Caracal Gold PLC - London-based mining company - With the arrival of the diamond drilling and reverse circulation drill rigs in Kenya, they will now be transported to the Kilimapesa gold mine.
This will allow drilling programmes to start immediately, with pre-drilling work including the preparation of drill pads already advanced.
There will be an initial 16-hole, 3,000 metre diamond drill programme on the mining licence, and a regional 10,000 metre reverse circulation campaign on the broader prospecting licence. The objective of the drilling programme is to increase the current JORC compliant resources of 670,000 ounces to 2 million ounces.
"The weeks and months ahead are crucial for Caracal as we not only commence our drilling campaign and continue our mine expansion activities but also as we pursue acquisition opportunities in the East Africa region, which are at an advanced stage with a number of parties. We look forward to updating the market on developments shortly," says Chief Executive Officer Robbie McCrae.
Current stock price: 1.35 pence, up 5.9% on Monday
Year-to-date change: up 1.5% since Aug 31
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Caracal Gold (GCAT)