UK gold mining firm, Acacia Mining, has announced the discovery of high-grade gold in Kakamega County.
The international gold mining company made the announcement on Monday saying that it had discovered about 1.31 million ounces of gold at its mines in the Liranda Corridor in Kakamega.
The firm’s CEO Brad Gordon said the grade of the gold found is one of the highest in Africa but, however, added that the quantity was small. The mines and discovery would need to undertake more tests while more exploratory wells are built.
”The discovery of 1.3 million ounces of gold is an encouraging start to what we hope will ultimately be the discovery of a multi-million-ounce gold camp, but 1.3 million ounces on its own is small. For the project to be economically viable, we would need the deposit to be at least two million ounces to three million ounces,” said Mr. Gordon.
Worth And Grade of Gold in Kakamega
An Inferred Mineral Resource Estimate by Acacia found a grade of 12.1 grams per ton for the 1.31 million ounces of gold at the Liranda Corridor within the company’s West Kenya Project.
CEO Brad Gordon added that it was too early to assign a value to the find although Mining Cabinet Secretary Dan Kazungu estimates the discovery to be valued around KSh 171 billion ($1.65 billion).
The Kenya Chamber of Mines called the estimated grade of 12.1 grams per ton ”very good” in comparison to gold gotten from major mines across Africa and around the world.
It’s chairman, Lojomon Biwott, said gold mined in Kenya has a grade of about five grams per ton of gold on average while the global average is about eight grams per ton.
The gold mining firm went on to reveal its plan to spend KSh 1.2 billion ($12 million) this year on exploration in Western Kenya. The majority of the money will be spent on a 45,000-metre drilling program on the Liranda Corridor.
”We expect the drilling to continue on the Acacia prospect for at least a further 12 months, and are targeting a significant increase in the resource to two million ounces prior to the end of 2017,” said Mr Gordon.
The firm, which has licenses to prospect for gold in Kakamega, Vihiga, Siaya and Kisumu also said that it has spent KSh 3.1 billion ($29.5 million) in the Western Kenya mines.
In response to the gold mining firm’s revelations, CS Kazungu promised that the mining ministry was in the process of implementing the 2016 Mining Act, which would create an enabling environment for the growth of the mining industry.