KEFI Gold and Copper awarded two additional exploration licenses in Saudi Arabia

KEFI Gold and Copper plc (LON:KEFI), the gold and copper exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, has announced the award of two additional exploration licenses through the Company’s Gold and Minerals Limited joint venture in Saudi Arabia.  G&M is owned 30% by KEFI and 70% by its partner Abdul Rahman Saad Al Rashid and Sons Ltd.

Highlights

·   Two additional exploration licences Jibal Hillit and Qunnah (collectively the “Exploration Licences”) have been awarded on an initial five-year term

·    The Exploration Licences have historically yielded grades of up to 15.3g/t at Jabal Hillit and 46 g/t Au at Qunnah, hosted in quartz-veins

·    Positive progress has been made in discussions with the Deputy Minister for Mineral Resources relating to the Jibal Qutman Project – anticipated resolution in the current quarter

Jabal Hillit and Qunnah Exploration Licences  

The granting of the Exploration Licences represents the start of a new and exciting phase of exploration and discovery for the Company.  These licences are situated approximately 30km apart, straddling the Ad Dawadimi and Afif terranes in the eastern portion of the Arabian Shield (see map in the appendix accessible via http://www.rns-pdf.londonstockexchange.com/rns/0896S_1-2022-7-11.pdf.  Both represent attractive gold exploration targets, and the granting of the Exploration Licences represents a new frontier for the G&M exploration team.

·   The Exploration Licences are situated within the eastern area of the Arabian Shield, located 30km apart and cover a combined area of 184.29 km2 of prospective ground

·   23 known gold occurrences have been historically documented, with significant ancient workings located within the tenements

·   The Exploration Licences have identified gold within shear-hosted quartz veins, with grades of up to 15.3g/t at Jabal Hillit and 46 g/t Au at Qunnah as noted by the BRGM and USGS

·   The Exploration Licences present an excellent opportunity to make discoveries within a highly prospective and under explored area of the Arabian shield

Mineralisation within the Exploration Licences presents as north-west trending gold-bearing, structurally controlled quartz veins.  Work conducted during the Bureau de Recherches Géologiques et Minières and United States Geological Survey reconnaissance programmes of the 1970s and 1980s, remains the only modern exploration to have taken place over the sites, with basic mapping and rock chip sampling confirming the presence of high-grade gold mineralisation and outlining the key areas of interest.

Jabal Hillit represents the more advanced licence with 20 mapped gold occurrences across five main vein packages cutting across the licence.  Veins have been shown to strike discontinuously for 1,500m with widths of up to 2.5m, hosted within meta-volcanic units.  USGS mapping also rediscovered the ancient ruins of the Umm Adher gold mine, which now sits inside a fenced archaeological site within the licence area.  BRGM sampling of dump piles associated with this ancient mining showed gold grades of up to 15.3 g/t.

Located 30km west of Jabal Hillit, the Qunnah exploration licence area also presents with gold-bearing, structurally controlled quartz veins within three main areas.  As with Jabal Hillit, large crush and dump piles can be found across the tenement with ancient miners clearly targeting the quartz-vein gold mineralisation.  USGS sampling of vein material from these crush dumps reached up to 46 g/t of gold.

The G&M regional exploration team are gearing up for a busy summer of mapping and sampling within these new licences to ground truth historical data, extend the known limits of mineralisation and define the structural framework controlling mineralisation, ahead of more advanced exploration works this year.

Jibal Qutman Project Developments

As previously reported, ARTAR (on behalf of G&M) has been actively engaged in discussions with the Saudi Arabian Ministry for Industry and Mineral Resources (“MIM”) regarding its mining licence application.  These discussions have now reached an advanced stage and it is the view of G&M’s management that a positive outcome to these discussions is now imminent.

In line with these discussions, G&M will need to submit an updated Development Plan and Environmental and Social Impact Assessment to enable the resubmission of the mining licence application under the new Saudi Arabian Mining Investment law, ahead of the award of the expected Jibal Qutman Mining Licence.

In advance of this, it is anticipated that G&M will be granted three exploration licences covering the Jibal Qutman area to enable the above studies to be completed.

As announced on 16 June 2022, G&M has engaged Lycopodium to complete a Detailed Feasibility Study for Jibal Qutman by December 2022.  In addition to this, the Company has initiated steps to re-establish its operational base in the nearby city of Bisha.

