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Acacia Mining Plc
Summary
| Project: | West Kenya JV | |
|---|---|---|
| Deposit: | Acacia, Bushiangala | |
| Location: | Kenya | |
| Commodities: | Gold | |
| Date: | 8/1/2016 | |
| Report Code: | (no Code) | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 1-8-2016: Acacia Mining Plc announces an Exploration/Drilling Update report for its Acacia, Bushiangala deposit at the West Kenya JV project. JV - drilling results incl. 4m @ 15.6g/t Au from 432m at Acacia prospect. Acacia is pleased to announce that it h | |
| Resources: | x | |
| CP/QP: | [Overall Report]: n/a (n/a) | |
| ABSTRACT: | Acacia is pleased to announce that it has continued to enhance and expand its exploration portfolio through an agreement to accelerate the earn-in on the West Kenya Joint Venture licences in Kenya. Acacia has agreed to increase its ownership from 51% to 100% in the two licences covering the majority of West Kenya project area from a subsidiary of Lonmin plc (“Lonmin”) for consideration of US$5 million. Following the completion of the agreement Acacia has full exposure to an exciting and highly prospective land package in Kenya, including our most advanced project, the Liranda Corridor. Acacia continues to intersect high grade gold zones at the Bushiangala and Acacia prospects along the Liranda Corridor where drilling is indicating the potential for a new gold camp. Commenting on the progress, Brad Gordon CEO of Acacia, said: “We are greatly encouraged by our continued exploration success in Kenya. Our systematic approach to exploration and drill targeting, as well as taking the decision to drill deeper holes early has resulted in the potential for an exciting new discovery. As a result we have moved to consolidate our position in the project at this stage to ensure our shareholders will be able to fully benefit if the project continues to progress. ” As disclosed in our 2016 Interim Results on the 22nd July, Acacia has continued to drill test prospects within the Liranda Corridor, located in the northeast of the licence area. We are approximately 30% of the way through a 40,000 metre drilling programme to test the structural orientation and continuity of high grade gold mineralisation encountered on the Acacia and Bushiangala Prospects. The programme, if successful, aims to allow for the calculation of an initial inferred resource by early 2017. | |
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