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Corporate Spotlight

Gladiator is an ASX listed (ASX: GLA) exploration and mining company with a particular focus on gold exploration and other precious metals.
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Key Consultants Appointed and Due Diligence Underway 

ASX Announcement 12 April 2019 


  • Appointment of key consultants and advisors in Australia and the Democratic Republic of Congo to complete the legal and technical due diligence of the Mpokoto Gold Project 
  • Key management and members of the Board scheduled to complete visit to Lubumbashi in lateApril 2019 to meet with the in-country management and finalise due diligence

Gladiator Resources Ltd (“Company”) is pleased to announce that it has appointed a number of highly experienced consultants and advisors in Australia and the Democratic Republic of Congo (“DRC”), to assist the Company in completing its due diligence review of the Mpokoto Gold Project (“Project”).

Mpokoto Gold Project Acquisition 

As previously announced the Company has entered into a binding Heads of Agreement (“HOA”) with African Royalty Company Pty Ltd (“ARC”, refer ASX Announcement dated 1 April 2019) to acquire a controlling 72% interest in the Mpokoto Gold Project.

The Mpokoto Gold Project is located approximately 430km west of Lubumbashi in the Lualaba Province in the southeast of the DRC and comprises four granted mining leases (PE 13122, 13123, 13124 and 13125), that are valid until 2044 and extend over an area of 146km2 .

The Project has been the subject of historical exploration including several reverse circulation (“RC”) and diamond drilling programs, scoping studies, and pre-feasibility and mining studies.

The Project is considered a near-term gold project and has a JORC (2012) Compliant Resource of 14.58Mt at 1.45g/t Au for 678,100 oz of gold.

Under the terms of the HOA, the Company is required to complete, to its satisfaction, a legal, technical and financial due diligence review of the Project within 45 days of execution of the HOA.

Due Diligence Review 

The Company is pleased to confirm that its due diligence review is progressing and on track to be completed by 15 May 2019, with key management and representatives of the Board scheduled to be in Lubumbashi later this month.

Several key consultants have been appointed by the Company to assist its review, including Mr Simon Dorling as technical advisor and Etude Kabinda Advocats DRC (“EKA”) as legal advisor.

Mr Dorling, is a Consultant geologist with over 20 years’ experience in Australia and Africa, and with a particular focus on gold and base metals projects in the DRC and was previously Principal Consultant Geologist for CSA Global Pty Ltd, where he undertook numerous resource evaluations, project reviews and site visits to the Mpokoto Gold Project.

EKA are a highly experienced and respected DRC law firm specialising in natural resources with offices in Kinshasa, Lubumbashi, Kolwezi and Kalemie.

Company representatives will meet with EKA in Lubumbashi later this month to discuss the legal status of the Mpokoto Gold Project, the joint venture company and the associated Mining and Exploration Licenses. It is also expected that discussions will be held with the in-country management and joint venture partners to progress plans to accelerate exploration and development activities including the commencement of further feasibility study work in order to advance the Mpokoto Gold Project towards a decision to mine as quickly as possible.

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Acquisition of Mpokoto Gold Project 

ASX Announcement 1 April 2019 


  • GLA agrees to acquire a majority interest in the advanced Mpokoto Gold Project located approx. 430km west of Lubumbashi in the Democratic Republic of Congo 
  • Mpokoto is considered a near‐term gold project with a Pre‐Feasibility Study completed in 2016 and JORC (2012) Compliant Resources of 678,000 ozs of gold

Gladiator Resources Ltd (“Company”) is pleased to announce that it has entered  into  a  binding  Heads  of  Agreement  (“HOA”)  with  African Royalty Company Pty Ltd (“ARC”) to acquire a controlling 72% interest in  the  Mpokoto  Gold  Project  (“Project”)  located  in  the  southeast  of Democratic Republic of Congo (“DRC”), which together with exploration tenements surrounding  the Project area provide significant expansion potential.  

Mpokoto Gold Project 

The  Mpokoto  Gold  Project  is  located  approximately  430km  west  of Lubumbashi in the Lualaba Province in the southeast of the DRC.

