26 October 2016
FUNDING SECURED, CURRENT DRILLING PROGRAM EXTENDED
ASX Code: MTB
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$404,000 of funds raised from a private placement announced 19 October 2016
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Current drilling program extended to include additional zinc anomalies
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Drilling at Target 52 expected to finish this week with the rig to move to other zinc targets next week
Mount Burgess (The Company; ASX: MTB) has raised $404,000 before costs through the issue of 26,933,334 shares to sophisticated investors. The Company has therefore extended the current drilling program at the Kihabe zinc project in Botswana (figure 1) to include additional priority zinc anomalies that are yet to be drill tested.
The Company expects drilling at Target 52 (figure 2) to conclude this week. The Company anticipates assay results late November, however, with the extension of the drilling program, the timeline might extend into early December.
Figure 1: The Kihabe Project (red box) covers 997km2 and is located in Botswana near the Namibian Border and border crossing of Dobe. The nearest railhead is 337km west. There is a landing strip on the licence area and an international airport at Maun ~250km east. There is an established camp on the licence area.
Figure 2: One of the priority geochemical anomalies is Target 52.
Forward Looking Statement:
This presentation contains forward looking statements in respect of the projects being reported on by the Company. Forward looking statements are based on beliefs, opinions, assessments and estimates based on facts and information available to management and/or professional consultants at the time they are formed or made and are, in the opinion of management and/or consultants, applied as reasonably and responsibly as possible as at the time that they are applied.
Any statements in respect of Ore Reserves, Mineral Resources and zones of mineralisation may also be deemed to be forward looking statements in that they contain estimates that the Company believes have been based on reasonable assumptions with respect to the mineralisation that has been found thus far. Exploration targets are conceptual in nature and are formed from projection of the known resource dimensions along strike. The quantity and grade of an exploration target is insufficient to define a Mineral Resource. Forward looking statements are not statements of historical fact, they are based on reasonable projections and calculations, the ultimate results or outcomes of which may differ materially from those described or incorporated in the forward looking statements. Such differences or changes in circumstances to those described or incorporated in the forward looking statements may arise as a consequence of the variety of risks, uncertainties and other factors relative to the exploration and mining industry and the particular properties in which the Company has an interest.
Such risks, uncertainties and other factors could include but would not necessarily be limited to fluctuations in metals and minerals prices, fluctuations in rates of exchange, changes in government policy and political instability in the countries in which the Company operates.