TIDMGCAT
RNS Number : 6767N
Caracal Gold PLC
06 June 2022
Caracal Gold plc / EPIC: GCAT / Market: Main / Sector:
Mining
6 June 2022
Caracal Gold plc ('Caracal' or the 'Company')
Assay Results from Kilimapesa Hill Confirm High-Grade
Mineralisation
Caracal Gold plc, the expanding East African gold producer with
over 1,300,000oz JORC-compliant gold resources, is pleased to
announce the second batch of sample assay results from its Reverse
Circulation ('RC') and Diamond Drilling ('DD') drilling programmes,
which continue to confirm the strike and depth continuation of the
known orebody at the Kilimapesa Hill deposit ('Kilimapesa Hill') at
the Kilimapesa Gold and Mining Operations in Kenya (the
'Project').
Highlights
-- Results continue to confirm strike and depth continuation of
the mineralisation with strong gold grades, consistent with
expectations.
-- To date, 75 holes totalling 7,522m of the planned 12,000m RC
drilling programme and 8 holes totalling 1,547m of the planned
3,000m DD programme, which commenced in December 2021, have been
completed.
-- Initial drilling successfully targeted areas east of and
close to the existing underground mine, (refer RNS announcement 12
May 2022) with the latest phase stepping out on strike to the
eastern boundary of the mining licence as well as to the west of
Kilimapesa Hill.
-- Results of 993 samples from Batch 2 have been received and results from the RC holes include:
o Hole KPGRC037: 2m @ 3.58 g/t Au including 1m @ 4.60 g/t gold
('Au') from 64m
o Hole KPGRC046: 5m @ 1.62g/t Au including 3m @2.07g/t Au from
50m
o Hole KPGRC047: 6m @ 1.65g/t Au from 79m
o Hole KPGRC052: 5m @ 2.26g/t Au including 2m @ 3.04g/t Au from
37m
o Hole KPGRC052: 4m @ 2.20g/t Au including 2m @ 3.24g/t Au from
64m
o Hole KPGRC053: 3m @ 1.90g/t Au from 10m
o Hole KPGRC055: 4m @ 3.51g/t Au Including 3m @ 4.09g/t Au from
13m
-- DD results include:
o KPGDD005: 2m @ 2.48g/t Au from 167m and 1m @ 29.23g/t Au from
209m
-- The third batch of RC assay results are due to be delivered
to the laboratory in the first week of June. These will include
samples from holes on the western extent of Kilimapesa Hill and the
mining licence.
-- The RC rig is scheduled to move off Kilimapesa Hill in the
first week of June and begin drilling campaigns on the first of
three prioritised regional targets on the exploration licence.
-- An updated resource from Kilimapesa Hill is expected at the end of Q2 2022.
Chief executive of Caracal Gold Plc, Robbie McCrae, said: " The
second batch of sample assay results from the drilling programme on
Kilimapesa Hill continues to confirm strike and depth continuity,
with positive gold grades, as anticipated. The high-grade intercept
from DD hole 005 of 29.23g/t Au over 1m from 209m provides further
proof that the orebody is open at depth. This has particularly
sparked my interest for future drilling and underpins the
significant potential of the mine.
"With the drilling on Kilimapesa Hill almost complete we look
forward to delivering an updated resource at the end of June and
are excited to be moving to the higher grade regional targets to
support continued resource expansion.
"To date, we are very pleased with all aspects of the drilling
campaign and look forward to not only an increase in ounces and
confidence levels in our mineral resource but also, and
importantly, improved information and quality of the existing
resource to aid us in our planning and mining operations. Having
only begun our in-house drilling in December 2021, we are very
pleased with how well the drilling teams and the rigs are
performing."
To view the RNS with illustrative diagrams and maps, please use
the following link:
http://www.rns-pdf.londonstockexchange.com/rns/6767N_1-2022-6-3.pdf
Figure 1: Map showing South-North section - Holes KPGRC 021 and
KPGRC 037
Figure 2: Map showing South-North section - Hole KPGRC 052
Figure 3: Map showing South-North section - Holes KPGRC 055 and
KPGRC 047
** ENDS **
For further information visit www.caracalgold.com or contact the
following:
Caracal Gold plc info@caracalgold.com
Robbie McCrae
Sheila Boit
VSA Capital Ltd
Financial Adviser and Joint
Broker
Andrew Raca (Corporate Finance)
Andrew Monk (Corporate Broking) +44 203 005 5000
---------------------------------
Clear Capital Markets Limited
Joint Broker +44 203 897 0981 / +44 203 869
Keith Swann / Jon Critchley 6086
---------------------------------
St Brides Partners Ltd info@stbridespartners.co.uk
Financial PR
Oonagh Reidy / Charlotte Page
/ Isabelle Morris
---------------------------------
DGWA, the German Institute info@dgwa.org
for Asset and
Equity Allocation and Valuation
European Investor and Corporate
Relations Advisor
Stefan Müller / Katharina
Löckinger
---------------------------------
Notes
Caracal Gold plc is an emerging East African focused gold
producer with a clear path to grow production and resources both
organically and through strategic acquisitions. Its aim is to
rapidly increase production to +50,000oz p.a. and build a JORC
compliant resource base of +3Moz.
Caracal is executing its growth strategy beyond its 100% owned
Kilimapesa Mine in Kenya by acquiring additional assets in Tanzania
in order to grow group resources. Its experienced team, with proven
track record in successfully developing and operating mining
projects throughout Africa continues to review other complementary
and strategically located projects in East Africa.
Caracal is a responsible mining and exploration company and
supports the positive social and economic change that it
contributes to the communities in the regions that it operates. It
is a proudly East African-focused company: it buys locally, employs
locally, and protects the environment and its employees and their
families' health, safety, and wellbeing.
Caracal's shares are quoted on the Main Market of the London
Stock Exchange (LON: GCAT) and on the Frankfurt Stock Exchange
(FSE: 6IK); a listing on the Nairobi Securities Exchange is
underway.
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END
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