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Kiboko Gold completes 10,870 m of drilling over 68 holes at its Harricana Gold Project, located 55 km north of Val-d’Or, Québec
10,870 m drilled over 68 holes drilled in Phase 1 program Laboratory equipment unavailability issues continue to prolong assay turnaround times Limited partial
About this update from Kiboko Gold, Inc.
[{"type":"text","content":" 10,870 m drilled over 68 holes drilled in Phase 1 program Laboratory equipment unavailability issues continue to prolong assay turnaround times Limited partial results from the re-assay program are highly encouraging Kiboko has decided to stop reporting preliminary assay results Maiden mineral resource targeted for mid-2023 KELOWNA, British Columbia / Mar 23, 2023 / Business Wire / Kiboko Gold Inc. (TSXV: KIB) (“Kiboko” or the “Company”) is providing an exploration update for its Harricana Gold Project (the “Harricana Project”), located 55 kilometres north of Val-d’Or, Québec, in the world-renowned Abitibi gold belt. 10,870 metres drilled over 68 holes drilled in Phase 1 Program Kiboko recently completed its Phase 1 drill program at the Fontana area of its Harricana Project. This program consisted of 8,212 metres over 55 holes drilled in 2022 and 2,658 metres over 13 holes in 2023 for a grand total of 10,870 metres drilled over 68 holes. Laboratory equipment unavailability issues continue to prolong assay turnaround times Unfortunately, the analytical service provider continues to experience extended periods of equipment unavailability at its Québec location. As a result, the time it takes to receive assay results remains prolonged. To mitigate this issue, the analytical service provider began sending samples to its second photon assay location in Canada, which began operating last week. However, as of today, the equipment at the Québec laboratory has been repaired and assaying has resumed. Limited partial results from the re-assay program are highly encouraging In late 2022, the Company initiated a re-assay program to gain a more comprehensive understanding of the gold mineralization distribution and reduce sub-sampling bias. A small number of highly encouraging partial results have been received. Despite the limited number of results received so far, they provide strong support for the Company’s hypothesis that sample sizes assayed by prior operators were inadequate, resulting in an underestimation of grade due of the natural Poisson distribution of the gold in the mineralization. Kiboko has decided to stop reporting preliminary assay results Due to the potential implications of the re-assay program’s ongoing test work, the Company has decided to stop reporting preliminary assay results. This decision is consistent with the C...