Business
Issue of Jibal Qutman Exploration Licences
Issue of Jibal Qutman Exploration Licences.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n \n 14 September 2022\n \n KEFI Gold and Copper plc\n \n (\"KEFI\" or the \"Company\")\n \n Issue of Jibal Qutman Exploration Licences\n \n \n \n ·\n Two Exploration Licences issued to facilitate development of the Jibal Qutman Gold Project\n \n \n ·\n Award of final Jibal Qutman Exploration Licence expected shortly\n \n \n ·\n DFS for Initial 500,000 oz gold development Q1 2023, first production 2024\n \n \n \n \n \n KEFI (AIM: KEFI), the gold and copper exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia is pleased to announce the issue of two of the three required Exploration Licences covering the Jibal Qutman Gold Project area through the Company's Gold and Minerals Limited (\"G&M\") 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 (\"ARTAR\").\n \n \n \n Jibal Qutman Licences\n \n \n \n ·\n 'Jibal Qutman North' and 'Jibal Qutman Southeast' Exploration Licences (\"ELs\") have been issued on an initial 5-year term, covering 174Km2\n .\n \n \n ·\n The original and outstanding Jibal Qutman Exploration Licence, covering an additional 99 Km2, is still undergoing renewal and is expected to be granted in the coming weeks.\n \n \n ·\n Upon its issuance, the three contiguous licences (collectively referred to as the \"JQ EL\") will cover a combined area of over 270km2\n .\n \n \n ·\n The Definitive Feasibility Study (\"DFS\") for the development is now focused on an initial production plan of c.500,000 oz gold over a 10-year period, rather than the initial Preliminary Feasibility Study target of c.200,000 oz gold, which was modelled on a gold price of US$1,200/oz.\n \n \n ·\n The JQ EL are situated on the highly prospective 'Nabitah-Tathlith' fault zone and offer additional exploration upside beyond the known 733,000 oz JORC gold resource, with further gold mineralisation already documented across the JQ EL.\n \n \n ·\n Field programmes for the DFS, which includes confirmation drilling, environmental baseline studies, geotechnical and metallurgical drilling, are expected to commence in October 2022 following the award of the third exploration licence.\n \n \n ·\n Project development and exploration teams dedicated to this project have now been formed, with key ...