London-listed Caracal Gold has secured 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, situated in the Nyakafuru region, has now received its first permit.
Located in the Lake Victoria Gold Fields, Kanegele is 140 km southwest of Mwanza, Tanzania’s second-largest city, and benefits from well-established infrastructure.
The project includes four main deposits—Voyager, Mentelle, Cullen, and Leeuwin—with a Joint Ore Reserve Committee (JORC)-compliant resource estimate of 658,000 ounces of gold.
With extensive historical mining and feasibility studies, Kanegele is poised to advance as an open-pit, carbon-in-leach (CIL) gold operation.
Next steps for the project include further drilling to expand resources, updating JORC estimates, optimizing pit designs, and conducting metallurgical, geotechnical, and environmental assessments to meet financing requirements. Plans for processing plant engineering, site preparation, and mine construction are also in the works.
“Securing the mining license for Kanegele is a major milestone in our plan to bring this high-potential asset into production. With shallow, high-grade gold resources and significant historical work already completed, Kanegele is well-positioned for development,” said Caracal Chairperson Simon Grant-Rennick.
