Kiboko Gold Begins Trading on the TSXV Today Under the Symbol KIB and Provides Corporate Update
KIBOKO GOLD INC.
#201 – 1405 St Paul Street
Kelowna, British Columbia V1Y 2E4
+1 (778) 381-5949
www.kibokogold.com
All amounts are in Canadian dollars, unless otherwise stated.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Kiboko Gold Begins Trading on the TSXV Today
Under the Symbol KIB and Provides Corporate Update
Kelowna, British Columbia (July 5, 2022) – Kiboko Gold Inc. (TSXV: KIB) (“Kiboko” or the
“Company”) is pleased to announce that its common shares will commence trading on the TSX
Venture Exchange today at market open under the symbol KIB. This follows the recent closing of
the Company’s upsized $6.0 million initial public offering conducted by Haywood Securities Inc as
sole agent.
Jeremy Link, Kiboko’s President and Chief Executive Officer, stated: “On behalf of Kiboko, I
sincerely thank our existing investors, new shareholders, consultants, Haywood, and other partners
for their support throughout our IPO process. Kiboko’s next step is to execute its Phase 1
exploration program, which includes 12,450 metres of planned exploration drilling over 82 holes
at our Harricana gold project, located in the heart of the Québec-side of the Abitibi gold belt. We
expect drilling to begin mid-August and anticipate reporting a maiden mineral resource in the first
quarter of 2023.”
Live introductory interview today at 7:30 am PT / 10:30 am ET on SF Live
Kai Hoffman will host Jeremy Link, Kiboko’s President and Chief Executive Officer, for a live
introductory interview today, July 5, 2022, at 7:30 am PT / 10:30 am ET on SF Live, which may be
accessed at www.youtube.com/soarfinancial.
Kiboko is a new Canadian-based public gold exploration company
Kiboko is a new public company founded by a management team and board with a track record of
successfully financing and advancing exploration projects towards development, particularly those
dominated by coarse gold mineralization. This team includes Jeremy Link, President, CEO, and
director; Dr. Olivier Féménias, VP Geology and director; Ivor Jones, VP Technical Services & Project
Evaluation; Brad Boland, EVP and CFO; and independent directors, Jon Morda, Craig Williams,
and Amanda Sorsak.
Harricana is a data-rich coarse gold project near Val-d’Or, Québec
The Company’s Harricana gold project (“Harricana Project” or the “Project”) is a consolidated 102
square-kilometre (“km2“) prospective land package that is located 55 kilometres (“km”) north of Val-
d’Or, Québec, in the world-renowned Abitibi greenstone belt. Historical records compiled and
Trading Symbol: TSXV: KIB
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digitized by Kiboko into a new geospatial dataset includes data from 937 historical diamond
drillholes totalling 139,397 metres (“m”).
Kiboko’s immediate focus is its Phase 1 program that includes 12,450 m of exploration drilling over
82 holes that is intended to verify a significant portion of the 79,565 m of historical drilling and
characterize the extents of gold mineralization in the wall rock surrounding the main quartz vein
systems at the Fontana area of the Project. The Company believes that the areas targeted in the
Phase 1 program have the potential to support a near-surface, pit-constrained mineral resource
estimate.
A camp-scale opportunity surrounded by infrastructure in Québec’s Abitibi gold belt
Kiboko’s Harricana Project consists of 234 contiguous mineral claims covering 102 km 2 of
prospective Abitibi greenstone belt terrain. As shown in Figure 1 near the end of this release, the
Project is located 55 km north of Val-d’Or, 85 km east of Rouyn-Noranda, and 15 km northeast of
Amos. The Abitibi is a premier jurisdiction recognized for mining investment based upon its mineral
potential, favourable geopolitical environment, historical and current mining, and ongoing
exploration success.
The Harricana Project benefits from an exceptional location, close to operating mines, with
excellent access and proximity to existing infrastructure, including road, rail, and clean, low-cost,
renewable hydroelectric grid power, as shown in Figure 2. The Project is also predominately
located on Crown forestry land that has an extensive road network and provides for a streamlined
drill program permitting process. Kiboko’s current Environmental, Social and Governance activities
include a commitment to hiring and contracting locally whenever commercially reasonable, and
protecting the environment during its exploration activities.
3D modelling reveals near surface potential
The Company has compiled, digitized, and validated a new geospatial dataset for the Project from
historical records that includes geological mapping, geophysics, geochemistry, numerous bulk
samples, and assay data from 937 diamond drillholes totalling 139,397 m, as shown in Figure 3.
Gold mineralization across the Harricana Project is principally observed as being coarse and is
associated with quartz veins and in the surrounding wall rock but has yet to be evaluated using
modern coarse gold techniques.
Kiboko has created three-dimensional exploration models for the Harricana Project based upon a
new structural interpretation and the new geospatial dataset. This dataset does not have sufficient
documentation to be considered verifiable for the purposes of mineral resource estimation, but is
suitable for identifying mineralized structures, aiding in the planning of drill programs, and to
provide a range of tonnes and a range of grades for exploration targets.
Due to the proximity of gold mineralization to surface, the exploration model has been used to
provide targets for future exploration within 300 m from the topographical surface for the Fontana,
Duvay, and Monpas areas of the Project (each an “Exploration Target”), which are identified in
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Figure 4. The total Harricana Project Exploration Target is 20.0 million to 33.1 million tonnes at a
range of grades of 2.7 to 3.6 grams of gold per tonne (“g/t Au”). A summary of the three areas that
make up the Harricana Project Exploration Targets is presented in Table 1 at the end of this release.
The Company cautions that while the Exploration Targets are based upon the results from 784
historical diamond drillholes totalling 108,681 m of drilling, the potential quantity and grade of the
Exploration Targets are conceptual in nature, there has been insufficient verifiable exploration to
define a mineral resource, and it is uncertain if further exploration will result in any of the Exploration
Targets being delineated as a mineral resource.
The Phase 1 program is only Intended to partially validate the Exploration Targets for the Fontana
area of the Project. For further details regarding scientific or technical information relating to the
Harricana Project, including the recommended exploration programs to validate the Exploration
Targets, please refer to the technical report entitled “Harricana Gold Project Technical Report,
Duverny Township, Québec” with an effective date of April 1, 2022, and an issue date of May 2,
2022 (the “Harricana Technical Report”), which filed under the Company’s SEDAR profile at
www.sedar.com.
Kiboko expects to complete its earn-in option agreement with Tres-Or
Kiboko has an option agreement with Tres-Or Resources Ltd. (TSXV: TRS) (“Tres-Or”) that provides
the Company the option to earn a 100% interest in the 234 mineral claims that make up the
Harricana Project (the “Tres-Or Option Agreement”). Tres-Or owns a 100% interest in 230 of the
claims and is a 65% owner of the remaining 4 claims, upon which there is an option agreement to
acquire the remaining 35% interest.
Pursuant to the terms and conditions of the Tres-Or Option Agreement, Kiboko has, to date, paid
$800,000 in cash, issued $1,500,000 in common shares (the “Consideration Shares”), and
transferred 2,000,001 common shares and 1,000,001 warrants of Tres-Or held by the Company to
Tres-Or for cancellation. The Consideration Shares are subject to a 12-month lock-up agreement
between the Company and Tres-Or. To complete the Tres-Or Option Agreement, the Company
must pay to Tres-Or a final cash payment of $350,000, which in accordance with the Tres-Or Option
Agreement, the Company intends to make on or before July 29, 2022, following which Tres-Or’s
title, interest, and rights in the Harricana Project will be transferred to Kiboko.
Additional information about Kiboko and its Harricana Project can be found on SEDAR at
www.sedar.com and on the Company’s website at www.kibokogold.com.
Qualified Person
Ivor Jones, B.Sc. (Hons), M.Sc., FAusIMM, P. Geo., Vice-President Technical Services & Project
Evaluation of Kiboko, is the Company’s designated Qualified Person within the meaning of National
Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). Mr. Jones has
reviewed and approved the pertinent technical or scientific disclosure in this news release.
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About Kiboko Gold Inc.
Kiboko is a Canadian-based gold exploration company with an option to earn a 100% interest in
the 102 km2 Harricana Project located within the world-renowned southern Abitibi gold belt, 55 km
north of Val-d’Or, Québec. Kiboko’s shares trade on the TSX Venture Exchange under the symbol
“KIB”.
For further information, please contact:
Jeremy Link
President and CEO
+1 (778) 381-5949 x 1
Brad Boland
Executive Vice-President & CFO
+1 (778) 381-5949 x 2
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release includes certain “forward-looking statements” which are not comprised of historical facts. Forward
looking statements include estimates and statements that describe the Company’s future plans, objectives or goals,
including words to the effect that the Company or management expects a stated condition or result to occur.
Forward looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”,
“may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address
future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these
statements are based on information currently available to the Company, the Company provides no assurance that
actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-
looking information could cause actual events, results, performance, prospects and opportunities to differ materially
from those expressed or implied by such forward looking information. Forward looking information in this news
release includes, but is not limited to: the Company’s objectives, goals or future plans, statements, exploration
results, potential mineralization; the Company’s plans to execute its Phase 1 exploration program including the start
of drilling and a completion of a maiden mineral resource ; exploration and mine development plans; the
completion of the Tres-Or Option Agreement including the payment of the remaining cash payment due
thereunder; the transfer of Tres-Or’s title, interest, and rights in the Harricana Project to the Company; and the timing
of the commencement of operations and estimates of market conditions. Factors that could cause actual results to
differ materially from such forward-looking information include, but are not limited to failure to identify mineral
resources, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required
governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate
First Nations and other Indigenous peoples, uncertainties relating to the availability and costs of financing needed
in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices,
delays in the development of projects, capital and operating costs varying significantly from estimates and the other
risks involved in the mineral exploration and development industry, an inability to predict and counteract the effects
of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of
commodities, capital market conditions, restriction on labour and travel and supply chains, and those risks set out
in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and
factors used in preparing the forward-looking information in this news release are reasonable, undue reliance
should not be placed on such information, which only applies as of the date of this news release, and no assurance
can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention
or obligation to update or revise any forward-looking information, whether as a result of new information, future
events or otherwise, other than as required by law.
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Figure 1: Harricana Project benefits from an exceptional location, close to operating mines, in the Abitibi Greenstone Belt
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Figure 2: Harricana Project has excellent access and proximity to existing infrastructure
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Figure 3: Harricana Project prospects, Exploration Target area boundaries, and historical
drillhole collar locations
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Figure 4: Harricana Project Exploration Model surface projection plan map