Kiboko Gold drills multiple high-grade intervals including 8.7 g/t Au over 9 m and 23.9 g/t Au over 3 m at its Harricana Gold Project
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.
Kiboko Gold drills multiple high-grade intervals including 8.7 g/t Au over 9 m
and 23.9 g/t Au over 3 m at its Harricana Gold Project
• Multiple high-grade intercepts drilled starting near surface and at depth
• Drilling is ongoing with assays pending from 31 holes (5,206 m)
• Many lower grade intervals also drilled that require further investigation
• Re-assay program initiated to analyze larger samples
• Maiden pit-constrained mineral resource targeted for Q2/2023
Kelowna, British Columbia (January 26, 2023) – Kiboko Gold Inc. (TSXV: KIB) (“Kiboko” or the “Company”) is
pleased to report preliminary results from 26 holes (over 3,349 m) drilled as part of an ongoing systematic
11,000-metre (“m”) / 67-hole verification program at the Fontana area of its Harricana Gold Project. As shown
in figures 1 and 2, the Harricana Project (the “Project” or “Harricana Project”) is located 55 kilometres north of
Val-d’Or, Québec, in the world-renowned Abitibi gold belt.
Kiboko drill multiple high-grade intervals along Main Fontana trend
Highlights from the summary of results in Table 1 include:
• 8.7 g/t Au over 9 m (RCFON22-021)
o including 22.2 g/t Au over 3 m
• 23.9 g/t Au over 3 m (RCFON22-026)
o including 35.4 g/t Au over 2 m
• 47.2 g/t Au over 1 m (DDFON22-004)
• 7.2 g/t Au over 2 m (RCFON22-006)
o including 14.0 g/t Au over 1 m
• 8.4 g/t Au over 1 m (RCFON22-018)
• 3.3 g/t Au over 2 m (RCFON22-002)
• 3.2 g/t Au over 2 m (RCFON22-022)
• 2.3 g/t Au over 2.5 m (DDFON22-007)
• 5.2 g/t Au over 1 m (RCFON22-026)
• 5.2 g/t Au over 1 m (RCFON22-004)
Drilling is ongoing with assays pending from 31 other holes (5,206 m)
Assay results are pending from 29 holes (4,866 m) drilled in 2022 along the Main Fontana trend and from the
Bunkhouse area that shall be reported after they are received and processed. To date, 2 holes (totalling 540 m
of drilling) have been completed as part of the Company’s ongoing 12-hole / 2,800 m winter diamond drilling
program. The winter drilling is primarily focussed on the Bunkhouse area and its projected intersection with
the Main Fontana trend.
Kiboko also drilled many lower grade intervals that require further investigation
In addition to intercepting several exciting high-grade intervals, many lower grade intervals were intersected
in this first batch of assay results. At this early stage in Kiboko’s systematic exploration approach, these zones
Trading Symbol: TSXV: KIB
2 | KIBOKO GOLD INC.
will be evaluated further to determine both their geological significance and potential gold content. Some
examples of zones of interest that are also reported in Table 1 include:
• 0.9 g/t Au over 8 m (DDFON22-003)
• 0.8 g/t Au over 4 m (RCFON22-021)
• 0.6 g/t Au over 4 m (RCFON22-019)
• 1.6 g/t Au over 3 m (RCFON22-011)
• 1.5 g/t Au over 3 m (DDFON22-007)
• 0.6 g/t Au over 3 m (DDFON22-007)
• 0.6 g/t Au over 3 m (RCFON22-019)
Figure 3 is a map of the Fontana area showing all the drilling locations completed in 2022 and the areas planned
to be drilled as part of the current Phase 1 winter drill program. Figure 4 identifies the location of drillholes
reported in this news release and select interval highlights. Table 1 provides a summary of all assay results in
this release and Table 2 provides location data for the drillholes reported in this release.
Initial assay results are considered preliminary
In coarse gold environments, like Harricana, the assaying of small sub-samples obtained from the original
sample drilled, including a 0.5-kilogram (“kg”) photon assay, can result in a Poisson distribution and a statistical
underestimation of the grade of the original sample. Further investigation is necessary, including the study of
gold grain size distribution, gold content, and representative sub-sample sizes for assaying is necessary.
Therefore, the assay results reported in this press release should be considered preliminary while Company
completes additional test work (as described below).
