Kiboko Gold drills 8.7 g/t gold over 9 metres at Harricana, Quebec
Kiboko Gold Inc. [KIB-TSXV] reported preliminary results from 26 holes (over 3,349 metres (m)) drilled as part of a continuing systematic 11,000-metre/67-hole verification program at the Fontana area of its Harricana gold project. The 102 km2 Harricana Project is located 55 km north of Val-d’Or, Quebec, in the world-renowned Abitibi gold belt.
Kiboko drilled multiple high-grade intervals along Main Fontana trend. Highlights from the summary of results include 8.7 g/t Au over 9 metres (RCFON22-021), including 22.2 g/t Au over 3 metres; 23.9 g/t Au over 3 metres (RCFON22-026), including 35.4 g/t Au over 2 metres; 47.2 g/t Au over 1 metre (DDFON22-004); 7.2 g/t Au over 2 metres (RCFON22-006), including 14.0 g/t Au over 1 metre; 8.4 g/t Au over 1 metre (RCFON22-018); 3.3 g/t Au over 2 metres (RCFON22-002); 3.2 g/t Au over 2 metres (RCFON22-022); 2.3 g/t Au over 2.5 metres (DDFON22-007); 5.2 g/t Au over 1 metre (RCFON22-026); and 5.2 g/t Au over 1 metre (RCFON22-004).
Drilling is ongoing with assays pending from 31 other holes (5,206 m). Assay results are pending from 29 holes (4,866 m) drilled in 2022 along the Main Fontana trend and from the Bunkhouse area that shall be reported after they are received and processed. To date, 2 holes (totalling 540 m of drilling) have been completed as part of the Company’s ongoing 12-hole/2,800 metre winter diamond drilling program. The winter drilling is primarily focussed on the Bunkhouse area and its projected intersection with the Main Fontana trend.
Kiboko also drilled many lower grade intervals that require further investigation.
In addition to intercepting several exciting high-grade intervals, many lower grade intervals were intersected in this first batch of assay results. At this early stage in Kiboko’s systematic exploration approach, these zones will be evaluated further to determine both their geological significance and potential gold content. Some examples of zones of interest also returned 0.9 g/t Au over 8 metres (DDFON22-003); 0.8 g/t Au over 4 metres (RCFON22-021); 0.6 g/t Au over 4 metres (RCFON22-019); 1.6 g/t Au over 3 metres (RCFON22-011); 1.5 g/t Au over 3 metres (DDFON22-007); 0.6 g/t Au over 3 metres (DDFON22-007); and 0.6 g/t Au over 3 metres (RCFON22-019).
The results reported in this release align with management’s expectations for the first pass of assaying and reflect the natural heterogeneity typically observed in early exploration results from moderate grade environments that are dominated by fine grains of coarse (native) gold.
With the winter drill program now underway, Kiboko’s technical team can now focus on conducting a thorough review of new drilling information in relation to its current understanding of the geology and mineralization of the area, as well as assay results from 79,565 m of historical drilling data from the Fontana area of the project.
While the evaluation of the new drilling data has only just commenced, which only reflects the first batch of assays, management is of the view that these initial preliminary results are highly encouraging. These results do not deviate significantly from the current exploration model, as most holes drilled have intercepted mineralization and confirmed gold mineralization from near surface down to the vertical depth of the current drill program (up to 165 m).
The company believes that the areas targeted in the Phase 1 exploration program have the potential to support a near-surface, pit-constrained mineral resource estimate. The Company continues to target reporting a maiden mineral resource for a portion of the Fontana area of the Harricana Project in the second quarter of 2023, subject to the timely receipt of final assay results.
The Phase 1 program is intended to verify a significant portion of the 79,565 metres of historical Fontana area drilling, characterize gold mineralization in the wall rock surrounding the main vein systems, and partially validate the Fontana area Exploration Targets (as defined here).
The near surface Exploration Targets for the Fontana area of the Project total 13.6 million to 23.1 million tonnes at a range of grades of 3.0 to 3.4 g/t gold.