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LONDON - Caracal Gold Plc (LSE:GCAT) reported a total mineral resource estimate of 1.36 million ounces of gold across its projects in Kenya and Tanzania, according to a company statement released Wednesday.
The mineral resource estimate, completed in accordance with the JORC Code, shows no significant changes from the previous estimate published in July 2023, as the company conducted no substantial exploration or mining activities over the past 12 months.
The resource consists of 834,000 ounces in the measured and indicated categories and 531,000 ounces in the inferred category. The Kenya projects account for 706,000 ounces with an average grade of 1.56 grams per tonne, while the Tanzanian assets hold 659,000 ounces at 1.67 grams per tonne.
The estimate was verified by Caracal’s Interim-Exploration Manager, who previously supervised the company’s 2022 exploration and resource drilling programs.
Caracal plans to resume gold exploration activities in East Africa later in 2025 after completing a proposed balance sheet recapitalization and refinancing.
The East African-focused gold company has previously stated its aim to increase production to over 50,000 ounces per annum and build a resource base exceeding 3 million ounces. At its wholly-owned Kilimapesa Gold Mine in Kenya, the company has identified potential to expand gold production to 24,000 ounces annually.
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