Katoro Gold reports progress on multiple fronts

17th Apr 2024 09:08

(Sharecast News) - Katoro Gold said in an update on Wednesday that at the Haneti Project, it had conducted a series of technical meetings and reviews and was preparing to advance to the next stage of exploration.

The AIM-traded firm said previous exploration efforts, including a diamond drill programme carried out in 2021-2022, had significantly augmented its understanding of the project's geology.

Based on that data, it said it had identified the optimal next steps for exploration.

A further technical review of Haneti was currently underway, including a detailed examination of historical exploration data with a focus on targeting the potential for nickel and copper mineralisation within the gabbroic lithologies within the project licence boundaries.

At the Lake Victoria Gold Imweru Project, Katoro said it was owed €0.79m from Lake Victoria Gold (LVG) under a contract following a joint venture agreement involving its Lake Victoria gold interests in March 2022.

However, LVG had disputed the liability.

Katoro said it had reviewed the matters raised by LVG with legal advisers, and decided to pursue the matter further by taking appropriate action.

Looking at new opportunities, the firm said it was aiming to focus on high-impact exploration and development projects rather than maintaining a diverse portfolio.

Potential additional opportunities had been identified, with the company currently reviewing the prospects to assess their suitability for various project options.

While the company's board was confident in its ability to add new opportunities to the portfolio, the board noted that formal agreements were yet to be signed, adding that there was no guarantee that such additions would be completed or the specific nature of project interests secured.

Katoro also said it was in the advanced stages of identifying and selecting a new chief executive officer.

However, due to potential restructuring of the board under certain options for the company's future direction, the appointment of the CEO had not yet been finalised.

At 0829 BST, shares in Katoro Gold were down 5.56% at 0.09p.

Reporting by Josh White for Sharecast.com.