KEFI Gold and Copper Plc (AIM: KEFI), a prominent player in gold and copper exploration and development focused on the Arabian-Nubian Shield, has shared a substantial update on its operations at the Hawiah Copper-Gold Project, which is part of their minority-owned venture, Gold & Minerals Ltd (GMCO). The company has completed over 50,000 meters of its 65,000-meter infill drilling program, aimed at upgrading the existing Mineral Resource Estimate (MRE).

Significant Progress in Infill Drilling and Expansion at the Hawiah Copper-Gold Project

The current drilling efforts at the Hawiah Copper-Gold Project have been productive, yielding results aligned with the anticipated outcomes based on geological models. Notable recent drilling achievements include extended vertical depths of mineralization to 740 meters and increased the down-plunge extent of the Crossroads Extension Lode by 270 meters. These findings are crucial as they contribute to enhancing the accuracy and comprehensiveness of the forthcoming mineral resource updates.

The satellite Al Godeyer deposit has also seen the initiation of a second phase of drilling, comprising 4,500 meters. This phase aims to infill and expand the maiden MRE reported earlier in 2023. Together, these initiatives are on track to upgrade at least 90% of the combined MRE of over 30 million tonnes to the Indicated Resource category, laying a solid foundation for subsequent Ore Reserves estimations.

KEFI’s Strategic Exploration and Expansion

In addition to the Hawiah project, KEFI is actively exploring potential satellite deposits at Hawiah, including the recently announced Abu Salal discovery. This proactive exploration strategy not only underscores KEFI’s commitment to leveraging its geological expertise but also solidifies its footprint in the rapidly growing Saudi Arabian minerals sector, where Hawiah ranks as the third-largest base-metal development project.

Harry Anagnostaras-Adams, Executive Chairman of KEFI, expressed optimism about the ongoing projects, stating, “Exploration near our Hawiah copper-gold-zinc-silver deposit has quickly yielded validating results and unveiled two additional discoveries… We expect significant progress over the coming weeks and months, which will reinforce the value being created through GMCO’s aggressive and technically leading-edge exploration programme.”

Advancing Toward Definitive Feasibility Study and Resource Upgrade

The infill and expansion drilling programs at the Hawiah Copper-Gold Project are part of a broader strategy to enhance the project’s development prospects. The updated MRE, scheduled for late 2024, will incorporate the results from the ongoing drilling activities, which have consistently met the geological expectations. This update is critical as it will trigger the Hawiah Definitive Feasibility Study (DFS), marking a significant milestone in transitioning from exploration to active development.

Furthermore, the advancement of the Al Godeyer deposit is set to complement the Hawiah operations by providing additional near-surface ore to the regional processing center planned at the Hawiah Copper-Gold Project. This strategic approach not only optimizes resource utilization but also enhances the overall economic viability of the project.

Conclusion and Forward Outlook

KEFI Gold and Copper Plc continues to demonstrate its expertise and commitment to developing high-value mineral projects in Saudi Arabia. With the ongoing support from its joint venture partner ARTAR, KEFI is well-positioned to achieve its strategic objectives, ensuring robust growth and substantial returns from its key projects.

  Al Godeyer deposit, copper and gold exploration, Hawiah Copper-Gold project, infill drilling results, KEFI Gold and Copper, mineral resource estimate, mining sector updates, Saudi Arabian mining