TIDMGCAT
RNS Number : 4478J
Caracal Gold PLC
12 December 2022
Caracal Gold plc / EPIC: GCAT / Market: Main / Sector:
Mining
13 December 2022
Caracal Gold plc ('Caracal' or the 'Company')
Results Confirm High-Grade Mineralisation on the Vim Rutha
Prospect
a Parallel Structure to the Kilimapesa Hill Deposit
Caracal Gold plc, the expanding East African gold producer with
over 1,300,000oz JORC-compliant gold resources, is pleased to
announce sample assay results from its Diamond Drilling ('DD')
programme on the Vim Rutha prospect, a shear zone of about 4.9km
parallel to the known orebody at the Kilimapesa Hill deposit
('Kilimapesa Hill') at the Kilimapesa Gold and Mining Operations in
Kenya (the 'Project'). The drilling intercepted, on several
occasions and over a distance of more than 2km from west to east,
one or more mineralised structures of significant thickness located
a few hundred metres south of Kilimapesa Hill.
Highlights
-- Assay results confirm the Vim Rutha prospect corridor is
intensely gold-bearing, with mineralised intercepts returned from
historical diamond drilling as well as the vertical and lateral
extension of one or more parallel mineralised structures, over
several kilometres of distance just south of Kilimapesa Hill.
-- To date, 107 holes totalling 10,424m of the planned 12,000m
Reverse Circulation ('RC') drilling programme and 21 holes
totalling 3,637.7m of the planned 3,000m DD programme, which
commenced in December 2021, have been completed.
-- Results continue to demonstrate the high gold potential of
the various exploration prospects located in direct proximity to
the Kilimapesa Hill deposit or in the same geological
environment.
-- Results of 722 samples from Batch 5 have been received and results from the DD holes include:
o Hole VMRDD_001 : 13.16 m @ 1.59 g/t gold ('Au) from 45.27 m
incl. 1.19 m @ 3.9 g/t Au from 49.79 m
o Hole VMRDD_002: 3 m @ 1.58 g/t Au from 72 m
o Hole NMRDD_003 : 11.44 m @ 3.15 g/t Au from 20.09 m incl. 2.75
m @ 4.12 g/t Au from 25.86 m
o Hole VMRDD_004: 7 m @ 2.63 g/t Au from 16 m incl. 2 m @ 5.80
g/t Au from 19 m
o Hole VMRDD_005: 1 m @ 84.15 g/t Au from 77 m
o Hole VMRDD_006: 1 m @ 1.29 g/t Au from 121 m
o Hole VMRDD_007: 5 m @ 3.17 g/t Au from 57 incl. 12.05 g/t Au
from 57 m
o Hole VMRDD_008: 1 m @ 4.04 g/t Au from 12 m
o Hole VMRDD_009 : 18.11 m @ 3.13 g/t Au from 13.7 m
o Hole VMRDD_010 : 7.97 m @ 2.37 g/t Au from 18.05 m incl. 2.4 m
@ 5.22 g/t Au from 20.97 m
-- In parallel to the DD programme, which took place on the Vim
Rutha prospect, 21 RC holes and 2 trenches were completed along the
same mineralised corridor.
o Initial geological observations are encouraging and 1,578
samples have been sent to SGS's laboratory in Tanzania (Mwanza) for
gold analysis.
-- The sixth batch of RC and trench samples have been delivered
to the laboratory. These include samples from 21 RC holes and 2
trenches from the Vim Rutha prospect.
-- The success of the exploration progam on Vim Rutha has meant
that most of the activities will be focussed on confirming it's a
discovery of economic significance and then moving quickly to an
initial MRE. Activities across the balance of the exploration
licence will continue these include, West Kilimapesa Hill,
Teng-Teng, Maghor and Olepoipoi.
Chief Executive of Caracal Gold Plc, Robbie McCrae, said:
"We have always believed in the possibility we will discover
large open-pittable style resources at Kilimaespa, as can be found
across the border in Tanzania. It is very early stage at Vim Rutha
but the thinking behind the exploration programme is to target a
large open-pittable resource that could possibly support the
development of a large Tanzanian/West African style gold mine. The
1m @ 84g/t Au in DD 005 is exciting as it is early confirmation
that we have high grade potential at Vim Rutha, but I am most
excited about the widths and grades in DD 003, 004, 007, 008, 009
and 010 and the fact that these results are consistent over 2km of
strike. The results from the first few trenches and reverse
circlulation holes will follow soon and exploration work is ongoing
daily - we have a long way to go and a lot of work to do but early
indications are that Vim Rutha could be a second economically
viable deposit in our Kilimapesa licence; 2023 is shaping up to be
a very exciting year for all our stakeholders."
Figure 1: Map to show the Drilled DD holes and significant
intercepts across the Vim Rutha Prospect.
Figure 2: Shows the ongoing progress of the trenching program
across the Vim Rutha prospect
Figure 3: Drill core from Vim Rutha, showing sericite, chlorite,
ankerite, pyrotite, pyrite, calcite association. All typical
mineral association in Greestone Belt.
** 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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