Exploration and development company Katoro Gold has provided an update of its 75%-owned Haneti nickel project in Tanzania.
According to the company, indications show Haneti could host a chonolith type nickel sulphide deposit after review and analysis of historic work.
Haneti is a high-grade nickel sulphide prospect. It is being developed in collaboration with Power Metal Resources, which owns the remaining 25% interest in the project.
Power Metal Resources has a right to acquire a further 10% interest through a cash payment of £25,000 to Katoro until 15 May 2020.
Katoro Gold executive chairman Louis Coetzee said: “We’ve been extensively reviewing all previous work at Haneti and everything we have learnt points to the fact that this project could host a chonolith type nickel sulphide deposit.
“We are therefore very excited to be pushing ahead with preparations for a drilling programme at the two key targets, Mihanza Hill and Mwaka Hill, which we hope will determine the existence of disseminated or massive sulphide mineralisation and define a future larger drilling programme.”
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Power Metal Resources executive director Paul Johnson said: “The decision to drill the Haneti Nickel project, targeting nickel, copper and PGM mineralisation is an acutely significant event for both JV partners.”
The main objective of the 2019 exploration work programme is to determine the existence of disseminated or massive sulfide mineralisation at the high-priority exploration targets identified.
The programme also seeks to define further drilling using different kinds of exploration techniques.
UK-based Katoro Gold is focused on the exploration and development of mineral properties in Tanzania.