We don’t support this browser anymore.
This means our website may not look and work as you would expect. Read more about browsers and how to update them here.

Skip to main content
  • Register
  • Help
  • Contact us

Two rigs arrive for drilling at Caracal Gold's Kilimapesa project

Fri 26 November 2021 10:11 | A A A

No recommendation

No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.

(Sharecast News) - East Africa-focussed Caracal Gold announced the arrival of its two drill rigs on-site ahead of its diamond and reverse circulation drilling programmes on Friday.

The London-listed firm said the arrival of the rigs followed the renewal of its prospecting licence on 17 November.

It said the drilling programmes at Kilimapesa would start immediately, with pre-drilling work including the preparation of drill pads said to be "well-advanced".

An experienced drilling crew was on-site to manage and oversee the programme, including the drilling manager, who had previously operated both recently-acquired rigs.

Local sources for most drilling stores and consumables had been identified in Kenya to ensure local content continued as a focus for the company, the board said, and to allow the drilling programmes to be accelerated.

The company said the competent person responsible for Kilimapesa's report and resources had signed off on the necessary storage, sampling and assaying protocols, to ensure both timely information for on-site use as well as proper quality assurance and control and procedures for JORC compliance of the expected increased gold resource.

"We are very pleased with the time it's taken to get these drill rigs to site, and credit goes to all involved," said chief executive officer Robbie McCrae.

"The arrival of the drill rigs dovetails well with the prospecting license renewal, assembling a highly experienced team and completing much of the preparation work for the drilling programme to now commence.

"With the knowledge we have of the overall project and license areas, we believe that this owner-operator drilling strategy will yield cost-effective, quick, and high-quality results and provide us with greater flexibility in our future exploration plans."

At 1446 GMT, shares in Caracal Gold were up 3% at 1.29p.

    The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.

    More company news from ShareCast