Business
Kiboko Gold Initiates Internal Review and Temporarily Postpones Third-Party Resource Evaluation Activities
All amounts are in Canadian dollars, unless otherwise stated KELOWNA, British Columbia / Nov 28, 2023 / Business Wire / Kiboko Gold Inc. (TSXV: KIB) ("Kiboko" o
About this update from Kiboko Gold, Inc.
[{"type":"text","content":"All amounts are in Canadian dollars, unless otherwise stated KELOWNA, British Columbia / Nov 28, 2023 / Business Wire / Kiboko Gold Inc. (TSXV: KIB) (\"Kiboko\" or the \"Company\") reports that it has temporarily postponed third-party resource evaluation activities for its Harricana Gold Project while it completes an internal review of its models. The purpose of this review is to ensure that the models accurately capture the geological and grade characteristics of the Fontana area deposits. \"We have decided to temporarily postpone third-party activities to thoroughly validate the technical aspects of the resource evaluation process. Given current market conditions and the need to preserve our working capital, we believe this decision is in the best interest of our stakeholders while our team completes its review. As at September 30, 2023, the Company had a net working capital position of $189,153,\" stated Jeremy Link, Kiboko’s President and Chief Executive Officer. Ivor W.O. Jones, Kiboko’s Vice-President of Technical Services and Project Valuation, added, \"Kiboko’s technical team remains positive on the potential of the Harricana Gold Project and once we have finished the internal review process, we anticipate resuming resource evaluation activities with our third-party consultants.\" The Company extends its appreciation to all its shareholders and other stakeholders and for their continued support and understanding and will provide an update as the internal review progresses. The Company is also announcing that it has filed its financial statements and associated MD&A on SEDAR+ for the quarter ended September 30, 2023, which are also available on Kiboko’s website. About the Harricana Gold Project Kiboko’s Harricana Gold Project is a consolidated 100+ km2 prospective mineral claim package that is located 55 km north of Val-d’Or, Québec, in the world-renowned Abitibi greenstone belt. Historical records compiled and digitized by Kiboko into a new geospatial dataset include data from 937 historical diamond drillholes totalling 139,397 m and 70 drillholes totalling 11,269 m drilled by Kiboko between September 2022 and April 2023, for a grand total of more than 150,000 m of drilling. The Harricana Project benefits from an exceptional location, close to operating mines, with excellent access and proximity to existing infrastru...