With six drill rigs currently active on site, and two more to follow soon, Acacia expects to increase the resource to 2 million ounces by the end of the year.
Acacia Mining Mining News
Stock climbed 12.94%, closing the session at 529p.
African miner sticking to full year guidance of 780,000 ounces following plant shutdown amid majority owner Barrick's divestment talks.
The potential acquisition fits in the South African gold producer’s plans to expand operations across Africa.
The potential sale of its its 64% interest in Acacia would be part of Barrick's broader strategy of selling non-core assets to reduce debt.
An arbitration tribunal is set to decide in October whether Acacia Mining has to pay a $115 million compensation claim to a former partner in Tanzania.
Acacia Mining Plc is looking to buy gold mines and exploration projects in Senegal, Mali and Ghana to expand in west Africa, Chief Executive Brad Gordon said.
The miner plans underground operations at North Mara and inked a deal that could see it acquire up to 70%of a project in Burkina Faso.