REG - Kefi Gold and Copper - Hawiah Mineral Resource increase
09/01/2023 07:00
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RNS Number : 0129M Kefi Gold and Copper PLC 09 January 2023
9 January 2023
KEFI Gold and Copper plc
("KEFI" or the "Company")
Hawiah Mineral Resource increased by 16% to 29 million tonnes
KEFI Gold and Copper (AIM: KEFI), the gold and copper exploration and
development company with projects in the Federal Democratic Republic of
Ethiopia and the Kingdom of Saudi Arabia, is pleased to announce an upgrade to
the Mineral Resource Estimate ("MRE") at the Hawiah Copper-Gold Project
("Hawiah" or the "Project"), part of the KEFI-operated Saudi Arabian
joint-venture Gold and Minerals Company Limited ("GMCO").
Highlights
· Hawiah Mineral Resource Estimate has increased by 4.1 million tonnes
("Mt") to 29.0 Mt at 0.89% copper, 0.94% zinc, 0.67 g/t gold and 10.1 g/t
silver, representing a tonnage increase of 16%. Total contained metal is now:
o 258,000 tonnes of copper (up 16% from 223,000 tonnes);
o 272,000 tonnes of zinc (up 30% from 210,000 tonnes);
o 620,000 ounces of gold (up 25% from 497,000 ounces); and
o 9.4 million ounces of silver (up 20% from 7.8 million ounces).
· Indicated Resource increased to 12.4Mt (up 14% from 10.9Mt), which
now includes 1.2Mt of oxide material (previously all Inferred) containing
80,000 ounces of gold.
· Total Indicated and Inferred Resources reporting to the Open-Pit
Scenario have increased to 11.1Mt (up 32% from 8.4Mt), reaffirming the
potential for an initial open-pit mining operation and a lower start-up
capital requirement.
· Drilling commencing in Q2 2023 is aimed at extending planned mine
life by further increasing the Hawiah Mineral Resource and converting more
Inferred Resources to the Indicated category.
Harry Anagnostaras-Adams, Executive Chairman of KEFI, commented:
"The updated Mineral Resource Estimate for the Hawiah Copper-Gold Project
achieved our key objectives: a tonnage increase of approximately 16%, plus a
higher overall increase in metal content due to overall improved grades, plus
the increase in the Indicated Resource category, plus the increased open
pittable component.
"The Hawiah Preliminary Feasibility Study is progressing well and additional
drilling during 2023 is being designed to further increase and upgrade the
resource.
"KEFI now has a platform of three advanced projects for development in the
next few years: the Tulu Kapi Gold Project in Ethiopia which is advancing to
full project launch in light of the improvements in the Ethiopian working
environment during the past twelve months and for which a formal update will
be announced shortly, the now larger Hawiah Copper-Gold project in Saudi
Arabia, and the Jibal Qutman Gold project, also in Saudi Arabia."
Background
Since the commencement of major exploration works at Hawiah in early 2019,
KEFI announced a maiden MRE in August 2020 followed by the December 2021
updated MRE of 24.9Mt at a 0.90% copper, 0.85% zinc, 0.62 g/t gold and 9.81
g/t silver.
Diamond and reverse circulation ("RC") drilling have since continued with an
additional 7,675m of diamond drilling and 4,845m of RC drilling completed over
the past year, bringing the Project total to 58,194m of drilling. Recent
drilling had three main objectives:
- Improve the level of geological control in the upper portion of
sparsely explored Central Zone and northern portion of the Camp Lode;
- Explore the Crossroads Extension Lode and further define the
deeper portion of the orebody; and
- Better define the upper oxide and transition zones and increase
the known gold resource.
These objectives have been achieved and with the deposit remaining open at
depth, the Hawiah orebody has additional potential for further enhancement and
expansion.
GMCO appointed The MSA Group (Pty) Ltd ("MSA") as the Independent Consultants
and Competent Person to prepare an updated MRE for Hawiah in accordance with
the Australasian Code for the Reporting of Exploration Results, Mineral
Resources and Ore Reserves ("JORC Code 2012").
