Great RNS. Highlights9 Feb 2022 08:18
As John is spamming new threads with his new account amd is not yet banned I will continue.Really good comprehensice RNS shows that the company is making improvements towards production of 24000oz gold this yearHightlights:During the quarter, the Company provided an update on initial shallow trenching program on high priority targets on the newly targeted Southern Mineralized Zone, which reported a peak trench sample result of 40m at 4.85g/t gold, including 7m at 7.6g/t from trench CART 0003§ Initial assay results from the DD and RC drilling at Kilimapesa are also to be released in Q1 2022 from the DD drilling, which has commenced 400m to the east of active underground mining and opencast pit operation at Kilimapesa, and intended to confirm the mineralization strike extent.Following further metallurgical testwork in Germany, which is ongoing, the Company will commence construction of a new heap leach plant operation. Approx 40,000t of stockpiled low-grade material with be the initial feed to this operation, after which approx. 10,000t of low-grade material ROM production is proposed to be processed monthly.§ Gold on carbon of 2,088ozs was achieved in Q4 (570ozs October, 646ozs November and 872ozs December) and increased by 86% quarter-on-quarter - as a direct result of the increase in tonnes mined and processed at Kilimapesa."Operationally, at Kilimapesa we have reported record ROM production and plant throughputs, and demonstrated that the operation has the ability to achieve targeted gold production rates of 1,000ozs per month, achieved in December 2021. As a result of this, I was very pleased to recently announce our decision to accelerate the implementation of the final phase of our initial three-phase operational plan, to further increase monthly gold production by 100% to 2,000ozs. § Total gold in stockpiles at the end of the quarter was reported at 2,919ozs§ Total operating costs US$960/oz§ Procurement of a new gold elution plant will commence and installation later in Q2 2022, which will allow the increased levels of gold production to be smelted on-site.§ Detailed engineering design work for the accelerated development plan has commenced and will continue through Q1 2022.The Company continues to use its existing cash balances and cashflow from operations to fund its ongoing mine and processing plant expansion and optimisation programs and additional exploration and reserve and resource expansion drilling programs at Kilimapesa.The Company continues to advance a dual listing on the Nairobi Securities Exchange, with its local broker Faida Investment Bank. A Listing Statement, to be approved by the Nairobi Securities Exchange, is being prepared to allow the dual listing to proceed and which is expected to be completed in the next quarter
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