Harry Anagnostaras-Adams, Executive Chairman of KEFI Gold and Copper, commented:

“Work in Saudi Arabia is gathering pace on many fronts; our Hawiah Project is firmly on track for the delivery of the Preliminary Feasibility Study by year end, we have exciting developments on the Jibal Qutman Gold project and now the granting of these two additional exploration licenses.  The award of the exploration licences, which contain known high-grade gold occurrences provides an exciting opportunity to make further discoveries at a time where the country is focused on developing its mineral resources.

“This expansion of our regional exploration portfolio highlights our commitment to organic growth and our desire to discover and develop additional assets in the highly prospective Arabian shield.  At Jibal Qutman, developments are particularly encouraging and should allow for a fast-track development schedule, targeting near term gold production.  This marks the beginning of an exciting chapter for the G&M joint-venture partnership and continues to demonstrate our ability to operate as a leading explorer and developer within Saudi Arabia.”

Click to view all articles for the EPIC:
Or click to view the full company profile:
Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
KEFI Gold and Copper

More articles like this

KEFI Gold and Copper

KEFI Gold and Copper issued two Jibal Qutman Exploration Licences

·    Two Exploration Licences issued to facilitate development of the Jibal Qutman Gold Project ·    Award of final Jibal Qutman Exploration Licence expected shortly ·    DFS for Initial 500,000 oz gold development Q1 2023, first production 2024 KEFI Gold and Copper

KEFI Gold and Copper

Gold edges higher on softer dollar

Gold prices held firm on Tuesday near a two-week high hit in the previous session, helped by a subdued dollar, while investors awaited U.S. inflation data that could provide cues on the Federal Reserve’s interest rate hike path.

KEFI Gold and Copper

Copper prices increase on weaker dollar

Copper prices rose on Tuesday on a weaker dollar and expectations for better metals demand after Chinese policymakers said they would accelerate infrastructure investment. Three-month copper on the London Metal Exchange CMCU3 rose 0.7% to $7,707 a tonne

KEFI Gold and Copper

Top 10 uses of copper

While gold and silver are irrefutably the most well-known of the 95 metals in the Periodic Table of Elements, to metallurgists and metal connoisseurs, they are nothing out of the ordinary. The real icon in the world of

KEFI Gold and Copper

Gold prices post first gain in 7 sessions

Gold prices finished higher on Tuesday for the first time in seven sessions, with a pullback in the U.S. dollar helping to put an end to the yellow metal’s longest losing streak since early July. Silver prices also climbed

KEFI Gold and Copper

Kefi reports further licensing progress in Saudi Arabia

Ethiopia and Saudi Arabia-focussed gold and copper explorer and developer KEFI announced positive licensing progress on the Jibal Qutman project on Wednesday, as well as the award of two further exploration licences through its Gold and Minerals (G&M) joint venture

KEFI Gold and Copper

KEFI Gold and Copper rapidly expanding its resource base

KEFI Gold and Copper plc (LON:KEFI), the gold exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, has provided an operational update on the activities of KEFI Minerals

KEFI Gold and Copper

China tensions push gold to a new 1-month peak

Gold prices climbed over 1% to hit a fresh one-month peak on Thursday, underpinned by a retreat in the dollar and U.S. Treasury yields, as investors kept a close tab on U.S.-China tensions. Spot gold rose 1.6% to

KEFI Gold and Copper

Gold prices extend gains

Gold rose for fifth straight session on Tuesday to its highest level in about a month as Sino-U.S. tensions and fears of a possible recession burnished the metal’s safe-haven appeal. Spot gold was up 0.3% at $1,777.79 per ounce by

KEFI Gold and Copper

Gold prices extended gains

Gold prices extended gains on Thursday, as the U.S. dollar and Treasury yields fell after the Federal Reserve raised interest rates by 75 basis points as expected and its chairman sounded less hawkish on future hikes. Spot gold was

KEFI Gold and Copper

Gold price recovers from its 15-month low overseas

Gold price which jolted the previous day to levels below $1700 and hit 11-month low witnessed some resilience and rebounded to $1717.8 per ounce as of writing this copy at 12:19 pm (IST). Though it is still trading

KEFI Gold and Copper

Gold climbs as dollar softens

Gold prices rose on Monday, helped by a slight pullback in the US dollar and as investors dialled down bets of a 100-basis-point interest rate hike by the Federal Reserve this month. Spot gold had climbed 0.4% to

No more posts to show