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Kilo Goldmines Ltd (2)
Symbol KGL
Shares Issued 169,699,855
Close 2017-01-30 C$ 0.095
Market Cap C$ 16,121,486
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Kilo Goldmines restarts Imbo drilling

2017-01-30 15:24 ET - News Release

Mr. Philip Gibbs reports

KILO GOLDMINES ANNOUNCES EXPLORATION UPDATE AND GRANT OF STOCK OPTIONS

Kilo Goldmines Ltd. has provided an update on its exploration program on its Imbo licence (PE9691) within the Ngayu greenstone belt in the northeastern Democratic Republic of the Congo (DRC).

Diamond drilling program in progess

The current 63-hole (8,900-metre) program is designed to test coincident gold-in-soil geochemical and geophysical anomalies on the following three targets, located within four kilometres of the company's Adumbi prospect:

  • Adumbi South target -- 20 drill holes totalling 3,100 metres on seven traverses at a spacing of 160 metres along strike;
  • Adumbi West target -- 26 drill holes totalling 3,400 metres on 10 traverses at a spacing of 160 metres along strike;
  • Kitenge extension target -- 17 drill holes totalling 2,400 metres on seven traverses at a spacing of 320 metres along strike.

Further details on the geology and characteristics of these targets are provided in the company's press release of Nov. 2, 2016.

Drilling commenced on Oct. 31, 2016, with two diamond drilling rigs (one track-mounted drill rig and one man-portable drill rig) and continued until the planned year-end suspension of fieldwork on Dec. 9, 2016. During the recess period, two additional track-mounted rigs were mobilized to site and the program recommenced on Jan. 11, 2017, using the three track-mounted machines.

To date, five drill holes totalling 814 metres have been completed at Adumbi South (drill traverses ASL5 and ASL4) and two holes totalling 299 metres have been drilled at the Kitenge extension (drill traverse KPL4). A third hole is in progress at Kitenge at a depth of 98 metres (drill traverse KPL2)

At Adumbi South, the sequence drilled on drill traverse ASL5 consists mainly of interlayered quartz-carbonate schist and chlorite schist, with localized bands of magnetite-rich chlorite schist. Hydrothermal alteration is associated with a 3.35-metre-wide shear zone and comprises foliation parallel quartz veins with disseminated pyrite, pyrrhotite, chalcopyrite and arsenopyrite; assay results for this zone returned geochemically anomalous gold values up to 0.24 gram per tonne. Drilling is now in progress on traverse ASL4, where the magnetic response of the magnetite-bearing schists is weaker, possibly due to more extensive hydrothermal activity.

Following completion of the first traverse at the Kitenge Extension, one rig has will now commence drilling at Adumbi West on traverse AWL2 and the program will continue with one rig operating on each target.

Grant of stock options

The company announces that, subject to regulatory approval, it has granted stock options to acquire an aggregate of 8.6 million common shares to directors, officers, consultants and contractors of Kilo and its DRC subsidiaries under its employee stock option plan. Each option is exercisable for a 10-year period to acquire one common share at a price of 10 cents per share. The options granted are not subject to vesting restrictions.

About Kilo

The company holds about 2,417 square kilometres of prospective Archean Kibalian greenstone in the Kilo-Moto area in the DRC.

Incorporated within these licences are:

  • The Somituri project (71.25 per cent owned by KGL), comprising six contiguous licences (361 square kilometres) held by KGL-Somituri SARL;
  • The KGL Isiro SARL joint venture with Randgold Resources Ltd. (2,056 square kilometres) for gold and associated minerals only.

KGL has retained the rights to explore for and develop iron ore resources and other minerals associated with the licences held by KGL Isiro.

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