Three new prospecting licences have been issued to AIM/AltX-listed Tanzania mine developer Kibo Mining through its 100% owned subsidiary Rukwa Coal which could see the company expand its Mbeya resource.
The newly issued licences are contiguous with Kibo’s existing prospecting licence block in southern Tanzania that contains the 109 Mt Mbeya coal mineral resource which underpins its Mbeya Coal to Power Project (MCPP), currently in the final stages of a Bankable Feasibility Study (BFS).
The three new licences are located immediately north, south and east respectively of the resource and consolidates the company’s ground position on and peripheral to the MCPP development area.
In the short term they will further enhance the BFS and subsequent development of the project and in the longer term provides the company with significantly increased exploration potential.
They will also provide the company with the ability to test for extensions to the resource and/or the discovery of additional satellite coal deposits in addition to the existing deposit’s 48 km strike of which to date, only approximately 12 km have been delineated and stated as a NI 43-101 compliant resource.