Another 🧈 gold discovery in 🇸🇦 Saudi Arabia.
The deposit has excellent grades of gold, with up to 66.6g/t.• Drilling is underway on a 35km mineralized strike across three licenses.
Systematic exploration is ongoing across the 270km2 of the three contiguous Jibal Qutman Gold Exploration Licences (“EL’s”) to confirm structural controls on higher-grade gold mineralisation and identify further resource potential.· Previous Exploration primarily focused on an 8km section of the original Jibal Qutman EL and the full 35km mineralised strike length will now be tested.· Sampling and scout drilling programmes are currently underway across multiple targets including recent shallow alluvial mining areas and are expected to identify further drill targets.· In addition to scout and infill drilling, drone surveying, geological mapping, trenching and geophysical surveying programmes are all underway to help further define the structural framework of the area and assist in target delineation.· Two diamond drill rigs and 10 experienced Saudi based exploration geologists are focused on Jibal Qutman Gold. Reverse circulation (“RC”) drill rigs will also shortly join the project to further accelerate exploration.· KEFI’s GMCO joint venture partner, ARTAR, has agreed to fund the ongoing programme at present (without dilution) to ensure swift progress continues whilst KEFI triggers project launch in Ethiopia at the high-grade Tulu Kapi Gold Project. This much-appreciated support from ARTAR reflects the strong partnership relationship and the combined priority given to production start-up in both countries.
Another gold discovery in 🇸🇦 Saudi Arabia.
Saudi Arabia has discovered a gold new reserve in the Jibal Qutman Gold Project.
The deposit has excellent grades of gold, with up to 66.6g/t.• Drilling is underway on a 35km mineralized strike across three licenses.
KEFI Gold and Copper Plc (LON:KEFI), the gold and copper exploration and development company which has focused on the Arabian-Nubian Shield since 2008, has provided confirmation of a new discovery, as well as an operational update, in respect of the Jibal Qutman Gold Project in Saudi Arabia in the Company’s minority-owned Gold & Minerals Ltd joint venture
Highlights
Satellite deposit (Asfingia) discovered with excellent grades of up to 66.6g/t gold
Drilling ongoing on identified 35km mineralised strike across three contiguous licences
Selection of preferred production start-up plan expected by mid-2024
Key Points
Having completed the 13,000m in-fill drilling programme in Q3-2023, GMCO switched to resource expansion drilling which quickly led to the discovery of the Asfingia satellite deposit. Asfingia drilling results include
JQD_232: 13.9m (12.7m estimated true width (“ETW”) at 7.9 g/t gold from 53.6m (including 1.2m at 66.6 g/t gold).
JQD_265: 25.5m (37.5m ETW) at 1.9 g/t gold from 86.0m (including 7.4m at 5.2 g/t gold).
A 350m strike length has already been established down to a depth of 75m and the deposit remains open down-dip and along strike.
Drilling is ongoing to define the limits of gold mineralisation and estimate a Maiden Resource at Asfingia to complement the other deposits at Jibal Qutman.
Systematic exploration is ongoing across the 270km2 of the three contiguous Jibal Qutman Gold Exploration Licences (“EL’s”) to confirm structural controls on higher-grade gold mineralisation and identify further resource potential.· Previous Exploration primarily focused on an 8km section of the original Jibal Qutman EL and the full 35km mineralised strike length will now be tested.· Sampling and scout drilling programmes are currently underway across multiple targets including recent shallow alluvial mining areas and are expected to identify further drill targets.· In addition to scout and infill drilling, drone surveying, geological mapping, trenching and geophysical surveying programmes are all underway to help further define the structural framework of the area and assist in target delineation.· Two diamond drill rigs and 10 experienced Saudi based exploration geologists are focused on Jibal Qutman Gold. Reverse circulation (“RC”) drill rigs will also shortly join the project to further accelerate exploration.· KEFI’s GMCO joint venture partner, ARTAR, has agreed to fund the ongoing programme at present (without dilution) to ensure swift progress continues whilst KEFI triggers project launch in Ethiopia at the high-grade Tulu Kapi Gold Project. This much-appreciated support from ARTAR reflects the strong partnership relationship and the combined priority given to production start-up in both countries.
