A UK-based gold mining company Caracal Gold PLC revealed that it had discovered gold worth Ksh741 million at Kilimapesa Hill in Narok.
Making the announcement on Tuesday, March 21, Caracal Gold PLC Chief Executive Officer(CEO) Robbie McCrae, stated that the gold discovered was a new high-grade that would expand their shares by 23%.
The CEO stated that mining at the site had begun on March 9, 2023, and the daily average grades of the material had been running at between 3.31 grams per tonne and 4.74 grams.
“At present, six zones have been identified. A mining plan is now in place which supports the throughput of high-grade ore through the milling plant for the rest of March and June,” a statement from Caracal Gold PLC read in part.
In a month, Robbie estimated that it would be processing 22,396 grams of gold from the mine.
One gram of gold in Kenya at the time this article was written, was worth Ksh 8,277.36, meaning that by the end of the estimated time, the company will have made Ksh741 million.
Robbie further revealed that they expected to find more of the high-grade gold deposit and expand their activities at the mine.
"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," added the CEO.
The mining plan included the exploration and extension of the work done on the high-grade zone to define the full extent of the strike.
Miners will thereafter trench, sample and ultimately drill with the goal of defining high-grade ore for long-term processing through the milling plant.
The discovered zone is above the current underground workings and above the areas drilled as part of the mineral resource estimate on the Kilimapesa Hill deposit, it said.
“The Caracal and Kilimapesa exploration teams have always believed that significant high-grade zones exist within the Kilimapesa Hill deposit,” noted Robbie
Caracal Gold PLC is a London-based gold mining company that is focused on the exploration of East African countries and has been in the past exploring Kilimapesa Hill.
Earlier in May 2021, gold estimated to be worth Ksh164 Billion was discovered in Kakamega by a London based company Shanta Gold.
