An extractive firm based in Abuja and the United States, Kinsfield Energy, has unveiled its plans to commence the production of gold in one of its gold fields in Yagba West area of Kogi State in the last quarter of 2017.
The Chief Executive Officer of Kinsfield Energy, Adekunle Akintola, said in a statement yesterday that the company had completed geological, geophysical and geochemical acquisition of data and evaluation to cover the gold prospect.
According to him, the evaluations have shown a common occurrence of the prospects at a commercial level.
“Drilling for further confirmation of the commerciability of the prospects and volumetric is expected to commence in the 2nd quarter of 2017. Kinsfield Energy has conducted exploration on her two gold fields in the Yagba west area of Kogi State in Nigeria for over five years,” he added.
Akintola further stated that the extractive firm is also exploring for gold in the prolific Atakunmosa West area of Osun State, stressing that the firm is also prospecting for gold and diamond in the Tonkolili and Kunu districts of Sierra Leone.
“The anticipated commencement of gold production in the Yagba west area of Kogi in the last quarter of 2017 is expected to project Kogi State as a gold ore producing state and Nigeria as a revenue earner in solid minerals sector which is in line with the economic diversification efforts of the federal government,” he explained.
“We have done geological mapping, geophysical survey, geochemical sampling and contracting core drilling of the gold fields. Our vision is to pursue an aggressive policy of acquisition and development of gold and bitumen fields across Africa,” he added.
He explained that gold mining is a lucrative business next to petroleum, stressing also that it is internationally priced.
He pledged that his company is committed to utilising the extractive opportunities in Africa and North America.
Kinsfield Energy, which operates in Abuja and Houston in the United States, had earlier secured two exploratory licenses for gold fields in Yagba West area of Kogi State.