mission is to unlock shareholder value by increasing and developing the Company's gold assets in a socially and environmentally responsible manner.
World Class Management Team
The board of directors and senior management team have a wealth of experience with gold exploration and development in Africa. The Kilo team is headquarted in Toronto; our Congo presence includes an office in Kinshasa and field offices in Beni and Isiro.
Properties with Proven Potential
Kilo has over 16,000 square kilometers of favourable Archaean Kabalian greenstone in the Kilo-Moto area. The main exploration targets include the Masters and Somituri properties. Over 11 million ounces of gold have been produced in the Kilo-Moto area since 1906.
Responsible Exploration Practices
Kilo is committed to balancing profitability with corporate responsibility. By working closely with the local community and Congolese goverment officials, Kilo is helping realize the potential of the DRC's vast mineral wealth in a sustainable way.
Investment Highlights
* Experienced team headed by Klaus Eckhof who founded Moto Goldmines (acquired by Rangold Resources last year) and Peter Hooper
* 16,000 km2 of highly prospective ground in the Kibalian greenstone belt; key targets are 200 km away from Moto discovery (20M+ oz); 450km away from Banro (11M+ oz)
* Total historic resources of 1.7M oz of gold *
* Total historic gold production of 630,025 oz (recovered grades of 7-9 g/t)*
* Strategic partnership with Rio Tinto for iron ore assets
* Key shareholders: Randgold Resources (12.5%), institutional investors (31.6%), insiders and retail investors (55.9%)
Kilo's corporate objective in 2010 is to delineate 2 to 4 million ounces of gold (NI 43-101 compliant).
Kilo's properties are structured under 5 operating companies as follows:
Operating Company Ownership Exploration Activity
KGL Masters 90% 6,500 metres of diamond drilling tested 5 areas in Q2 to Q4-2009; compilation of data is in progress.
KGL Somituri 71.25% 10,000 metre program planned for Somituri properties beginning early Feb. 2010; targets includes historic mines.
KGL ERW 75% Approximately half of the KGL-ERW licences are subject to a Joint Venture with Rio Tinto for iron ore.
KGL Sihu 99% No planned exploration in 2010.
KGL Poko 82.5% No planned exploration in 2010.
Corporate Responsibility
Kilo Goldmines is committed to balancing investor loyalty with responsible exploration practices.
Social Responsibility
Administered through the KGL Community Foundation, Kilo is actively promoting grassroots social and economic development in and around the areas in which the company operates.
The objectives of the KGL Community Foundation are to promote sustainable development that enhances opportunities and quality of life by:
* involving local communities in identifying their specific needs
* promoting and supporting education and skills training
* improving access to health care and awareness of public health issues through research and documentation of changes in the health of communities
* supporting improvements in sustainable agriculture, apiculture, aquaculture and forestry
* supporting of the development of micro-entrepreneurs and small businesses
* using, where applicable, local expertise, contractors and labour in its projects
KGL Community Foundation Projects
Environmental Stewardship
Kilo firmly believes that minimizing the environmental impacts of its activities and building cooperative working relationships with local communities is not only a good business practice, it is essential for the long-term operation of the company and ultimately a necessity to achieve the best possible outcome for shareholders.
Kilo's management has also taken steps to ensure that all employees and suppliers respect and adhere to the laws of the DRC with respect to the protection of threatened and endangered species. All employees and contract workers are briefed on this matter and understand that the purchase, sale or possession or the causing of harm to any animal which belongs to a threatened or endangered species can be grounds for immediate dismissal.
Mining in the DRC
$24 Trillion in Untapped Mineral Wealth
According to a February 2009 report in African Business magazine, the value of the mineral reserves buried under the soil of the DR Congo exceeds US$24 trillion dollars. This sum is greater than the combined GDP of both the United States and the 27 European Union (EU) countries.
Recent Developments in the DRC Mining Sector
The Right Time for Gold Exploration and Development
The Democratic Republic of Congo (DRC) holds the promise of becoming one of Africa's most significant gold producers. With a history of oppressive colonial rule, brutal dictatorship, and violent civil unrest for much of the last decade, there are signs that political stability is slowly starting to emerge.
In addition to helping realize potential for shareholders, Kilo is firmly committed to helping the local Congolese people in the communities it is working in and with. Kilo is already helping contribute to the short-term stability of the region through job creation, training activities and philanthropic sustainable development initiatives through the KGL Community Foundation. Kilo will continue to maintain a healthy balance between achieving success for shareholders while playing an active part in contributing to long-lasting peace and prosperity in a developing nation blessed with abundant mineral wealth
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