KEFI Gold and Copper Plc (AIM: KEFI) has confirmed a new discovery, and provided an operational update, in respect of the Jibal Qutman Gold Project in Saudi Arabia in the company’s minority-owned Gold & Minerals Ltd (GMCO) joint venture.
Having completed the 13,000m in-fill drilling programme in Q3-2023, GMCO pursued resource expansion drilling which quickly led to the discovery of the Asfingia satellite deposit. Compelling drilling results include:
- JQD_232: 13.9m (12.7m estimated true width 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 5.2g/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 mineralization and estimate a maiden resource at Asfingia to complement the other deposits at Jibal Qutman.
Previous exploration primarily focused on an 8km section of the original Jibal Qutman EL and the full 35km mineralized strike length will now be tested.
“Jibal Qutman Gold is starting to shape up its plans for production. During the remainder of H1 2024, we expect to report a series of steps as we simultaneously select our preferred production start-up plan and aggressively test our recent breakthroughs in the geological understanding of the mineralized system. We have two diamond rigs running 24/7 and RC rigs will shortly join the project,” said executive chairman, Harry Anagnostaras-Adams.
In addition, the definitive feasibility study (DFS) on Jibal Qutman Gold is making excellent progress and is expected to be announced in mid-2024.
“At the same time, the foot remains on the accelerator at our much larger discovery, the Hawiah Copper-Gold Project in the Wadi Bidah Minerals Belt, where we have recently been joined as explorers by Saudi Arabia’s largest mining company, Ma’aden, which has been granted licences adjacent to us and quickly launched a large exploration programme in joint venture with Ivanhoe Electric.” Added Mr. Anagnostaras-Adams.
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