REG - Kefi Gold and Copper - GMCO/ARTAR-Hancock wins tender for Saudi Arabia EL

KEFI Gold and CopperAnnouncement

20/03/2025 07:00

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RNS Number : 3771B  Kefi Gold and Copper PLC  20 March 2025

20 March 2025

KEFI Gold and Copper plc

 

("KEFI" or the "Company")

 

GMCO/ARTAR-Hancock wins tender for Al Hajar North Exploration Licence in Saudi
Arabia

 

Licence areas increased from 1,300 km(2) to >2,200 km(2) for GMCO-led
exploration programs

 

KEFI (AIM: KEFI), the gold and copper exploration and development company
focused on the Arabian-Nubian Shield, is pleased to report that its Gold and
Minerals SLA ("GMCO") joint venture in Saudi Arabia, has been announced by the
Saudi Arabian Government as the winner of the tender for the 910km(2) Al Hajar
North Exploration Licence ("EL") via a new 50:50 joint venture between
GMCO/ARTAR and Hancock Prospecting Pty Ltd ("Hancock"), a leading
Australian-based mining group.

 

GMCO's technical expertise and record of discovery was coupled with the
multi-billion dollar financial strength and commitment of both ARTAR and
Hancock and the Al Hajar North JV will be 50:50 GMCO/ARTAR and Hancock.

 

The Al Hajar North JV was selected from 18 multi-billion-dollar groups that
participated in the tenders for five mineralised belts covering 4,788km(2)
identified as being amongst the most prospective areas for "Global Tier 1"
orebodies within Saudi Arabia.

 

The Al Hajar North EL covers the northern Wadi Shwas Mineral Belt in southwest
Saudi Arabia (map appended) and runs parallel to and only 50km east of the
geologically comparable Wadi Bidah Mineral Belt ("WBMB") where GMCO has made
three Volcanic Massive Sulphide ("VMS") discoveries (Hawiah, Al Godeyer and
Abu Salal). As with the WBMB, the Wadi Shwas Mineral Belt ("WSMB") is highly
prospective for VMS and orogenic gold deposits, comprising similar rock units
and formational environments.

 

Through a review of historical and more recent exploration works across the
Wadi Shwas Mineral Belt, the GMCO Exploration team have identified 26 mineral
occurrences within the Al Hajar North EL which will form the primary focus of
GMCO's initial exploration programme.

 

The Al Hajar gold mine, which was operated by Maaden during the 2000-2010's,
is located just to the south of the Al Hajar North EL, where approximately
400,000 ounces of gold were extracted from several gold-rich VMS gossans. The
same VMS horizon trends north directly into the Al Hajar North EL with similar
gossans already identified. Some of these gossans have been drill tested such
as at the Al Hajeej prospect, which returned:

 

·     HJRC003:        34m at 1.98g/t Au from 43m downhole

·     HJRC004:        33m at 1.8g/t Au from 22m downhole

·     HJRC014a:      30m at 2.51g/t Au from 11m downhole

 

GMCO-Hancock JV will initially focus on exploring this VMS horizon. The teams
began working together during the bidding process and now will start working
on-the-ground to apply their combined expertise in Saudi Arabian mineral
discovery and large-scale mining development.  Many synergies exist between
the operation of the Al Hajar North  JV at the WSMB and that of the nearby
WBMB, where GMCO has 15 years of field experience and several discoveries, has
established an accommodation centre and plans minerals processing facilities.

 

KEFI Executive Chairman Harry Anagnostaras-Adams stated, "GMCO's preeminent
exploration record was today instrumental in it being awarded the Al Hajar
North Exploration Licence, in joint venture with KEFI's partner ARTAR and
Australian major mining company Hancock Prospecting.

 

"Al Hajar North runs parallel and 50 km east of the geologically comparable
Wadi Bidah Mineral Belt where GMCO has made three VMS discoveries (Hawiah, Al
Godeyer and Abu Salal). The award of this licence further strengthens GMCO's
position at the forefront of the minerals industry Saudi Arabia.

 

"GMCO also recently announced significant increase in Mineral Resources at its
advanced Hawiah Copper-Gold and Jibal Qutman Gold Projects. Indicated
Resources increased 169% and 69% respectively. These resources represent a
combined 3.8 million gold-equivalent ounces and underlie less than 50% of the
aggregate assessed strike lengths of known mineralisation at surface.

 

"This significant expansion of GMCO's asset portfolio is coinciding with
KEFI's strategic review wherein we are currently engaging with a number of
parties with a view to selecting, with major partner ARTAR, a short-list of
parties to potentially replace KEFI's position in GMCO and thus support GMCO's
long-term role to develop profitable mines in the Kingdom of Saudi Arabia. In
light of this new Hancock JV and other recent developments at GMCO, the
deadline for indicative non-binding proposals has been extended to 31 March
2025."

 

 KEFI Gold and Copper plc
 Harry Anagnostaras-Adams (Executive Chairman)       +357 99457843
 John Leach (Finance Director)                       +357 99208130

 SP Angel Corporate Finance LLP (Nominated Adviser)  +44 (0) 20 3470 0470
 Jeff Keating, Adam Cowl

 Tavira Financial Limited (Lead Broker)              +44 (0) 20 7100 5100
 Oliver Stansfield, Jonathan Evans

 IFC Advisory Ltd (Financial PR and IR)              +44 (0) 20 3934 6630
 Tim Metcalfe, Florence Chandler

 3PPB LLC (Institutional IR)
 Patrick Chidley                                     +1 (917) 991 7701
 Paul Durham                                         +1-203-940-2538

 

Notes to Editor

 

KEFI Gold and Copper plc

 

KEFI is focused primarily on the development of the Tulu Kapi Gold Project in
Ethiopia and its pipeline of highly prospective exploration projects in the
Arabian-Nubian Shield. KEFI targets that production at Tulu Kapi will generate
cash flows for capital repayments, further exploration and dividends to
shareholders.

 

Hancock Prospecting Pty Ltd

 

Built on a long and special history of investing and risk taking in Australia,
Hancock Prospecting is an independent, privately owned Australian company that
has a proud history with the Pilbara and the iron ore sector, and is one of
the longest continuous owners of cattle stations in Australia.

 

Under the leadership of the Executive Chairman, Gina Rinehart AO, Hancock
Prospecting (including its majority ownership in Roy Hill) has grown into one
of the most successful private companies in Australia's history and is a
diversified company with interests in iron ore, coal, beef, dairy as well as
continuing mineral exploration and development.

 

 

Map showing the location of the AL Hajar EL in relation to GMCO's Hawiah and
Jibal Qutman Projects.

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