Currently the third-largest gold producing continent in the world, Africa has gold mining activities underway in over 21 countries.
A major source of employment for the continent, the production of gold has been increasing steadily since 2008, with major discoveries in 2022 positioning the continent as one of the most lucrative destinations for gold exploration and production worldwide.
Recent exploration surveys in Uganda have led to the discovery of approximately 31 million tons of gold ore, from which an estimated 320,158 tons of refined gold could potentially be extracted, with its value currently standing at $12.8 trillion.
The majority of ore deposits were discovered in the northeastern region of Karamoja, with large reserves having also been found in the eastern, central, and western areas of the country. Currently, the country is seeking to attract international gold mining companies and investors, having already licensed a Chinese mining firm, Wagagai, to start production in the country’s eastern Busia District this year.
Representing the largest maiden resource discovery in West Africa since 2012, Australian-based exploration and development company, Predictive Discovery, has upgraded its inferred reserve estimates for the Siguiri Basin’s Bankan Project in Guinea from 3.63 million ounces to 4.2 million, grading at 1.63 grams per tons (g/t) of gold.
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Predictive Discovery’s Bankan Project comprises two major deposits – NE Bankan and Bankan Creek – in a roughly 90:10 split. As of this month, these two resource pools sit at 72.3 million tons grading 1.65 g/t of gold and 7.2 million tons at 1.43 g/t of gold, respectively.
In May 2022, AIM-listed Altus Strategies, announced the discovery of several high-grade gold prospects across all of the company’s current projects in Egypt’s highly prospective Eastern Desert. With grades up to 100 g/t of gold, over 100 hard rock artisanal gold workings were mapped, with an aggressive exploration campaign currently under way to define potential drill targets.
One of eight high-priority geophysical targets that have been outlined on the Bibiani Shear Corridor, the discovery hold MGRCD21-047 – which was identified by gold production, exploration and development company, Asante Gold, at its South Russel Prospect in Ghana – led to the discovery of 16 meters of drill intercepts grading at 5.75 g/t of gold.
Situated in a mountain pass 80km southeast of the Moroccan city of Marrakech, Canadian precious metal exploration company, Stellar AfricaGold, discovered a gold mineralized structure – designated as Zone C at the Tichka-Est Gold Project – which adds 1,000 strike meters of gold mineralization to the company’s previously announced Zones A and B for a combined total of 2,200 strike meters. The new discovery has yielded substantial gold grades of between 3.58 g/t and 5.81 g/t of gold.