Caracal Gold Secures Mining License for Kanegele Project in Tanzania
London-listed Caracal Gold has obtained a mining license for its Kanegele project in Tanzania. Caracal’s subsidiary, Tyacks Gold, successfully applied for two mining licenses in December 2023, and the Kanegele project, located within the Nyakafuru area, has now received its first permit.
Located in the Lake Victoria Gold Fields, Kanegele lies 140 km southwest of Mwanza, Tanzania’s second-largest city, and benefits from established infrastructure.
The Kanegele project encompasses four main deposits—Voyager, Mentelle, Cullen, and Leeuwin—with a Joint Ore Reserve Committee (JORC)-compliant resource estimate of 658,000 oz.
Substantial historical mining and feasibility studies provide a strong foundation for advancing Kanegele as an open-pit, carbon-in-leach (CIL) gold operation.
Immediate steps include additional drilling to expand resources, updating JORC estimates, advancing pit optimization studies, and conducting metallurgical, geotechnical, and environmental assessments to meet project financing requirements. Plans for processing plant engineering, site preparation, and mine construction will follow.
“Securing the mining license for Kanegele is a key milestone in our strategy to bring this high-potential asset into production. With shallow, high-grade gold resources and robust historical work completed, Kanegele is well-suited for development,” said Caracal Chairperson Simon Grant-Rennick.
