Search

Maiden high-grade Resource declared at West Kenya Project

27 Feb 2017

Acacia announces a maiden NI 43-101 compliant Inferred Mineral Resource Estimate of 1.31 million ounces of gold at 12.1 grams per tonne on the Liranda Corridor within the Company’s West Kenya Project.

  • All Inferred material is located on the Acacia prospect with multiple lodes open laterally and at depth
  • Near term upside from the Bushiangala prospect which has known mineralisation which has not yet been incorporated into the maiden resource
  • 45,000 metre drilling programme budgeted for 2017 with six rigs active on site, targeting increase in resource to over 2 million ounces in H2 2017
  • Scoping study on a potential underground operation is planned to commence in H2 2017

Commenting on the news, CEO Brad Gordon said, "We are delighted to report a maiden high-grade Inferred Mineral Resource on the Liranda Corridor in Kenya of 1.31 million ounces at 12.1 grams per tonne of gold. 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. In addition to the Acacia prospect, which hosts all of this maiden resource, we have known mineralisation on the Bushiangala prospect, one kilometre away to the west, with a further three prospective lodes in early stage testing. Whilst Kenya is a relatively new mining destination we are very pleased with the relationships we have built and the support we have received and look forward to working closely with all stakeholders as we progress this highly promising project."

Commenting on the West Kenya Project, Cabinet Secretary for Mining, the Honourable Dan Kazungu said, "Kenya is undoubtedly a geologically rich country, and we are taking significant steps, such as the ratification of the 2016 Mining Act, to establish a robust legislative framework to support our developing mining industry. 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. We look forward to continuing to work with Acacia and welcome their continued interest and investment in Kenya."