TIDMKEFI
RNS Number : 0896S
Kefi Gold and Copper PLC
12 July 2022
12 July 2022
KEFI Gold and Copper plc
("KEFI" or the "Company")
Two new exploration licences granted in Saudi Arabia
Positive progress on Jibal Qutman licence applications
KEFI (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
announce the award of two additional exploration licenses through
the Company's Gold and Minerals Limited ("G&M") joint venture
in Saudi Arabia. G&M is owned 30% by KEFI and 70% by its
partner Abdul Rahman Saad Al Rashid and Sons Ltd ("ARTAR").
Highlights
-- Two additional exploration licences Jibal Hillit and Qunnah
(collectively the "Exploration Licences") have been awarded on an
initial five-year term
-- The Exploration Licences have historically yielded grades of
up to 15.3g/t at Jabal Hillit and 46 g/t Au at Qunnah, hosted in
quartz-veins
-- Positive progress has been made in discussions with the
Deputy Minister for Mineral Resources relating to the Jibal Qutman
Project - anticipated resolution in the current quarter
Jabal Hillit and Qunnah Exploration Licences
The granting of the Exploration Licences represents the start of
a new and exciting phase of exploration and discovery for the
Company. These licences are situated approximately 30km apart,
straddling the Ad Dawadimi and Afif terranes in the eastern portion
of the Arabian Shield (see map in the appendix accessible via
http://www.rns-pdf.londonstockexchange.com/rns/0896S_1-2022-7-11.pdf.
Both represent attractive gold exploration targets, and the
granting of the Exploration Licences represents a new frontier for
the G&M exploration team.
-- The Exploration Licences are situated within the eastern area
of the Arabian Shield, located 30km apart and cover a combined area
of 184.29 km (2) of prospective ground
-- 23 known gold occurrences have been historically documented,
with significant ancient workings located within the tenements
-- The Exploration Licences have identified gold within
shear-hosted quartz veins, with grades of up to 15.3g/t at Jabal
Hillit and 46 g/t Au at Qunnah as noted by the BRGM and USGS
-- The Exploration Licences present an excellent opportunity to
make discoveries within a highly prospective and under explored
area of the Arabian shield
Mineralisation within the Exploration Licences presents as
north-west trending gold-bearing, structurally controlled quartz
veins. Work conducted during the Bureau de Recherches Géologiques
et Minières ("BRGM") and United States Geological Survey ("USGS")
reconnaissance programmes of the 1970s and 1980s, remains the only
modern exploration to have taken place over the sites, with basic
mapping and rock chip sampling confirming the presence of
high-grade gold mineralisation and outlining the key areas of
interest.
Jabal Hillit represents the more advanced licence with 20 mapped
gold occurrences across five main vein packages cutting across the
licence. Veins have been shown to strike discontinuously for 1,500m
with widths of up to 2.5m, hosted within meta-volcanic units. USGS
mapping also rediscovered the ancient ruins of the Umm Adher gold
mine, which now sits inside a fenced archaeological site within the
licence area. BRGM sampling of dump piles associated with this
ancient mining showed gold grades of up to 15.3 g/t.
Located 30km west of Jabal Hillit, the Qunnah exploration
licence area also presents with gold-bearing, structurally
controlled quartz veins within three main areas. As with Jabal
Hillit, large crush and dump piles can be found across the tenement
with ancient miners clearly targeting the quartz-vein gold
mineralisation. USGS sampling of vein material from these crush
dumps reached up to 46 g/t of gold.
The G&M regional exploration team are gearing up for a busy
summer of mapping and sampling within these new licences to ground
truth historical data, extend the known limits of mineralisation
and define the structural framework controlling mineralisation,
ahead of more advanced exploration works this year.
Jibal Qutman Project Developments
As previously reported, ARTAR (on behalf of G&M) has been
actively engaged in discussions with the Saudi Arabian Ministry for
Industry and Mineral Resources ("MIM") regarding its mining licence
application. These discussions have now reached an advanced stage
and it is the view of G&M's management that a positive outcome
to these discussions is now imminent.
In line with these discussions, G&M will need to submit an
updated Development Plan and Environmental and Social Impact
Assessment to enable the resubmission of the mining licence
application under the new Saudi Arabian Mining Investment law,
ahead of the award of the expected Jibal Qutman Mining Licence
("ML").
In advance of this, it is anticipated that G&M will be
granted three exploration licences covering the Jibal Qutman area
to enable the above studies to be completed.
As announced on 16 June 2022, G&M has engaged Lycopodium to
complete a Detailed Feasibility Study ("DFS") for Jibal Qutman by
December 2022. In addition to this, the Company has initiated steps
to re-establish its operational base in the nearby city of
Bisha.
Harry Anagnostaras-Adams, Executive Chairman of KEFI,
commented:
"Work in Saudi Arabia is gathering pace on many fronts; our
Hawiah Project is firmly on track for the delivery of the
Preliminary Feasibility Study by year end, we have exciting
developments on the Jibal Qutman Gold project and now the granting
of these two additional exploration licenses. The award of the
exploration licences, which contain known high-grade gold
occurrences provides an exciting opportunity to make further
discoveries at a time where the country is focused on developing
its mineral resources.
"This expansion of our regional exploration portfolio highlights
our commitment to organic growth and our desire to discover and
develop additional assets in the highly prospective Arabian shield.
At Jibal Qutman, developments are particularly encouraging and
should allow for a fast-track development schedule, targeting near
term gold production. This marks the beginning of an exciting
chapter for the G&M joint-venture partnership and continues to
demonstrate our ability to operate as a leading explorer and
developer within Saudi Arabia."
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
Enquiries
KEFI Gold and Copper plc
Harry Anagnostaras-Adams (Managing Director) +357 99457843
John Leach (Finance Director) +357 99208130
SP Angel Corporate Finance LLP (Nominated
Adviser) +44 (0) 20 3470 0470
Jeff Keating, Adam Cowl
Tavira Securities Limited (Lead Broker) +44 (0) 20 7100 5100
Oliver Stansfield, Jonathan Evans
WH Ireland Limited (Joint Broker) +44 (0) 20 7220 1666
Katy Mitchell, Andrew de Andrade
IFC Advisory Ltd (Financial PR and IR) +44 (0) 20 3934 6630
Tim Metcalfe, Florence Chandler
Competent Person Statement
The information in this announcement that relates to geology,
exploration results and mineral resources is based on information
compiled by Mr Tomos Bryan, Exploration Manager for Gold &
Minerals Limited. Mr Bryan is a member of the Australasian
Institute of Mining and Metallurgy ("AusIMM"). Mr Bryan is a
geologist with sufficient relevant experience for Company reporting
to qualify as a Competent Person as defined in the JORC Code 2012.
Mr Bryan consents to the inclusion in this announcement of the
non-financial matters based on this information in the form and
context in which it appears.
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END
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