TIDMGCAT
RNS Number : 0822S
Caracal Gold PLC
12 July 2022
Caracal Gold plc / EPIC: GCAT / Market: Main / Sector:
Mining
12 July 2022
Caracal Gold plc ('Caracal' or the 'Company')
Increased Mineral Resource estimate for Kilimapesa Gold Mine
Caracal Gold plc, the expanding East African gold producer with
over 1,300,000oz JORC-compliant gold resources, is pleased to
announce an updated Mineral Resource Estimate ('MRE') for the
Kilimapesa Hill Deposit ('KHD') at the Company's flagship
Kilimapesa Gold Mine and Processing Operation in Kenya
('Kilimapesa' or the 'Project').
Highlights
-- Expanded Measured, Indicated and Inferred Resource of 12.15Mt
@ 1.5g/t gold for 565.7koz contained gold for the Kilimapesa Hill
Deposit, following successful resource expansion drill
campaign.
-- Significant 202% increase in the Measured and Indicated
category, with 56% of the contained ounces (317.6koz) now in
Measured and Indicated (previously 105koz).
-- Result supports at least a 10-year Life of Mine for the
current Project expansion, targeting 24,000oz per annum
production
o The significant increase in the Measured and Indicated
Resource provides the required optionality for the current mining
operations and the required difference in grade to feed the Milling
Plant and the Heap Leach plants.
-- Overall Project Mineral Resource now stands at 14.05Mt @
1.56g/t gold for 705koz contained gold.
o KHD is one of two key deposits at Kilimapesa, the other being
Red Ray, a new licence for which has been approved for issue with
the Company due to engage with the office of the Cabinet Secretary
for finalisation and collection.
-- Caracal's total portfolio Mineral Resource now stands at
26.36Mt @ 1.61g/t gold for 1.365moz contained gold.
o The acquisition of the Nyakafuru Project in the world-class
Lake Victoria Gold Fields in northern Tanzania continues to proceed
according to plan (see RNS dated 31 May 2022).
-- Further resource expansion anticipated, with drilling at the
Project ongoing; assay results expected from testing the western
extent of Kilimapesa Hill and the eastern boundary of the mining
licence and drilling also underway at prioritised regional
targets.
Resource Summary
Measured and
Indicated Inferred Total
------------------------- -------------------------
Project Name Deposit Tonnes Grade Gold Tonnes Grade Gold Tonnes Grade Gold
(Mt) (g/t) (kOz) (Mt) (g/t) (kOz) (Mt) (g/t) (kOz)
-------------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Kilimapesa Kilimapesa
Gold Mine Hill 6.92 1.45 318 5.22 1.48 248 12.15 1.5 566
-------------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Red Ray 0.88 2.84 80 1.03 1.83 60 1.91 2.28 140
-------------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Total KMG 7.8 1.59 398 6.25 1.53 308 14.06 1.56 706
-------------- ------- ------- ------- ------- ------- ------- ------- -------
Nyakafuru Voyager
Gold - Mentelle 5.9 1.71 322 1.9 1.47 89 7.7 1.65 411
-------------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Leeuwin
- Grange 2.2 1.62 114 2.4 1.75 134 4.6 1.69 248
-------------- ------------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Total NG 8.1 1.67 436 4.3 1.61 223 12.3 1.67 659
-------------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Caracal
Gold PLC 15.9 1.63 834 10.55 1.57 531 26.36 1.61 1365
------- ------- ------- ------- ------- ------- ------- ------- -------
Robbie McCrae, CEO of Caracal Plc said, said,
"We are delighted to announce the updated MRE for the Kilimapesa
Hill Deposit.
"This significant increase in the quality of the resource at KHD
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. These results should further enhance Kilimapesa Hill, as
we have tested the western extent of the deposit and stepped out on
strike to the eastern boundary of the mining licence. Alongside
this, current drilling is focussed outside of the initial MRE area
on the prospecting permit and regional targets, where we believe
there is higher grade potential. Accordingly, we believe there is
significant further uplift potential and are very excited to find
and prioritise the next sources of production to compliment the
growth on Kilimapesa Hill and the existing mining licence.
"The early decision to acquire our own drill rigs and assemble
our own drilling team to work alongside Franck and his exploration
team is proving to be successful as it gives us the flexibility to
adapt drilling programmes based on the success of our results and
ultimately drill lots of metres cost effectively. We look forward
to translating this into increased resources.
"Beyond Kenya, the acquisition of the Nyakafuru Project in the
world-class Lake Victoria Gold Fields in northern Tanzania
continues to proceed according to plan, and we are excited for the
new gold mine development opportunity this presents."
**ENDS**
For further information visit www.caracalgold.com or contact the
following:
Caracal Gold plc info@caracalgold.com
Robbie McCrae
Sheila Boit
Clear Capital Markets Ltd
Joint Broker +44 203 897 0981
Keith Swann / Jonathan Critchley +44 203 869 6086
-------------------------------
VSA Capital Limited
Financial Adviser and Joint
Broker
Andrew Raca (Corporate Finance)
Andrew Monk (Corporate Broking) +44 203 005 5000
-------------------------------
St Brides Partners Ltd caracal@stbridespartners.co.uk
Financial PR
Charlotte Page / Isabel de Salis
/ Isabelle Morris
-------------------------------
DGWA, the German Institute for info@dgwa.org
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. To this end, it is progressing a
well-defined mine optimisation strategy at its 100% owned
Kilimapesa Gold Mine in Kenya, where there is significant mid-term
expansion potential and ability to increase gold production to
24,000oz p.a. and the resource to +2Moz (current JORC compliant
resources of approx. 671,000oz). Additionally, its experienced
team, with proven track record in successfully developing and
operating mining projects throughout Africa, is reviewing other
complementary and strategically located gold mine and development
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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