(Alliance News) - KEFI Minerals PLC on Thursday said a second phase of drilling at Hawiah exploration project in Saudi Arabia intercepted "massive sulphide mineralisation" and has confirmed the positive progress towards delineating an initial mineral resource estimate for the project.
The gold explorer said Stage Two Hawiah diamond drilling programme to date added a further 19 drill holes, all of which have intercepted massive sulphide mineralisation. The Stage One drilling programme, completed in December 2019, added 26 drill holes and intercepted copper-zinc-gold-silver sulphide mineralisation consistently over more than four kilometres of strike length.
In total, including stage 1 and 2, KEFI completed 45 diamond drill holes and assays have been received for 20 drill holes. KEFI's operations in Saudi Arabia are conducted through its 37% owned joint venture company, Gold and Minerals Co Ltd, where KEFI is the operating partner.
The Cyprus-based company said that it has identify three separate zones - Camp Lode, Crossroads Lode and Crossroads Extension Lode - following the drilling programmes, with all three zones remaining open at depth.
"The combination of these lodes on the sub-vertical structure drilled to date is considered likely to exceed 12 million tonnes in aggregate based on the results to date," KEFI Minerals said.
The company plans to provide a comprehensive update on the drilling programme outcome once its receives majority of assays results.
Shares in KEFI were down 5.4% at 1.43 pence each in London on Thursday afternoon.
By Tapan Panchal; tapanpanchal@alliancenews.com
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Kefi Gold (KEFI)