Haneti Nickel project – Exploration Update

African Battery Metals plc (LON:ABM) the AIM listed battery metal exploration and development company is pleased to note the announcement made by Katoro Gold plc (LON:KAT)(“Katoro”) on 20 May 2019 providing an update in respect of the Haneti Nickel Project (“Haneti” or the “Project”).

ABM has a 25% interest in Haneti with a right to increase to a 35% interest through a cash payment to Katoro of £25,000, until 15 May 2020.

Highlights:

  • Haneti is considered by Katoro to be a highly prospective high-grade nickel sulphide asset with a number of high priority exploration targets based on historical work undertaken;
  • Within their announcement of 20 May 2019 Katoro confirmed results from a soil sampling programme undertaken at the Project with 1,500 soil samples analysed at an independent laboratory;
  • Katoro also notes the results have confirmed and extended the strike length of the previously identified high priority ultramafic exploration targets and identified an additional ultramafic target, previously unknown;
  • Katoro will utilise the findings to inform further exploration work, including defining a maiden drill programme.

Paul Johnson, Executive Director of African Battery Metals commented: “I am delighted to be working with the team at Katoro and congratulate them on an exceptionally good start to the 2019 exploration programme at Haneti.

In particular it is notable that the work undertaken has reconfirmed and extended high-profile target areas and also identified a further previously unknown ultramafic target.

This triple positive outcome is exciting for ABM as Joint Venture partners with Katoro at Haneti and also for ABM as significant shareholders in Katoro Gold plc itself.”

About the Haneti Nickel Project

ABM acquired a 25% interest in Haneti on 15 May 2019 following the exercise of an option originally secured in March 2019. In addition, ABM has the right to acquire a further 10% interest in Haneti through a payment of £25,000 to Katoro Gold, up to 15 May 2020. Katoro Gold plc currently holds the remaining 75% interest in Haneti.

Download the full RNS release (PDF)

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21 May 2019

 
 
 

African Battery Metals Plc
201 Temple Chambers
3-7 Temple Avenue
London EC4Y 0DT
United Kingdom

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