Caracal Gold PLC Statement re. Mining and Ore Processing Results (2141X)
24 April 2023 - 10:20AM
UK Regulatory
TIDMGCAT
RNS Number : 2141X
Caracal Gold PLC
24 April 2023
24(th) April 2023
Caracal Gold PLC
('Caracal' or the 'Company')
High Grade Zone Mining and Ore Processing Results from
Kilimapesa Hill Deposit
Caracal Gold PLC, the expanding East African gold explorer,
developer and producer with over 1,300,000oz of JORC compliant gold
resources, intends to publish its quarterly update for the period
ended 31 March 2023 on or around the end of April 2023. As the
company will be presenting to investors at the Mines & Money
conference in London on the 26(th) April, the Company is pleased to
provide an interim update on the delivery of high-grade ore from
the high-grade zone in the Kilimapesa Hill deposit to the Milling
Plant.
Highlights
-- Ongoing 360tpd of high-grade material with average daily
grades from 3.15g/t to 4.92g/t being processed,
-- The initial mining plan has now been extended to period of 13
months of delivery of high-grade material to the milling plant,
-- Pivot Mining Consultants appointed to produce an independent
mine design and scheduling for Kilimapesa including the high-grade
zone,
-- Exploration to define the full potential of the high-grade zone in ongoing.
The average grades for the period from 9(th) March to 7(th)
April 2023 are detailed below:
Hourly belt cuts are taken on the mill feed conveyor and the
daily summary sampling sheets for samples are attached. These
samples are assayed in the Kilimapesa laboratory. Sampling and
analytical procedures are subject to a comprehensive quality
assurance and quality control program. The QAQC program involves
insertion of duplicate samples, blanks and certified reference
materials in the sample stream. Gold analyses are performed by
standard fire assaying protocols using a 50-gram charge with atomic
absorption (AAS) finish and a gravimetric finish performed for
assays greater than 10 grams per tonne.
Tonnages mined continue to average at over 400tpd from the
high-grade zones and an additional bulldozer and additional
excavator have been mobilised to further increase tonnages.
Recoveries remained in line at 75%, the plant availability improved
from 75% from the previous period to 82% for the period from 29(th)
March to 7(th) April. For April 2023 the plant availability for
April 2023 to date is 86%.
Robbie McCrae, CEO of Caracal commented:
"The results from the first 30 days of mining and processing ore
from the Kilimapesa Hill high-grade zone have gone beyond
expectations and the team are continuing to improve in all the
areas. The high-grade zone now supports the current production
levels for 13 months, plant availability is back on track and
improving after the installation of standby power and recoveries
are expected to improve with the delivery and commissioning of the
new crusher and additional CIL tank capacity".
* * ENDS * *
For further information visit www.caracalgold.com or contact the
following:
Caracal Gold plc robbie@kilimapesa.com
Robbie McCrae
Clear Capital Markets Ltd
Joint Broker +44 203 897 0981
Keith Swann / Jonathan Critchley +44 203 869 6086
----------------------
VSA Capital Ltd
Financial Adviser and Joint
Broker
Andrew Raca (Corporate Finance) +44 203 005 5000
----------------------
DGWA, the German Institute info@dgwa.org
for Asset and
Equity Allocation and Valuation
European Investor and Corporate
Relations Advisor
Katharina Löckinger
----------------------
Qualified Person:
Mr. Franck Bizouerne, P.Geo., Group Mineral Resource Manager of
Caracal Gold PLC, is the Company's Competent Person under JORC Code
"Standards of Disclosure for Mineral Projects" and has reviewed and
assumes responsibility for the scientific and technical content in
this press release.
Notes:
Caracal Gold plc is an expanding 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 +50,000ozs p.a. and build a JORC
compliant resource base of +3Moz. The company 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 the ability to increase gold production to
24,000oz p.a. and the resource to +2Moz (current JORC compliant
resources of approx. 706,000oz). Alongside this, Caracal is
undertaking a targeted exploration programme at the Nyakafuru
Project in Tanzania, which has an established high-grade shallow
gold resource of 658,751oz at 2.08g/t contained within four
deposits over 280 km2 and appears amenable to development as a
large scale conventional open pit operation.
Caracal's experienced team has a proven track record in
successfully developing and operating mining projects throughout
Africa.
The Company 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). The Company is also in the process of listing on the
Nairobi Securities Exchange.
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END
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