White Pine Uranium Project Activity Update
19/11/2024 07:00
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RNS Number : 6675M Katoro Gold PLC 19 November 2024
19 November 2024
Katoro Gold PLC
('Katoro' or the 'Company')
White Pine Uranium Project Activity Update
Katoro Gold PLC (AIM: KAT), the strategic energy and precious minerals
exploration and development company, reports that it has completed initial
reconnaissance fieldwork activities alongside ongoing desktop work on its 100%
owned White Pine Uranium Project ('White Pine' or the 'Project') in
Northwestern Ontario, Canada.
White Pine was acquired through direct staking on the basis of a) sustained,
highly anomalous uranium in lake sediments(1); b) geophysical airborne
radiometric signatures(2) indicating the presence of radioactive minerals; and
c) a prospective geological setting(3) between two granitic rock bodies and
associated radioactive mineral occurrences. The Company's analysis of public
domain data, historical reports, and observations made during this
reconnaissance reinforces the initial observations that the White Pine Uranium
Project may have the potential to host significant uranium mineralisation.
HIGHLIGHTS
· Fieldwork activities have commenced on the property with a
reconnaissance work programme to ground truth historical data and make a range
of observations.
· Geology observed at White Pine is consistent with intrusive-style
uranium deposits.
· Comprehensive public domain historical and government data has been
compiled to feed into future exploration.
· Excellent access available via well-maintained roads will reduce
overheads for future work.
Patrick Cullen, Interim Chief Executive Officer of Katoro, commented:
"In the short time since staking the White Pine claims we've put together a
comprehensive body of historical and open source data and have followed up
with orientation in the field. The geology observed combined with elevated
radiometric signatures is consistent with intrusive-style uranium
mineralisation.
We have compiled various spatial data available on the Ontario GeoHub and lake
sediment sampling data and airborne survey reports sourced via the Ontario
Geological Survey. These sources provide substantial value. The field
reconnaissance work provides important context to the ongoing analysis of the
data we have and gives us the inputs we need to design the most appropriate
and cost-effective exploration and sampling strategies going forward.
Accessibility is excellent meaning expenditure will be dedicated to direct
exploration activities while avoiding expensive transport and camp
establishment costs typical of remote sites. I look forward to updating
investors on further findings and our programme.
The Company continues to evaluate further project opportunities and expects to
make related announcements in the near term."
WHITE PINE FIELDWORK
The White Pine Project is located 25 kilometres northwest of the town of
Ignace, from where activities were conducted.
The Project enjoys excellent access along a network of graded roads which
connect to the Trans Canada Highway situated seven kilometres to the south of
White Pine. Logging activities provide extensive, ready-made access (Figure
1). Partially overgrown trails remain accessible to all-terrain vehicles such
as quad bikes and snowmobiles.
Figure 1: Drone image showing established roads and tracks at White Pine
The Company appointed an experienced prospector to perform reconnaissance
exploration, recording observations on rock type and extent of outcrop,
terrain and forest cover and taking surface radiometric measurements to ground
check features identified from existing airborne geophysical data. This work,
although preliminary, provides vital input for more comprehensive and
systematic fieldwork in the future. In total, five person-days were spent in
the field on this initial reconnaissance.
A variety of outcropping geology has been observed, including predominantly
coarse-grained to pegmatitic leucogranites and pegmatites consistent with
intrusive-style uranium deposits supporting White Pine's underlying
prospectivity.
Granite outcrops (Figure 2) are regularly observed with a glacially polished
'whale back' appearance. Elsewhere, steep bluffs are noted, which are inferred
to be related to fault structures; such fault structures can help control
mineralisation or distribute geochemical anomalies and thus understanding will
be a key factor in future exploration.
Figure 2: Typical granite outcrop at White Pine
An historical airborne radiometric survey report(2) provides a series of
radiometric maps that cover the entire area of the White Pine claims. Maps
include equivalent uranium concentration and ratio of equivalent uranium to
equivalent thorium which are providing the focus of analysis of radiometric
anomalies identified across the Project. Ratios of equivalent uranium to
equivalent thorium are recorded that support a primary, local uranium source
in bedrock.
