KEFI Gold and Copper (AIM: KEFI) has unveiled an upgrade to the Mineral Resource Estimate (MRE) at the Hawiah Copper-Gold Project, part of the KEFI-operated Saudi Arabian joint-venture Gold and Minerals Company Limited (GMCO).
Highlights
Hawiah Mineral Resource Estimate has increased by 4.1 million tonnes (Mt) to 29.0Mt at 0.89% copper, 0.94% zinc, 0.67 g/t gold and 10.1 g/t silver, representing a tonnage increase of 16%. Total contained metal is now:
- 258,000 tonnes of copper (up 16% from 223,000 tonnes);
- 272,000 tonnes of zinc (up 30% from 210,000 tonnes);
- 620,000 ounces of gold (up 25% from 497,000 ounces); and
Indicated Resource increased to 12.4Mt (up 14% from 10.9Mt), which now includes 1.2Mt of oxide material (previously all Inferred) containing 80,000 ounces of gold.
Total Indicated and Inferred Resources reporting to the Open-Pit Scenario have increased to 11.1Mt (up 32% from 8.4Mt), reaffirming the potential for an initial open-pit mining operation and a lower start-up capital requirement.
Drilling commencing in Q2 2023 is aimed at extending planned mine life by further increasing the Hawiah Mineral Resource and converting more Inferred Resources to the Indicated category.
“The updated Mineral Resource Estimate for the Hawiah Copper-Gold Project achieved our key objectives: a tonnage increase of approximately 16%, plus a higher overall increase in metal content due to overall improved grades, plus the increase in the Indicated Resource category, plus the increased open pittable component,” Executive Chairman, Harry Anagnostaras-Adams, said.
“The Hawiah Preliminary Feasibility Study is progressing well and additional drilling during 2023 is being designed to further increase and upgrade the resource.
“KEFI now has a platform of three advanced projects for development in the next few years: the Tulu Kapi Gold Project in Ethiopia which is advancing to full project launch in light of the improvements in the Ethiopian working environment during the past twelve months and for which a formal update will be announced shortly, the now larger Hawiah Copper-Gold project in Saudi Arabia, and the Jibal Qutman Gold project, also in Saudi Arabia.”
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