12th Jul 2022 11:39
Caracal Gold PLC - London-based gold producer with operations in East Africa - Updates mineral resource estimate for Kilimapesa Hill Deposit at the flagship Kilimapesa gold mine in Kenya.
The measured, indicated and inferred resource stands at 12.15 million tonnes, at a grade of 1.5 grammes per tonne of gold, containing 565,700 ounces of contained gold, following a resource expansion drill campaign.
The updated resources reflects a tripling in the measured and indicated category, and the result supports a ten-year life of mine for the project expansion, targeting 24,000 ounces per annum of output.
The company's total portfolio mineral resource stands at 26.36 million tonnes at 1.61 g/t gold for 1.37 million tonnes of contained gold.
"This significant increase in the quality of the resource at Kilimapesa Hill Deposit has further strengthened the project team's confidence and justifies our decision to expand production at Kilimapesa to 24,000oz per annum, with the ounces contained in the Measured and Indicated category now able to be converted into reserves to support the mining and processing plant. With resource expansion drilling ongoing, we expect the next batch of drill results to grow the resource and life of mine even further," says Chief Executive Officer Robbie McCrae.
Current stock price: 0.68 pence, up 8.0% on Tuesday
12-month change: down 49%
By Dayo Laniyan; [email protected]
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