Looking forward to 2023, work programmes including reverse-circulation and
diamond drilling are being planned to upgrade the classification of current
Inferred Resources to the Indicated category for use in the Hawiah Definitive
Feasibility Study ("DFS"). These programmes are designed to run in parallel
with the maiden MRE for the nearby Al Godeyer deposit which is being scheduled
for Q1 2023.
Updated Hawiah MRE
The updated MRE for the Hawiah deposit is detailed in Table 1 below and now
totals:
- 29.0 Mt at 0.89% copper, 0.94% zinc, 0.67 g/t gold and 10.1 g/t
silver.
Resources are classified as:
- Indicated - Open Pit - 9.2 Mt at 0.88% copper, 0.70% zinc, 0.84
g/t gold and 9.9 g/t silver
- Indicated - Underground - 3.2 Mt at 0.82% copper, 1.07% zinc, 0.59
g/t gold and 9.5 g/t silver
- Inferred - Open Pit - 1.8 Mt at 0.99% copper, 1.02% zinc, 0.67 g/t
gold and 12.4 g/t silver
- Inferred - Underground - 14.7 Mt at 0.90% copper, 1.05% zinc, 0.58
g/t gold and 10.1 g/t silver
Based on this MRE, the Hawiah deposit is estimated to contain a total of
258,000 tonnes or 569 million lbs of copper, 272,000 tonnes or 600 million lbs
of zinc, 620,000 gold ounces and 9.4 million silver ounces.
Table 1 : MSA Minerals Resource Statement for Hawiah,
Effective Date 12 December 2022 (see notes 1,2,3,4,5,6,7)
Class Mining Type Material Type Tonnes (Mt) Grade Metal Content
Cu Zn Au Ag Cu Zn Au Ag
(%) (%) (g/t) (g/t) (kt) (kt) (koz) (koz)
Indicated Open Pit Oxide 1.2 - - 2.1 7.6 0 0 80 286
Transition 2.2 1.29 0.76 0.72 11.7 28 17 51 828
Fresh 5.9 0.9 0.82 0.62 9.7 53 48 118 1,836
Underground Oxide 0 - - - - 0 0 0 0
Transition 0 - - - - 0 0 0 0
Fresh 3.2 0.82 1.07 0.59 9.5 26 34 60 969
Inferred Open Pit Oxide 0.01 - - 0.96 8.4 0 0 0.2 1.8
Transition 0.4 1.06 0.62 0.77 14.9 5 3 11 204
Fresh 1.4 0.97 1.14 0.64 11.7 14 16 29 529
Underground Oxide 0 - - - - 0 0 0 0
Transition 0 - - - - 0 0 0 0
Fresh 14.7 0.9 1.05 0.58 10.1 132 155 272 4,754
Total Indicated Open Pit All 9.2 0.88 0.7 0.84 9.9 81 65 249 2,950
Underground 3.2 0.82 1.07 0.59 9.5 26 34 60 969
Total Inferred Open Pit All 1.8 0.99 1.02 0.67 12.4 18 19 40 735
Underground 14.7 0.9 1.05 0.58 10.1 132 155 272 4,754
Total Resource Open Pit All 11.1 0.9 0.75 0.81 10.3 100 83 288 3,685
Underground 17.9 0.88 1.06 0.58 10 158 189 332 5,723
All 29.0 0.89 0.94 0.67 10.1 258 272 620 9,408
Notes on MSA Resource statement:
(1) koz = one thousand ounces, kt = one thousand metric tonnes, Mt = one
million metric tonnes.
(2) All tabulated data have been rounded and as a result minor computational
errors may occur.
(3) Mineral Resources, which are not Mineral Reserves, have no demonstrated
economic viability.
(4) The Gross Mineral Resource for the Project is reported.
