Ikungu Project

Ownership

Co-ownership with Tembo Gold Corp. (Niobay Metals 80 % – Tembo 20 %), with Niobay Metals able to earn up to 100 % interest.

 

Location

Located 17 km southwest of Musoma and 135km northeast of Mwanza, Tanzania’s second largest city.

 

Area

The prospect consists of 2 prospecting permits totaling 17.92 km2

 

Geology and mineralization

At Ikungu the gold mineralization is hosted in parallel, sheared, and highly metasomatized silica-rich formations intercalated between the Archean basaltic sequences of the Mara-Musoma greenstone belts. The Ikungu greenstones are dominated by mafic lava flows interbedded with rhythmic sequences of finely-laminated chemical sediments, tuffs, chert, minor felsic volcanic and, possibly, detritic sediments.

Strong schistosity at N110° developed within the layered rock package, followed by subsequent multistage intrusions of granitic, dioritic and porphyritic material.

Gold mineralization is associated with sulphides in grey quartz veins and altered assemblages resulting in high-grade mineralized lenses. Small-scale historical mining production averaged 12.5 g/t Au between 1936 and 1952.

Technical Report NI43-101

March 2012

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