Katoro Gold LON:KAT, the AIM-listed, London-based exploration company with a nickel, platinum and copper project in Tanzania has announced it is spreading its wings to search for uranium in Canada through the acquisition of the White Pine Uranium project in Ontario. The company staked a claim for the tenement with the Ontario Ministry of Mines Mineral Lands Administration System for CAD50.
The project covers more that 8,000Ha and is located close to the Trans-Canadian highway with the company’s management claiming that White Pines could be a very significant uranium discovery on the back of historical results from lake sediment samples, airborne geophysical surveys and geological mapping.
- Hummingbird Resources starting to dig itself out of a hole
- US stock tip: The ultimate gold mining bet
- Renew Holdings expecting to exceed market forecasts
Interim CEO, and mining veteran, Patrick Cullen explained that the company would start a limited reconnaissance and ground sampling campaign at White Pine which should cost no more than GBP5,000.
Interim CEO’s busy in-tray
Cullen recently joined the company in July on an interim basis after a two-month period of executive search, as reported and as well as initiating exploration in Ontario, he is to oversee the technical review of the Haneti Project in Tanzania in conjunction with joint venture partner, Power Metal Resources LON:POW.
As reported, the company is still in a EUR792,000 legal dispute with Australia-based, Canadian venture stock Lake Victoria Gold [CVE:LVG] over a joint venture to exploit the Lake Victoria gold mine at Imweru in Tanzania that has gone sour with money still owed from its JV partner according to Katoro.
Cullen has had a busy few months as Katoro has been engaged refinancing, reorganising and stabilising the company and sees uranium as a key future commodity with the company seeking to exploit opportunities in the resource in both Canada and southern Africa.
The miner secured GBP825,000 of new funding in February which it says will form a solid foundation to putting Katoro on a sustainable footing.
In the year to end-December 2023 Katoro pared back its losses from GBP1.25m in 2022 to GBP613,000 after it cut administrative costs and rowed back on exploration expenses. The company also has an interest in the Blyvoor gold mine in South Africa which includes six tailings dams containing 1.3moz of JORC-compliant resources at an average grade of 0.3 g/t of gold.
Although the new adventure is exciting, and uranium has been showing promise, it is still a long road ahead for Katoro to achieve its potential.
