Kibo Mining has said that a technical report and recent drilling programme at the Imweru gold project in northern Tanzania, have confirmed the resource's upside potential.
The company said that the JORC-compliant report, which it commissioned from Tetra Tech EBA, contains a 39% increase in estimated combined indicated and inferred gold resource ounces to 426,000oz over the previous estimate for the Imweru central mineralised zone (ICMZ), where the recent drilling was carried out.
The report also contains 24% of the 426,000oz newly estimated total gold resource at ICMZ, which is now categorised in the higher confidence indicated category, with the remaining 323,000oz being in the inferred category.
The total estimated indicated and inferred gold resources at Imweru now stands at 550,000oz.
The report recommended a two-phase work programme of further resource definition drilling, testing the priority regional targets and preliminary scoping study work.
Kibo Mining chief executive Louis Coetzee said the report confirms the company's previous statement that the drill results from Imweru had exceeded its expectations.
"This will allow Kibo to implement a focused and specialised exploration campaign on specific targets at Imweru, to effectively enhance its resource," Coetzee said.
"We are confident moving into the next phase of the project and its near-term commercialisation. The independent recognition of high-quality drill targets within the Kibo ground holdings in the Geita region bodes well for our strategy to build a significant mineable gold resource inventory in this region, close to existing gold mining infrastructure."
Kibo Mining was established in early 2008 to explore and develop mineral deposits in Tanzania.