KEFI Gold and Copper announces major copper-gold-zinc-silver discovery in Saudi Arabia

KEFI Gold and Copper Plc (AIM: KEFI), a pioneer in gold and copper exploration and development in Saudi Arabia, has announced a discovery of a third copper-gold-zinc-silver deposit in the expansive Hawiah district through its joint venture, Gold & Minerals Ltd (“GMCO”). This discovery at Abu Salal, positioned 50km south of the Hawiah Copper-Gold project, underscores KEFI’s strategic exploration prowess and reinforces its leading position in the region’s mining sector.

The discovery of the Abu Salal Volcanogenic Massive Sulphide (VMS) deposit marks a significant milestone for KEFI Gold and Copper and its joint venture GMCO, heralding the unearthing of the third deposit in the Hawiah Copper-Gold district. This addition enriches the district’s mineral diversity, already known for its substantial copper, gold, zinc, and silver deposits. The Abu Salal deposit spans a 2,600m strike length, with drill results revealing massive and semi-massive sulphide mineralization, indicative of the vast potential that lies within.

Harry Anagnostaras-Adams, KEFI’s Executive Chairman, expressed enthusiasm over the discovery, stating, “Ongoing exploration near our Hawiah copper-gold-zinc-silver deposit has now quickly yielded two additional discoveries, Al Godeyer and Abu Salal. Discovery of the latter has further strengthened our view that the Hawiah deposit itself is only the first in a cluster of deposits.” This sentiment reflects the high potential for further discoveries within the broader district, promising a bright future for KEFI and its stakeholders.

KEFI’s strategic exploration efforts in Saudi Arabia, particularly in the Hawiah district, are part of a broader initiative to capitalize on the country’s untapped mineral resources. This discovery, alongside the existing Hawiah and Al Godeyer deposits, positions KEFI as a key player in the region’s mining industry. The company’s proactive exploration programs, running at an approximate cost of US$20M per annum, underscore its commitment to expanding its asset base and securing its position as a leader in the sector.

The discovery at Abu Salal is not just a testament to KEFI’s exploration capabilities but also a signal of the untapped potential within Saudi Arabia’s mining sector. As global mining giants like Ivanhoe Electric express interest in the region, KEFI’s first-mover advantage and strategic exploration endeavors position it well for future successes. The Abu Salal discovery, with its significant mineralization, is expected to substantially increase KEFI’s resources in the district, highlighting the company’s ability to identify and capitalize on high-value targets in a competitive landscape.