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(Alliance News) - KEFI Minerals PLC on Wednesday said its partner at the Hawiah exploration project in Saudi Arabia has completed a drilling programme and an inaugural resource estimate is targetted for the middle of 2020.
KEFI, which owns a 34% stake in the gold asset, said its joint-venture partner Gold & Minerals Co Ltd completed the second stage of drilling, increasing the number of holes to 69.
KEFI Executive Chair Harry Anagnostaras-Adams said: "We are very pleased with the results to date of the drilling at our copper-gold-zinc-silver discovery at Hawiah in Saudi Arabia. Hawiah already appears to have a more valuable metal content than Tulu Kapi in Ethiopia as we have only drilled the top of the system, which remains open at depth below all zones drilled to date.
KEFI added: "Assays have been received for 59 of the 69 drill holes and confirm the positive progress towards delineating an initial mineral resource in accordance with the JORC code in mid-2020."
Shares in the company were 7.6% higher at 1.06 pence each in London on Wednesday afternoon.
By Eric Cunha; ericcunha@alliancenews.com
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