(5) The Mineral Resource is reported in accordance with the guidelines of the
2012 Edition of The Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves ('the JORC Code').
(6) A Whittle optimised pit shell was used to report open-pit Mineral
Resources and a mineable shape optimisation (MSO) was completed for
underground Mineral Resources outside the open-pit shell. The Whittle, MSO and
cut-off grades were derived using the following assumed technical parameters:
- No Oxide and Transition mined underground.
- Pit slope angle: Fresh 53%, Transition and Oxide: 42%.
- Dilution included in regularised block model (5 mX by 5 mY by 2.5
mZ) for open-pit
- A minimum stope width of 2 m, and 10% dilution applied for
underground.
- Concentrator Recovery: Cu 92%, Zn 76%, Au 74%, 83% Ag in fresh
domain and Au 84%, 15% Ag in oxide. No recovery of zinc and copper in oxide.
Metallurgical factors based on initial metallurgical test-work.
- Cost and revenue assumptions:
o Metal Price: Cu 9350 USD/t, Zn 3300 USD/t, Au 1820 USD/oz, Ag 26 USD/oz.
o Smelter recovery/payability: Cu concentrate - Cu 95.5%, Au 90%, Ag 90%. Zn
concentrate - Zn 84.9%. Au Dore - Au 99.5%, Ag 99.6%.
o Total mining cost: open pit oxide 2.2 USD/t, open pit transition and fresh
2.4 USD/t, underground 30.0 USD/t. Cost adjustment for open-pit depth
USD0.004/ vertical m.
o Total Processing cost: oxide 15.4 USD/t, transition and fresh 19.5 USD/t.
o G&A: 5.6 USD/t ore.
(7) A net smelter return (NSR) calculation was carried out by G&M that was
reviewed and accepted as reasonable by MSA. The cut-off grade was applied on a
NSR basis: underground fresh ore 49.5 USD/t, open-pit transition and fresh ore
21.9 USD/t, open-pit oxide ore 17.6 USD/t. NSR was calculated for each block
model cell using the following formulae:
Oxide = (Cu %*0)+(Zn%*0)+(Au g/t 48.8912 )+(Ag g/t*0.1217)
Transition and Fresh = (Cu %*72.6915)+(Zn%*16.4965)+(Au g/t *41.767)+(Ag
g/t*0.6579)
Mineral Resource Estimation comparison and future expansion
The updated MRE represents a significant increase in tonnage from 24.9Mt to
29.0Mt, a small decrease in copper grades from 0.90% to 0.89%, with an
increase in zinc grades from 0.85% to 0.94% along with an increase in gold and
silver grades from 0.62 g/t gold to 0.67 g/t gold and from 9.81 g/t silver to
10.1 g/t silver (Table 2) .
Table 2 - 2021 MRE and Updated MRE comparison - Grade and Tonnage.
2021 Updated Difference
MRE
MRE
(%)
Tonnage (Mt) 24.90 29.00 +16%
Copper (%) 0.90 0.89 -1%
Zinc (%) 0.85 0.94 +11%
Gold (g/t) 0.62 0.67 +7%
Silver (g/t) 9.81 10.10 +3%
The additional resource tonnage is largely driven by:
- increased density of the Oxide Zone from 1.7g/cc to 2.32g/cc;
- expansion of Crossroads Extension Lode at depth; and
- inclusion of a greater portion of the model across all domains due
to increased drill density and confidence.
The increase in the Oxide Zone resources from 0.7Mt to 1.2Mt (Inferred to
Indicated classification) and contained gold from 35koz to 80koz. This has
been due to the increased drilling density within this domain and improved
recoveries obtained by switching the sampling method from diamond to reverse
circulation drilling. This drilling, running in combination with a deep
trenching programme allowed for improved understanding of density
characteristics of the oxide domain. The average oxide gold grade has also
increased from 1.49g/t to 2.1g/t, representing a 41% increase.
