Kiboko Gold Inc. ("Kiboko" or the "Company") is pleased to announce that a diamond drill rig has been mobilized to site to continue the Company's systematic Phase 1 exploration program at its Harricana Gold Project. The Harricana Gold Project (the "Project" or "Harricana Project") is located 55 kilometres north of Val-d'Or, Québec, in the world-renowned Abitibi gold belt.
- 11,000 m over 67 holes expected to be drilled in Phase 1
- 8,212 m of drilling over 55 holes drilled in 2022
- 2,800 m over 12 holes planned in Q1/23
- Reporting of assay results from 2022 drilling expected soon
- Maiden mineral resource targeted for Q2/2023
Phase 1 program of 11,000 m over 67 drill holes expected to be completed in Q1/2023
Between mid-September and late November 2022, a total of 8,212 metres ("m") were drilled over 55 holes at the Fontana area of the Project, using both HQ diamond core and reverse circulation ("RC") drilling.
A diamond drill rig has been mobilized to site to complete the winter portion of the Phase 1 exploration program. The winter program consists of 12 orientated HQ diamond drill holes totaling 2,800 m for a total Phase 1 program of approximately 11,000 m over 67 holes.
Reporting of assay results expected soon
A portion of the assay results from drilling in 2022 have been received. The Company is in the process of reviewing the results and expects to provide a summary shortly.
Maiden mineral resource targeted for second quarter of 2023
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.
Exploration intended to verify historical Fontana drilling and partially validate Exploration Targets
The Phase 1 program is intended to verify a significant portion of the 79,565 m 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 herein).
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 grams of gold per tonne ("g/t Au"). All of the Exploration Targets for the Harricana Project are summarized in Table 1 at the end of this release.
The Company cautions that while the Exploration Targets are based upon results from historical drilling, the potential quantity and grade of the Exploration Targets are conceptual in nature, there has been insufficient verifiable exploration to define a mineral resource, and it is uncertain if further exploration will result in any of the Exploration Targets being delineated as a mineral resource.
The Phase 1 exploration program is only intended to partially validate a portion of the Exploration Targets for the Fontana area of the Project, which does not have any mineral resources or mineral reserves. For further details regarding scientific or technical information relating to the Harricana Project, including the recommended exploration programs to validate the Exploration Targets, please refer to the technical report entitled "Harricana Gold Project Technical Report, Duverny Township, Québec" with an effective date of April 1, 2022, and an issue date of May 2, 2022 (the "Harricana Technical Report"), which is filed under the Company's SEDAR profile at www.sedar.com.