TIDMKEFI
RNS Number : 4789L
Kefi Gold and Copper PLC
06 September 2023
6 September 2023
KEFI Gold and Copper plc
("KEFI" or the "Company")
Saudi Projects Progress
KEFI Gold and Copper Plc (AIM: KEFI), the gold and copper
exploration and development company which has focused on the
Arabian-Nubian Shield since 2008, is pleased to provide an
operational update covering recent developments in Saudi Arabia and
the Company's minority-owned Gold & Minerals Ltd ("GMCO").
Highlights
Jibal Qutman
-- 13,000m drill programme completed ahead of updated resource estimate
-- Trenching and diamond drilling ongoing to identify additional resources
-- Completion of metallurgical testwork on Oxide Ore
-- Metallurgical testwork on fresh ore is ongoing with Phase 1 of the fresh testwork completed.
-- Submission of ESIA Scoping Study
Hawiah
-- Ongoing +60,000m infill and expansion drilling campaign continues to yield positive results
-- Drilling programme is designed to upgrade the Resource
classification to allow for further Ore Reserves definition as part
of the planned 2024 DFS
-- Recent drilling identified a 7.5m wide intercept representing
a 230m downdip extension from previous deepest hole
Al Godeyer and Abu Salal
-- Phase one of the infill drilling designed to expand and
upgrade the 2023 maiden Al Godeyer Resource and declare Ore Reserve
as part of Hawiah DFS as a satellite deposit
-- Trenching at greenfield Abu Salal licence (50kms from Hawiah)
has exposed the VMS horizons across the 2km long discontinuous
strike length, with assays pending
Jibal Qutman Gold
The following progress has been made on various workstreams for
the Jibal Qutman Definitive Feasibility Study ("DFS"):
-- Completed 13,000m drilling programme for updating the Mineral
Resource Estimate ("MRE") contained in the series of shallow open
pits that constitute this project, mainly targeting the upgrade of
Mineral Resource classification to enable a maiden Ore Reserve
definition;
-- Began detailed mine planning on the open pits;
-- The Oxide Metallurgical testwork programme, as well as the
Phase 1 Fresh Ore Testwork Programme, has been completed;
-- Additional metallurgical testwork, designed to improve gold
recoveries from sulphide ores has commenced; and
-- Project capital costs estimates well advanced and project implementation planning initiated.
Following completion of the Mineral Resource upgrade drilling,
exploration has immediately been stepped up for additional nearby
resources:
-- Completed initial sampling of dumps from extensive artisanal
workings over the past decade which indicate the existence of
gold-bearing structures warranting follow-up; and
-- Commenced trenching and diamond drilling of prospects close to the planned open pits.
A presentation titled 'The Jibal Qutman Gold Project, Kingdom of
Saudi Arabia. Deposit-Scale Structural Models in an Underexplored
Terrane to Drive Discoveries' was delivered at the Society of
Economic Geologists 'Resourcing the Green Transition' conference in
London on 29 August 2023. This technical presentation is available
on KEFI's website and provides a summary of the structural models,
which will further aid in the discovery and expansion of gold
resources within the near-mine and wider 270km(2) Jibal Qutman
Exploration area.
Hawiah & Wadi Bidah
The following progress has been made on various workstreams for
the Hawiah DFS:
-- Drilling to upgrade the Hawiah MRE continued this month at
Crossroads, Crossroads Extension, Camp Lode and Central Zone with
seven rigs drilling c. 16,000m so far during 2023;
-- Results of the drilling programme to date have been
encouraging, with the deepest drill hole in Crossroads Extension
intersecting over 7.5m wide (Estimated True Width) of
mineralisation at 750m below surface, representing a 230m downdip
extension from previous deepest intercept (HWD 222). Assay results
are pending;
-- Ongoing metallurgical test work has confirmed the flotation
recoveries used in the Hawiah Pre-Feasibility Study ("PFS") and
optimised some parameters. It has also provided data to evaluate
the potential for alternative processing routes such as SX/EW or
the Albion Process which, if proven to be of merit for this
project, would further enhance recoveries;
-- At the nearby Al Godeyer Exploration Licence, infill drilling
has been undertaken to build and expand on the maiden Al Godeyer
MRE with the aim of increasing the Al Godeyer resources to 2
million tonnes. Assay results are pending.
-- Initial trenching at the greenfield Abu Salal EL (located
50km south of Hawiah) has commenced to follow up on the early GMCO
mapping and positive geophysical campaigns. The 2km long,
discontinuous north-south striking gossanous ridge has been exposed
in all trenches that targeted the main VMS horizon. Assay results
are pending.
Investor Webinar
The quarterly open-forum webinar will be held at 12.00 noon,
London time, on Friday 8 September 2023, via the Investor Meet
Company platform.
The presentation is open to all existing and potential
shareholders. Questions can be submitted pre-event via your
Investor Meet Company dashboard up until 9am the day before the
meeting or at any time during the live presentation.
Investors can sign up to Investor Meet Company for free and add
to meet KEFI Gold and Copper plc via:
https://www.investormeetcompany.com/kefi-gold-and-copper-plc/register-investor
Investors who already follow KEFI Gold and Copper plc on the
Investor Meet Company platform will automatically be invited.
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
IFC Advisory Ltd (Financial PR and IR) +44 (0) 20 3934 6630
Tim Metcalfe, Florence Chandler
3PPB LLC International (Institutional IR)
Patrick Chidley +1 (917) 991 7701
Paul Durham + 1 (203) 940 2538
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END
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