It  comprises  four  granted  mining  leases  (PE  13122,  13123,  13124  & 13125), that are valid until 2044 and extend over an area of 146km.

Gold exploration commenced in the Project area in 1996 and extensive sampling, geophysical surveys, auger, air‐core, reverse circulation (“RC”) and diamond drilling programs have been completed, as well as scoping studies,  a  pre‐feasibility  study  and  mining  studies  and  associated  pit optimization work focused on the open pit mining of the defined oxide resources.

A total of 210 drill holes for 20,449m of drilling has been completed on the Project, including 103 RC holes totalling 5,892m, and 107 diamond drill  holes  (including  RC  pre‐collars  with  diamond  core  tails) totalling 14,557m.

The most recent 46‐hole, 2,307m RC drilling on the Project completed by AIM‐listed Armadale Capital Ltd in 2014, led to a material increase in JORC  compliant  Resources  at  the  time,  identified  a  new  zone  of continuous  mineralization  over  a  strike  length  of  approx  750m  to  an average  depth  of  60m  down  dip,  and  demonstrated  the  excellent potential for exploitation of the shallow oxide mineralization

In addition,  further exploration work along strike of  the existing  JORC compliant  Resources  and  over  the  mineralised  trend  on  the surrounding  30  exploration  licenses,  held  by  the  local  joint  venture company,  has  identified  numerous  anomalies  and  confirmed  the potential to expand the resources further.

Project Location 

Figure 1 – Location of the Project 

The Mpokoto Gold Project area is located near the south‐central borders of the DRC with both Zambia and Angola and in the western part of the Lualaba Province.  

It is an area of known manganese and gold mineralisation and, the Project area has been the subject of gold exploration since 1996.

Regional and Project Geology   

Figure 2 –  Regional Geological setting of the Project 
The  Project  area  is  located  over  the southern  part  of  the  northeast‐trending Paleoproterozoic Kibarian mountain belt which  hosts  several  world‐class  gold deposits  in  the  South  Kivu  province (Twangiza  and  Namoya  gold  mines  of Banro Corporation). The Kibarian consists of  folded  and  thrusted  greenstones intruded by granites and pegmatites.  

The gold mineralisation is hosted in a meta‐volcanic and sedimentary rock succession, referred to as the Lukoshi Formation, which was metamorphosed to greenschist facies and overlies metamorphic basement. The Lukoshi Formations consist of upwards‐fining cycles (several of 10’s of metres thick) of clastic rocks (conglomerates, sandstones and siltstones) interlayered with basaltic lava flows. The rock sequence is interpreted to have been folded into an arc‐shaped anticline and offset by a northeast striking fault (Figure 3).

Figure 3 ‐ Geological‐stratigraphic relationship of the Mpokoto Gold Deposit 

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Diamond Drill Holes Intersect High Grade Gold at Kroda

ASX Announcement 28 February 2019 


  • Assays received for three cored holes 
  • Best intersections recorded in 
    • KDD001: 9m at 11.5g/t Au containing 2m at 37g/t Au, and 1m at 26 g/t Au 
    • KDD002: 5m at 15.3g/t Au including 2m at 33g/t Au 

Five sub-parallel and possibly en echelon gold zones identified

Gladiator Resources Ltd (Company) advises that assay results have been received for diamond drill core, and screen fire assay for selected RC samples from the Company’s Kroda prospect at the North Arunta project, a joint venture between the Company and Prodigy Gold (ASX: PRX). All analytical results have now been received.

Two of the three holes reported (KDD001 & KDD002) were drilled on a section with historic drill holes that intersected high grade gold mineralisation (Fig. 1). The new holes were designed to verify historical gold grades and importantly, to provide new information on the nature of the mineralisation since no significant geological information exists from previous drilling.

The third cored hole (KRCD005) commenced using reverse circulation but was completed by diamond coring due to the intersection of water. This hole was designed to test the possible down plunge extent of the known mineralisation to the west, where it was predicted by an IP chargeability anomaly. 