As highlighted in the 2022 MRE, while the limits of the Crossroads Extension
contained lower than average copper grade, the zinc, gold and silver grades
result in all additional mineralisation defined in this area of the Hawiah
deposit reporting to the underground resource estimate. As predicted by the
geological model, drilling this year has shown the Crossroads Extension
portion of the orebody has a higher average zinc and gold grades with the
final and deepest drillhole into this area (HWD 201) intersected 8.8m
(estimated true width of 6.2m) at 2.9% zinc and 0.79g/t gold, demonstrating
that this high-grade area of the Hawiah deposit remains open at depth.
The early phases of exploration in 2023 will focus on resource classification
upgrade drilling throughout the deposit and exploration drilling in deeper
areas of the Crossroads Extension. The classification upgrade will then feed
into the DFS.
Open-Pit Scenario
GMCO is also pleased to report that the resources reporting to the Open-Pit
Scenario have been expanded from the previous 8.4Mt reported in 2021 to a
total of 11.1Mt at 0.90% copper 0.75% zinc, 0.81 g/t gold and 10.30 g/t silver
(see Figure 2 in Appendix C).
This Hawiah deposit continues to demonstrate a robust case for a lower cost
open-pit development during the early years of the Project, further
strengthening the economic case. This Open-Pit Scenario will be fully
evaluated during the DFS which will include the upgraded oxide resource and
the results of the 2023 drilling programmes.
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR.
Enquiries
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 and Joint Broker) +44 (0) 20 3470 0470
Jeff Keating, Adam Cowl
Tavira Securities Limited (Joint Broker) +44 (0) 20 7100 5100
Oliver Stansfield, Jonathan Evans
WH Ireland Limited (Joint Broker) +44 (0) 20 7220 1666
Katy Mitchell, Andrew de Andrade
IFC Advisory Ltd (Financial PR and IR)
Tim Metcalfe, Florence Chandler +44 (0) 20 3934 6630
Competent Person Statement
The Hawiah Mineral Resource estimate was completed by Mr. Jeremy Charles
Witley (BSc Hons, MSc (Eng.)) who is a geologist with 34 years' experience in
base and precious metals exploration and mining as well as Mineral Resource
evaluation and reporting. He is a Principal Mineral Resource Consultant for
The MSA Group (an independent consulting company). He is registered with the
South African Council for Natural Scientific Professions ("SACNASP"), is a
Fellow of the Geological Society of South Africa ("GSSA") and a Fellow of the
Professional Society of Independent Experts of the Subsurface Resources
("PONEN"), Kazakhstan. Mr. Witley has the appropriate relevant qualifications
and experience to be considered a "Competent Person" as defined by JORC (2012)
for the style and type of mineralisation and activity being undertaken.
The information in this announcement that relates to exploration results is
based on information compiled by Mr Tomos Bryan, Exploration Manager for
G&M. Mr Bryan is a member of the AusIMM. Mr Bryan is a geologist with
sufficient relevant experience for Company reporting to qualify as a Competent
Person as defined in the JORC Code 2012. Mr Bryan consents to the inclusion in
this announcement of the matters based on this information in the form and
context in which it appears.
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.
APPENDIX A
Additional Background information on the Hawiah VMS deposit
The Hawiah deposit is located within the Wadi Bidah Mineral District ("WBMD")
in the southwest of the Arabian Shield. The WBMD is a 120-kilometre-long belt
which hosts over 20 Volcanic Massive Sulphide ("VMS") known occurrences and
historic workings for copper and gold.
GMCO commenced drilling at Hawiah in September 2019 and quickly confirmed that
large-scale VMS style of mineralisation underlies the gossanous ridgeline at
surface.
A total of 213 diamond drillholes, 114 reverse circulation drillholes and 57
trenches have led to the definition of the following three
copper-zinc-gold-silver massive sulphide lodes that remain open at depth (see
Figure 3 in Appendix C):
· Camp Lode: The deepest massive sulphide intersection at the Camp Lode
is at a vertical depth of 590m where 4.4m true width of massive sulphide was
intersected, this extends the total plunging strike length of mineralisation
to 1.2km from the surface, with mineralisation remaining open. The average
true width of the 'Camp Lode' is 7m with the widest intersection of 20m found
at a depth of 90m;
· