27 Feb Acacia Mining reveals high-grade gold present at Kenya project
Acacia Mining (LSE:ACA) has declared a maiden inferred mineral resource of about 1.31 million ounces of gold at 12.1 grams per tonne on the Liranda Corridor of its West Kenya project.
The Africa-focused gold producer currently has six drill rigs on site, with two more to follow shortly as the company looks to increase the resources to 2 million ounces by the end of 2017.
Acacia also hopes to initiate a scoping study which will determine the potential for an underground mining facility towards the end of the year.
“This is one of the highest-grade projects in Africa today, and we believe that this initial resource is a first step in the delineation of a multi-million ounce high-grade corridor,” said chief executive officer Brad Gordon.
The company said all inferred material is located on the Acacia prospect with multiple lodes open laterally and at depth, while upside from the Bushiangala prospect, which has known mineralisation, has not yet been incorporated into the resource.
Dan Kazungu, Kenya’s Cabinet Secretary for Mining said: “We are excited about the potential of Acacia’s West Kenya project, as it could ultimately lead to the creation of a gold mining industry that would have a benefit to our country, economy and people.”
Acacia is majority owned by Barrick Gold (TSX:ABX), the world’s largest gold miner.