Kroda 3 

Results from KDD001 & KDD002 combined with several historic holes suggest that there are five steeply dipping and sub-parallel, possibly en echelon, gold zones at Kroda 3 (Fig. 1). The thickest zone was intersected by both holes and both holes returned very high grades (>25 g/t Au). Hole KDD001 appears to have been drilled sub-parallel to the thickest and highest-grade zone. This hole intersected 9m at an average gold grade of 11.5 g/t including a very high-grade interval of 2m at 37 g/t and an additional 1m at 26 g/t. Scissor hole KDD002 confirmed the geometry of the ore zones but returned narrower intervals, the best being 5m at 15.3 g/t Au. Unfortunately the drilling has shown that despite the encouraging results on this section line, the high grade zone is likely to be small and is not recognised on adjacent sections.

Figure 1: North-south section 382630mE through Kroda 3. Note: the Au histograms have been truncated at 5 g/t owing to extremely high grades encountered in both holes. 

Furthermore, hole KRCD005 failed to return any gold intersections in excess of 0.5 g/t, which limits considerably the prospective strike length of the Kroda mineralisation.

Click here to view the full announcement 


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Mr Ian Hastings

Non-executive Chairman

Mr Hastings is a corporate advisor with many years’ experience in the field of finance, investment, securities markets compliance and regulation and has almost 30 years’ experience in the finance industry and regulatory bodies. He is a former Member of the ASX and former Principal of several ASX Member Stock Brokers. Mr Hastings is a Practitioner Member (Master Stockbroking) of the Stockbrokers Association of Australia and holds a Bachelor of Commerce and Bachelor of Laws Degrees.

Mr Andrew Draffin

Non-executive Director & Company Secretary

Mr Draffin is a Chartered Accountant who operates a accounting and corporate advisory firm in Melbourne. Andrew is a Director, Chief Financial Officer and Company Secretary of listed, unlisted and private companies operating across a broad range of industries. His focus is on financial reporting, treasury management, management accounting and corporate services, areas where he has gained over 18 years’ experience.

Mr Ian Richer

Non-executive Director

Mr Richer is an Engineer with more than 30 years’ experience in operations, project management and construction on a range of significant mining projects. He played a role in the Goldsworthy iron ore projects, laterite nickel projects in Indonesia and Queensland, mineral sands projects in New South Wales, titano-magnetite mining and processing in New Zealand and various domestic and offshore aluminium and copper – uranium projects. His technical and commercial expertise was gained in organisations including Consolidated Goldfields, INCO, Fluor International, Dravo Corporation and Minproc. Specific nickel sulphide experience was gained through active involvement at Widgiemooltha. Mr Richer has served more than 10 years as a director in banking and corporate finance, with Chas, Society Generale and as a consultant to the World Bank.

Dr Andy Wilde

Non-Executive Director

Dr Wide is currently an Executive-Director of Thunderbird Metals Pty Ltd, which provides exploration services to the Company and access to their highly regarded team of specialists.

The Company welcomes the appointment of Dr Wilde who will provide invaluable exploration oversight with particular focus on the Company’s major project, North Arunta.

Andy’s career in metal exploration and research has spanned over 35 years. His experience includes senior roles at BHP Minerals, Birimian Resources, Deep Yellow ltd, Gold Fields and Paladin Energy, working in numerous countries and for various commodities including gold, uranium, lithium base-metals and coal. He is currently exploration manager for Birimian Resources where he is responsible for doubling the resource at the Goulamina lithium project in Mali and also managing Birimian’s Malian gold projects.

His academic experience includes teaching of various geoscience courses at Sultan Qaboos University in Oman and leading projects of the co-operative research centre in predictive mineral discovery. He has consulted to the United Nations International Atomic Energy Agency and is an adjunct senior research fellow at the University of Western Australia’s Centre for Exploration Targeting.

He is a graduate of the Australian Institute of Company Directors and a former AIG board member (having held the titles of Vice President and Secretary). He is a fellow of the Australian Institute of Geoscientists and of the Society of Economic Geologists as well as a Registered Professional Geoscientist with AIG.


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