Business
Positive Developments in Saudi Arabia
Positive Developments in Saudi Arabia.
About this update from Kefi Gold And Copper Plc
[{"type":"text","content":"\n \n \n RNS Number : 2011T\n KEFI Minerals plc\n 16 July 2020\n \n \n \n \n 16 July 2020\n \n \n KEFI Minerals plc\n \n \n (\"KEFI\" or the \"Company\")\n \n Positive Developments in Saudi Arabia\n Material increase in Maiden Hawiah Resource now expected\n Saudi Arabia's Cabinet Approves New Mining Law\n Highlights\n \n · Larger maiden resource of c. 20 million tonnes now expected in August 2020, an increase of 66% from the previous target of 12 million tonnes\n \n \n ·This is based on completion of the first 9 months drilling and subsequent analyses and interpretation, covering a strike of over 4km to a depth of up to 350m\n \n \n · Hawiah remains open along strike and depth, where some higher grade intercepts have also been encountered, for further follow-up\n \n \n · Expected average copper equivalent grade of c. 2% copper, representing c. 400,000 tonnes of contained metal, with an in situ value in excess of US$2.5bn at current market prices\n \n \n · Saudi Cabinet recently approved new mining investment law, which should help unlock value at KEFI's additional Saudi projects, including the Jibal Qutman Gold Project\n \n KEFI Minerals (AIM: KEFI), the gold exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, is pleased to provide an update on the Company's activities in Saudi Arabia. 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.\n Hawiah Maiden Resource\n Following the completion of the first 12,000m diamond drilling programme at Hawiah in May 2020, the work required to estimate the initial Hawiah Mineral Resource is now well underway with the maiden resource expected to be published in August 2020.\n \n Diamond drilling undertaken by G&M since September 2019 has consistently intersected copper-zinc-gold-silver mineralisation contained within massive sulphide, across more than 4 \n kilometres\n of strike length. This drilling has allowed for the definition of three distinct zones, or lodes, within this strike length of the massive sulphide structure, which are the focus of the maiden resource. \n \n KEFI previously advised in February 2020, that the combined volumes of these three lod...