Business
Key Saudi Exploration Licence Issued
Key Saudi Exploration Licence Issued.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n \nRNS Number : 9498F KEFI Minerals plc 01 November 2018 \n\n1 November 2018\nKEFI Minerals plc\n(\"KEFI\" or the \"Company\")\nKey Saudi Exploration Licence Issued\nHawiah Prospect for Gold at Surface and for Underlying Base and Precious Metals\nKEFI Minerals (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 report the formal renewal of the Hawiah Exploration Licence (the \"EL\" or the \"Hawiah EL\") in Saudi Arabia. \nThe Hawiah EL is held for KEFI's local joint venture company Gold and Minerals Limited (\"G&M\") by partner Abdul Rahman Saad Al Rashid & Sons Company Limited (\"ARTAR\"). Reconnaissance activities will now be re-activated by KEFI in its role as operator of G&M, with the focus on refining plans for a drilling campaign targeting gold at the surface and the underlying volcanogenic massive sulphide (\"VMS\") copper-gold-zinc sulphide orebody. Whilst the work over the next six months is expected to be low-cost, it has a high potential impact on the effectiveness of drilling which is planned to commence in Q2 2019 after the Company has started the planned construction at the Tulu Kapi Gold Project in Ethiopia (\"Tulu Kapi\"). This program follows a hiatus for G&M of over two years whilst the Saudi Government undertook a thorough review of its mining code to encourage external investment into its potentially prolific mining sector.\nThe Hawiah EL is located within the Wadi Bidah Mineral District (\"WBMD\") in the southwest of the Arabian Shield. The WBMD is a 120km-long belt which hosts over 24 VMS occurrences, volcano-sedimentary deposits associated with disseminated to sub-massive sulphides and shear zone and quartz vein hosted deposits. There are some historic workings in the area for copper and gold.\nThe Company's prior field work at the Hawiah EL was suspended in 2016 due to certain community requests. G&M has since ensured that the correct steps have been taken with local stakeholders to ensure the licence to operate is robust within the WBMD. G&M's past work included the following:\n- Hawiah wide-spaced trenching programme over the 6km-long gossanous horizon. Almost all of G&M's trenches contained anomalous gold, including 6m at 2.2g/t go...