TIDMGCAT
RNS Number : 5866T
Caracal Gold PLC
21 March 2023
21 March 2023
Caracal Gold PLC
('Caracal' or the 'Company')
High Grade Zone on Kilimapesa Hill
Caracal Gold PLC, the expanding East African gold producer with
over 1,300,000oz of JORC compliant gold resources, is pleased to
announce the discovery of a new high-grade zone above the current
underground workings and above the areas drilled as part of the
Mineral Resource Estimate (MRE) on the Kilimapesa Hill deposit.
Highlights
-- 360tpd of high-grade material with average grades from 3.31g/t to 4.74g/t being processed,
-- A mining plan confirming 90 days of high-grade material has
been prepared and is being actioned,
-- Exploration to define the full potential of the high-grade zone underway.
The area is being accessed from the current open pit, and with
exploration drilling on hold at present, a decision was made to
bulk sample the area and process the material through the milling
plant.
Mining commenced on the zone on the 9(th) March 2023 and 360tpd
is being processed through the milling plant. Current recoveries
are 75% and plant availability over 85%.
At present 6 zones have been mapped, sampled and a bulk samples
processed - these zones are numbered 1A, 1B, 2A, 2B and 3A, 3B.
Each of these areas has then intensively sampled and the resulting
information put into a mining plan which supports throughput of
high-grade ore through the milling plant for the rest of March and
for the 2(nd) quarter of 2023 (April, May and June).
The exploration team is now extending the work on the high-grade
zone to define the full extent of the strike, this will be followed
by trenching and sampling and ultimately drilling with the goal of
defining high grade ore for long-term processing through the
milling plant and to include the ounces into the Kilimapesa Hill
MRE.
A map of the Kilimapesa Hill high-grade zone is attached at the
end of the RNS.
The average grades for the period from 9(th) March to 18(th)
March 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.
Robbie McCrae, CEO of Caracal commented:
"The Caracal and Kilimapesa exploration teams have always
believed that significant high-grade zones exist within the
Kilimapesa Hill deposit. As we open and expand the open cast mining
pits, to support the expansion project, we expect to find more of
these zones. The potential size of this high-grade zone is
encouraging, and is further confirmation and validation of our
understanding of the Kilimapesa Hill deposit and our development
strategy. We have had a plan to expand the MRE on the Kilimapesa
Hill deposit. The plan includes additional drilling along strike
and at depth. The identification and extent of this high-grade zone
now adds a 3(rd) leg to the drilling strategy. The exploration team
can't wait to begin drilling. The strategy also includes the
optimization and expansion of the current milling plant alongside
the development of a 65,000tpm heap leach facility and these will
get us to the 24,000oz per annum target.
In the past we used to process up to 1000tpd in order to achieve
our target production of a 1000oz per month. Now, with the
increased grade and reduced throughput of 360tpd, our current
production monthly is estimated to be 790oz from the milling plant
and 160oz per month from the heap leach pilot plant. These
estimates will most likely improve as we have scope to increase
tonnage, optimise recovery in the milling plant and the heap leach
is expected to continue to improve. Caracal and Kilimapesa are
bound to be in a strong operational and financial position as we
progress the funding required for the Kilimapesa expansion project
in the 2(nd) quarter of 2023."
* * 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.
BELT CUT ASSAYS
Source: Central Pit 2A
-----------------------------------
Field Grade; 4.6g/t Au
-----------------------------------
9th MARCH 2023
-----------------------------------
BELTCUT SAMPLES ASSAYS(g/t Au)
----------------
0000hrs PLANT BREAKDOWN
----------------
0100hrs PLANT BREAKDOWN
----------------
0200hrs PLANT BREAKDOWN
----------------
0300hrs 4,66
----------------
0400hrs 5,87
----------------
0500hrs 5,11
----------------
0600hrs 3,69
----------------
0700hrs 3,9
----------------
0800hrs 4,4
----------------
0900hrs 4,69
----------------
1000hrs 4,64
----------------
1100hrs 3,59
----------------
1200hrs 3,91
----------------
1300hrs 3,02
----------------
1400hrs 4,21
----------------
1500hrs 3,1
----------------
1600hrs 3,38
----------------
1700hrs 3,53
----------------
1800hrs 3,72
----------------
1900hrs 3,6
----------------
2000hrs 3,07
----------------
2100hrs 3,23
----------------
2200hrs 3,5
----------------
2300hrs 3,86
----------------
Average Grade 3.94g/t Au
----------------
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END
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