Additionally, the Company has gained access to a high-resolution magnetic
survey(3) that covers the White Pine claims area. The report includes a total
magnetic intensity map and a processed first vertical derivate map. The first
vertical derivative provides sharpened anomalies which outline two major
structural trends. Further analysis is ongoing.
The Company has recently compiled high-resolution LiDAR data over the project
area sourced from the Ontario GeoHub(4). LiDAR is a remote sensing method that
gives detailed elevation data of the ground, effectively seeing through
vegetation and forest cover. This data is of sufficient resolution to give
meaningful input to geological interpretations (especially structure) as well
as delineating areas of outcrop and access.
REFERENCES
1: Jackson, J.E. 2003, Lake Sediment Geochemical Data
from the Ignace Survey Area, Northwestern Ontario: Operation Treasure Hunt,
MRD118 & Russel, D.F., 2004, Lake Sediment and Water Data for the
Sturgeon Lake-Wabigoon Lake Area, MRD130 & Felix, V.E., 2005, Lake
Sediment and Water Analytical Data for the Eagle Lake Area, Northwestern
Ontario, MRD 145; Ontario Geological Survey.
2: Goldak Airborne Surveys 2008, Technical report on a
radiometric survey, Basket Lake block, Northwestern Ontario, Takara Resources
Inc.; Ontario Geological Survey, Assessment Record: 20000003895.
3: Firefly Aviation Ltd. 2008, Basket Lake Project,
Ignace area, Ontario, High resolution aeromagnetic survey logistical Report
for Takara Resources Inc.; Ontario Geological Survey, Assessment Record:
20000003895.
4: Ontario Ministry of Natural Resources and Forestry,
Forest Resources Inventory leaf-on LiDAR accessible through the Ontario
GeoHub.
QUALIFIED PERSON STATEMENT
The technical information contained in this disclosure has been reviewed and
approved by Mr Nick O'Reilly (MSc, DIC, MIMMM QMR, MAusIMM, FGS), who is a
qualified geologist and acts as the Qualified Person under the AIM Rules -
Note for Mining and Oil & Gas Companies. Mr O'Reilly is a principal
consultant working for Mining Analyst Consulting Ltd which is providing
independent technical review to Katoro Gold PLC.
GLOSSARY
Equivalent uranium and equivalent thorium - the estimation of uranium and
thorium is indirect, through detection by spectrometer of daughter products
and assuming equilibrium in the relative decay series.
Intrusive-style uranium deposit - uranium deposit associated with intrusive
or anatectic rocks.
Leucogranite - a type of granite that is predominantly composed of
light-coloured minerals.
LiDAR - Light Detection and Ranging is a remote sensing
(https://oceanservice.noaa.gov/facts/remotesensing.html) method that uses
light in the form of a pulsed laser to measure ranges (variable distances)
commonly used to generate precise, three-dimensional information of the
elevation of the Earth's surface.
Pegmatite - (https://geology.com/rocks/igneous-rocks.shtml) igneous rock with
a very coarse, irregular texture that forms during the final stage of a
magma's crystallisation.
Radiometric survey (or gamma-ray spectrometric survey) - a geophysical
technique used to estimate concentrations of the radioelements: potassium,
uranium and thorium in the near-surface.
Magnetic survey - a geophysical technique that investigates the subsurface
geology by measuring anomalies in the geomagnetic field caused by variations
in the magnetic properties of rocks and minerals.
This announcement contains inside information as stipulated under the Market
Abuse Regulations (EU) no. 596/2014.
**ENDS**
Enquiries:
Patrick Cullen info@katorogold.com Katoro Gold PLC Interim Chief Executive Officer
James Biddle +44 (0) 207 628 3396 Beaumont Cornish Limited Nominated Adviser
Roland Cornish
Nick Emerson +44 (0) 1483 413 500 SI Capital Ltd Corporate Broker
Sam Lomanto
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.
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