UK minerals firm in promising find after buying Kenya blocks
Gold jewellery. Africa Barrick Gold (ABG) said it had encountered multiple zones of high-grade traces of gold within Siaya County. Photo/Reuters
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Africa Barrick Gold (ABG) says further exploration will be conducted to ascertain the actual size of deposits.
The company said that it had encountered multiple zones of high-grade traces of gold on the Ramula prospect within Siaya County
ABG has been exploring for minerals in western Kenya since October when it acquired the Kenyan unit of Australia-based rival Aviva Corporation.
UK-based miner Africa Barrick Gold (ABG) has reported high potential traces of minerals in one of Kenya’s prospecting sites it acquired late last year.
The company has been exploring for minerals in western Kenya since October when it acquired the Kenyan unit of Australia-based rival Aviva Corporation which held a number of prospecting businesses in Nyanza and Western provinces.
The miner said that it had encountered multiple zones of high-grade traces of gold on the Ramula prospect within Siaya County from the minimal drilling carried out so far.
“Drilling intersected a large anomalous gold zone with narrower high-grade zones associated stacked quartz veins containing visible gold,” the company said following the initial drilling campaign on the Ramula block.
It said that more exploration would be carried on the block and others owned by the company to ascertain the actual size of reserves.
“ABG plans to complete an extensive review of all targets over the coming six months in order to prioritise and rank the best targets on the project, while at the same time completing regional mapping programmes, geochemical and geophysical surveys, and reconnaissance drilling to identify further new targets,” the company said.
The Sh2.67 billion acquisition handed ABG access to exploration blocks estimated at about 2,800 square kilometres. Through the deal the UK-listed firm landed a 51 per cent stake that Aviva Mining (K) held in a joint venture with Lonmin Plc.
The deal also handed ABG access to Aviva Mining’s right to earn up to 75 per cent interest in a second joint venture with Advanced Gold Corporation.
The principal assets of the present joint venture between Aviva and Lonmin Plc are two special licences-SL123 and SL213- located in Nyanza province’s Ndori and Siaya, respectively.
The second joint venture between Aviva and Advanced Gold has three main assets –SL265, SL266 and L267-in Western province’s Bukura, Sigalagala and Rosterman, respectively. The firm also has large mining businesses in Tanzania.
ABG said it plans to step up its gold exploration activities in Kenya as part of a strategy to grow its regional portfolio.
“In parallel with this, we plan to continue diamond core drilling of high potential targets and known gold prospects in order to move targets up our exploration pipeline towards resource development,” the company said.
Africa Barrick said it had mobilised an additional drilling rig to boost the exploration of diamond on its Ramula block.
“The diamond core rig returned to Ramula in early December to commence a 14-hole diamond core programme that will scope out the continuity and size of the mineralised system,” the company said.
