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 presented the maiden Mineral Resource for the Hawiah Project, located in Saudi Arabia.
· Maiden Hawiah Inferred Mineral Resource Estimate (“MRE”) of 19.3 million tonnes (“Mt”) at 0.9% copper, 0.8% zinc, 0.6 g/t gold and 10.3g/t silver
· Mineralisation remains open at depth
· High grade zones outside of current Mineral Resource, targeted in next drilling phase
· Internal Preliminary Economic Assessment (“PEA”) targeted for September 2020
Harry Anagnostaras-Adams, Executive Chairman of KEFI, commented:
“This maiden copper-zinc-gold-silver Mineral Resource is consistent with the guidance issued over the past few months and demonstrates the significant scale and quality of the Hawiah deposit.
“Despite a number of challenges brought on by the COVID-19 pandemic, our team has been able to deliver this initial resource less than a year after drilling commenced at Hawiah.
“The Hawiah deposit remains open and further drilling has the potential to result in a larger Mineral Resource in due course. We are particularly keen to test for depth extensions of the identified higher-grade zones.
“We look forward to the outcomes of the internal PEA, expected to be completed in September 2020. Our team is excited to be progressing Hawiah towards potential development and especially when the prices for copper, zinc, gold and silver are all increasing strongly.”
KEFI’s operations in Saudi Arabia are conducted through its 34% owned joint venture company, Gold and Minerals Co. Limited (“G&M”), where KEFI is the operating partner.
G&M appointed SRK Consulting (UK) Ltd (“SRK”) as the independent Consultants and Competent Person for the preparation of the MRE and to undertake an internal PEA study for Hawiah. These studies will facilitate the planning of further exploration drilling and potential development activities at Hawiah.
The maiden MRE for Hawiah totals 19.3Mt at 0.9% copper, 0.8% zinc, 0.6g/t gold and 10.3g/t silver as summarised in the table below, all reported in the Inferred category.
The MRE is based on 12,027 metres of diamond drilling completed since September 2019 and is reported in accordance with the Australasian Code for the Reporting of Exploration Targets, Mineral Resources and Ore Reserves, The JORC Code (2012).
Trenching, supported by surface diamond drilling have consistently intersected copper-zinc-gold-silver mineralisation contained within massive sulphides over 4 kilometres of strike length. Three distinct zones, or lodes of massive sulphides have been defined to date and are the focus of the MRE.
The Hawiah deposit has only been drill tested to a vertical depth of 350 metres below surface and it remains open at depth. Elevated copper and gold grades have been intersected at depth.
An internal PEA based on this MRE as guidance for further drilling and project development is planned to be completed in September 2020.