RE: RNS6 Aug 2024 07:47
Jibal Qutman Gold Project
Operations at Jibal Qutman ("JQ") have been split into two areas of focus:
1) Development of the existing Mineral Resource areas; and
2)Exploration for Resource expansion in the remaining and untested 75% of the licence areas.
A new Mineral Resource Estimate ("MRE") will be reported in conjunction with MSA Group (South Africa), in Q3 2024. It will incorporate recent discoveries such as Asfingia and Red Hill 2, as well as reclassify the previous MRE as a prelude to reporting Ore Reserves. (https://msagroupservices.com/)
A staged development approach predicated on the updated MRE may be adopted. Such an approach could see the initial project followed in due course by an enlarged project based on a larger Mineral Resource once the currently untested 75% of the prospective structural strike length is drilled and prepared for development. (So getting into the nuts and bolts of a JQ mine which can be expanded at a later stage).
Resource Expansion
Ongoing exploration is focused on the remaining unexplored 75% of mineralised strike length as the main system extends into the JQ North and JQ Southeast exploration licences.
Hawiah Copper-Gold Project
Hawiah already ranks as the third largest base-metal development project in the now burgeoning Saudi Arabian minerals sector.
To select its preferred development scenario for Hawiah and Al Godeyer, GMCO is..
These programmes are on-track to upgrade at least 85-90% of the >30Mt combined Mineral Resources to the Indicated Resource category, forming the basis for substantial Ore Reserves for the Hawiah Copper-Gold Project. (moving to ore reserves)
Regional Exploration
As drilling temporarily slows on the Hawiah and Jibal Qutman licences so that development studies can catch-up, the field-work activity rate is being increased on the Regional GMCO licences.
Strategic discussions are also being conducted with regional investors and licence holders to continually examine other opportunities and potential synergies. (Synergies Ivanhoe?)
The Exploration team are also excited about the prospect of deploying a Time Domain Electromagnetic ("TDEM") survey for the first time in these areas to test the orebody response. These surveys will allow for a robust investigation down to approximately 400-500 metres and allow for drillhole targeting.
From a finance-optimisation viewpoint, it is notable that much of this past expenditure may be reimbursed in our planned project financing of development, as part of the Saudi incentivisation of exploration and mine development, given Saudi Industrial Development Fund project finance also reimburses pre-development costs. (given Saudi Industrial Development Fund project finance also reimburses pre-development costs.)
"Furthermore, as already reported this quarter, we remain on track in Ethiopia at Tulu Kapi..
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