RNS out22 Dec 2021 09:56
News we expected really but very reassuring with the ongoing workcampaigns at Kilimepesa. Bring on the new year. Very exciting
Exploration Update at Kilimapesa
Caracal Gold plc, the gold producer with operations in East Africa, is pleased to announce that the reverse circulation ('RC') and diamond drilling ('DD') programmes on the Mining and Prospecting Licenses at its flagship Kilimapesa Gold Mine in Kenya are now underway with resource and exploration drilling advancing.
HIGHLIGHTS
· RC and DD resource and exploration programmes firmly underway following extensive site preparation allowing drilling activities to commence.
· Focus is on rapidly increasing the current JORC compliant resource of approx. 670,000oz to > 2Moz through a two-pronged approach:
· An initial 16 hole, 3,000m DD programme on the Mining License.
· A regional 10,000m RC campaign on the broader Prospecting License, both on the recently identified Southern Mineralised Zone ("SMZ") as well as on other identified targets.
· First assay results from the drilling programme are expected in late Q1 2022.
· The Company recently boosted attributable gold resources to +1.5Mozs following the 100% acquisition of the advanced Nyakafuru Gold Project plus a 75% interest in the Simba Gold Project, both located in Lake Victoria Gold Fields, Tanzania.
Chief executive of Caracal Gold Plc, Robbie McCrae, said: "We are excited about the golden future ahead as we advance our extensive drilling programmes at Kilimapesa. With the first assay results due in Q1 next year, there is plenty to look forward to as we move into the New Year.
"I am proud of our impressive achievements in 2021, where we not only listed on the London Stock Exchange but also made significant inroads into developing our Kilimapesa Gold Mine and finished the year on a high after extending our gold portfolio into neighbouring Tanzania - delivering on our East African strategy.
"The months ahead are crucial for Caracal as we not only advance our drilling campaign and continue our mine expansion activities but also integrate our latest acquisitions into our flourishing East African gold portfolio.
DETAILS
Caracal continues to advance its growth strategy focused on becoming a substantial gold producer in East Africa, building an initial gold resource base totalling +2-3Mozs and producing over 50,000ozpa from Kilimapesa and other gold assets as it expands its East African portfolio. As part of this, the Company has committed to an aggressive exploration programme and drilling campaign using its own RC and DD drill rigs.
The first phase of the drilling campaign will continue throughout the first half of 2022 and is likely to be further extended into the second half of the year based on anticipated results. This phase will include:
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