Caracal granted mining licence for Tanzania project
London-listed Caracal Gold has been granted a mining licence for the Kanegele project, in Tanzania.
Following the formal application of two mining licences submitted in December 2023, Caracal subsidiary Tyacks Gold has successfully secured the first mining licence for the Kanegele project, located within the Nyakafuru project area.
The company says the Kanegele project, located in the prolific Lake Victoria Gold Fields, is well-positioned just 140 km south-west of Mwanza, Tanzania's second-largest city and benefits from established infrastructure.
KANEGELE PROJECT OVERVIEW
The Kanegele project boasts four main deposits – Voyager, Mentelle, Cullen and Leeuwin – covering a Joint Ore Reserve Committee- (Jorc-) compliant resource of 658 000 oz.
Caracal says substantial historical mining, feasibility studies and infrastructure work are already in place, positioning Kanegele for rapid advancement as an openpit, carbon-in-leach (CIL) gold operation.
The company notes that immediate next steps include additional drilling to expand resources; updating Jorc resource and reserve estimates; advancing pit optimisation studies; undertaking metallurgical, geotechnical, and environmental studies to international standards for project financing; finalising detailed engineering development plans for the processing plant; and site preparation and commencement of mine construction.
"Securing the mining licence for the Kanegele project is a pivotal milestone in our broader strategy to bring this high-potential asset into production. With shallow, high-grade gold resources and robust historical work already completed, Kanegele ticks all the right boxes for development,” says Caracal chairperson Simon Grant-Rennick.
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