Re-assay program initiated to analyze larger samples
Consistent with the Phase 1 program recommended in the Harricana Technical Report (as described herein),
the Company has initiated a re-assay program in order to gain a deeper understanding of the distribution of
gold mineralization and minimize the effects of sub-sampling bias. The re-assay program will analyze larger
aggregate sample sizes (nominally 2 kg) on a priority basis.
Management Discussion
The results reported in this release align with management’s expectations for the first pass of assaying and
reflect the natural heterogeneity typically observed in early exploration results from moderate grade
environments that are dominated by fine grains of coarse (native) gold.
With the winter drill program now underway, Kiboko’s technical team can now focus on conducting a thorough
review of new drilling information in relation to its current understanding of the geology and mineralization of
the area, as well as assay results from 79,565 m of historical drilling data from the Fontana area of the Project.
While the evaluation of the new drilling data has only just commenced, which only reflects the first batch of
assays, management is of the view that these initial preliminary results are highly encouraging. These results
do not deviate significantly from the current exploration model, as most holes drilled have intercepted
mineralization and confirmed gold mineralization from near surface down to the vertical depth of the current
drill program (up to 165 m).
As the Company works through its review and reports additional results, it will provide a more comprehensive
discussion, including appropriate figures.
Trading Symbol: TSXV: KIB
3 | KIBOKO GOLD INC.
Maiden mineral resource targeted for second quarter of 2023
The Company believes that the areas targeted in the Phase 1 exploration program have the potential to support
a near-surface, pit-constrained mineral resource estimate. The Company continues to target reporting a
maiden mineral resource for a portion of the Fontana area of the Harricana Project in the second quarter of
2023, subject to the timely receipt of final assay results.
Exploration intended to verify historical Fontana drilling and partially validate Exploration Targets
The Phase 1 program is intended to verify a significant portion of the 79,565 m of historical Fontana area
drilling, characterize gold mineralization in the wall rock surrounding the main vein systems, and partially
validate the Fontana area Exploration Targets (as defined herein).
The near surface Exploration Targets for the Fontana area of the Project total 13.6 million to 23.1 million tonnes
at a range of grades of 3.0 to 3.4 grams of gold per tonne (“g/t Au”). All of the Exploration Targets for the
Harricana Project are summarized in Table 3 at the end of this release.
The Company cautions that while the Exploration Targets are based upon results from historical 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 exploration program is only intended to partially validate a portion of the Exploration Targets for
the Fontana area of the Project, which does not have any mineral resources or mineral reserves. 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 is filed under the
Company’s SEDAR profile at www.sedar.com.
Additional information about Kiboko and its Harricana Gold Project can be found on SEDAR at www.sedar.com
and on the Company’s website at www.kibokogold.com.
Quality Assurance and Quality Control
Orientated HQ-size drill core was delivered directly from the drill site to Kiboko’s field office in Amos, Québec
where it was systematically logged, photographed, and sampled on 1 m intervals by a geologist. Core was cut
in half lengthwise along a pre-determined line, with one half (same half, consistently), bagged, securely sealed,
labelled, and submitted for analysis. The other half of the core was stored securely at Kiboko’s core logging
facility as a witness sample.
For each metre of RC drilling, the sample stream of RC chips was split into three samples. Two nominal 5 kg
samples were collected for analysis and the remnant nominal 25 kg was bagged for future use if required. The
samples were collected directly from the RC drill rig’s cyclone where they were bagged and labeled. Both 5 kg
samples were delivered by Kiboko personnel to Kiboko’s field office in Amos, Québec for processing. One of
the 5 kg samples was submitted to the laboratory for analysis and the other was stored securely as a witness
sample until the results of the first stream of samples was received. At site, a small sub-sample of RC chips
were collected from the remnant 25 kg, washed, and placed in chip trays, and then delivered by Kiboko
personnel to the field office in Amos where they were systematically logged by a geologist.
Trading Symbol: TSXV: KIB
4 | KIBOKO GOLD INC.
In addition to the laboratory’s QA/QC practices, Kiboko personnel inserted certified reference materials
(standards) and blank samples at regular intervals into the sample stream to monitor laboratory performance.
Duplicates have been inserted at the laboratory, and selected intervals are in the process of being analyzed as
field duplicates.
Bagged samples were collected in larger bags by Kiboko personnel to ensure appropriate chain of custody until
the samples were delivered to the laboratory. Samples were delivered by either courier or Kiboko personnel
on pallets with numbered security tags to ensure appropriate chain of custody during transport.to MSALABS’
(MSA) secure facility in Val-d’Or, Québec for processing and analysis.
The entire half-drill core sample was crushed to approximately 70% passing 2 millimetres. RC chips required
no crushing. Sub-samples were rotary split to fill a 350 ml sealed plastic jar for PhotonAssay containing
approximately 0.5 kg of sample material. MSA operates numerous laboratories worldwide and maintains ISO-
17025 accreditation for many metal determination methods. Accreditation of the PhotonAssay method at
MSA’s Val D’Or laboratory is in progress.
Qualified Person
Ivor W.O. Jones, B.Sc. (Hons), M.Sc., FAusIMM, P. Geo., Kiboko’s Vice-President Technical Services & Project
Evaluation, has reviewed and approved the pertinent technical or scientific information contained in this news
release. Mr. Jones is the Company’s designated “Qualified Person” as defined by Canadian Securities
Administrators’ within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects
(“NI 43-101”).
Exploration programs at the Harricana Project are managed by Ivor W.O. Jones, B.Sc. (Hons), M.Sc., FAusIMM,
P. Geo., Kiboko’s Vice-President Technical Services & Project Evaluation, and Yves Caron, M.Sc., P.Geo. both of
whom are a “Qualified Person” as defined by NI 43-101.
About Kiboko Gold Inc.
Kiboko is a Canadian-based gold exploration company focussed on advancing it’s 102 km2 Harricana Project,
located 55 km north of Val-d’Or, Québec, within the world-renowned southern Abitibi gold belt. 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, belief, estimate or opinion, or result to occur. Forward
looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “interpreted”, “pending”, “suggests”,
“preliminary”, “estimates”, “may”, “aims”, “targets”, “could”, “would”, “will”, or “plans” and similar expressions, or that events
or conditions “will, “would”, “may”, “can”, “could” or “should” occur, or are those statements, which, by their nature, refer to
Trading Symbol: TSXV: KIB
5 | KIBOKO GOLD INC.
future events. 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, assay results, re-assay results, potential mineralization, the interpretation of drilling and assay
results, the results of the drilling program, mineralization and the discovery of zones of high-grade mineralization, verification of
historical drilling results; the Company’s cost estimates and plans to execute and complete its Phase 1 exploration program
including the completion of a maiden mineral resource; future exploration and mine development plans; future news releases by
the Company, and the funding of the exploration program, 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, scarcity and cost of skilled and unskilled labour, 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.
Trading Symbol: TSXV: KIB
6 | KIBOKO GOLD INC.
Table 1: Harricana Gold Project - Fontana Area Preliminary Assay Results
Drillhole
ID
From (m) To (m) Interval
(m)
Grade
(g/t Au)
Comment Line
DDFON22-001 90 91 1 2.1
6480
and 127 128 1 0.6
6480
and 180 182 2 1.4
6480
and 191 192 1 0.5
6480
DDFON22-003 15 23 8 0.9
6520
DDFON22-004 98 99 1 47.2
6400
DDFON22-005
No significant
intersections
6400
DDFON22-006
No significant
intersections
6400
DDFON22-007 5 6 1 1.7
6320
and 10 12 2 1.3
6320
and 56 59 3 0.6
6320
and 103.5 106 2.5 2.3
6320
and 114 117 3 1.5
6320
RCFON22-001
No significant
intersections
6520
RCFON22-002 36 38 2 3.2 Hole ended in
mineralization
6520
and 149 150 1 0.7 6520
RCFON22-003 31 32 1 0.9
6520
and 98 99 1 0.7
6520
RCFON22-004 9 10 1 5.2
6400
RCFON22-005 64 65 1 0.5
6400
RCFON22-006 18 19 1 1.1
6400
and 26 28 2 7.2 incl. 1 m at 14.0 g/t 6400
RCFON22-007 70 71 1 0.50
6480
RCFON22-010 42 43 1 1.10
6480
RCFON22-011 19 22 3 1.6
6400
and 37 38 1 0.70
6400
RCFON22-012
No significant
intersections
6240
RCFON22-013 71 72 1 0.8
6240
and 74 75 1 0.6
6240
RCFON22-014 57 59 2 0.9
6240
RCFON22-015 88 89 1 0.90
6240
RCFON22-016 10 11 1 0.90
6320
Continued …
Trading Symbol: TSXV: KIB
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Drillhole
ID
From (m) To (m) Interval
(m)
Grade
(g/t Au)
Comment Line
RCFON22-017
No significant
intersections
6320
RCFON22-018 97 98 1 0.6
6320
and 112 113 1 0.9
6320
and 115 116 1 0.5
6320
and 123 124 1 8.4
6320
and 147 148 1 0.6
6320
RCFON22-019 33 36 3 0.6
6400
and 64 68 4 0.6
6400
RCFON22-021 5 6 1 0.6
6520
and 33 35 2 1.2
6520
and 106 115 9 8.7 incl. 3 m at 22.2 g/t 6520
and 178 182 4 0.8
6520
RCFON22-022 12 13 1 0.8
6480
and 39 41 2 3.1
6480
and 46 47 1 0.7
6480
and 71 72 1 1.2
6480
RCFON22-023 13 14 1 0.5
6480
and 35 36 1 2.6
6480
and 40 42 2 1.8
6480
and 45 46 1 0.6
6480
RCFON22-025 15 16 1 0.6
6600
and 45 46 1 0.7
6600
RCFON22-026 99 100 1 5.2
6600
and 140 141 1 1.8
6600
and 148 151 3 23.9 incl. 2 m at 35.4 g/t 6600
and 157 158 1 0.5
6600
Intervals are reported over a minimum downhole of length of 1 m at a minimum length-weighted grade of 0.5
g/t Au with up to 2 m of consecutive internal dilution. Included high-grade intercepts are reported as any
consecutive interval with grades greater than 10 g/t Au. No assays were capped. Due to the exploratory nature
of this program and the variable orientations of the mineralized zones the intervals presented may not
necessarily represent the true width of mineralization . The Company’s current interpretation is that
mineralization is primarily sub-vertical, which corresponds to an estimated true width range of 50% to 60% of
the reported intervals.
Trading Symbol: TSXV: KIB
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Table 2: Harricana Gold Project - Fontana Area Drillhole Locations in this News Release
Drillhole Easting (m) Northing (m) Length (m) Azimuth Dip Type Line
DDFON22-001 284994 5392164 225 45° -54° DD 6480
DDFON22-003 285112 5392333 132 48° -55° DD 6520
DDFON22-004 285195 5392248 150 47° -56° DD 6400
DDFON22-005 285335 5392158 174 45° -53° DD 6240
DDFON22-007 285217 5392163 156 56° -57° DD 6320
RCFON22-001 285140 5392363 101 45° -55° RC 6520
RCFON22-002 285087 5392306 150 47° -57° RC 6520
RCFON22-003 285055 5392275 150 46° -54° RC 6520
RCFON22-004 285169 5392218 100 51° -52° RC 6400
RCFON22-005 285224 5392274 100 47° -53° RC 6400
RCFON22-006 285252 5392300 100 46° -55° RC 6400
RCFON22-007 285167 5392328 100 48° -54° RC 6480
RCFON22-010 285084 5392247 100 45° -55° RC 6480
RCFON22-011 285148 5392190 101 44° -51° RC 6400
RCFON22-012 285308 5392126 100 47° -53° RC 6240
RCFON22-013 285254 5392070 100 42° -54° RC 6240
RCFON22-014 285226 5392047 100 45° -54° RC 6240
RCFON22-015 285195 5392014 100 46° -53° RC 6240
RCFON22-016 285133 5392072 100 43° -54° RC 6320
RCFON22-018 285197 5392133 150 48° -56° RC 6320
RCFON22-019 285078 5392127 100 38° -52° RC 6400
RCFON22-021 285026 5392249 186 45° -53° RC 6520
RCFON22-022 285057 5392216 186 46° -53° RC 6480
RCFON22-023 285030 5392192 103 44° -56° RC 6480
RCFON22-025 284966 5392292 130 46° -55° RC 6600
RCFON22-026 284947 5392274 160 41° -57° RC 6600
Collar coordinates surveyed using a DGPS in UTM NAD 83 Zone 18N
RC = reverse circulation drillhole, DD = diamond drillhole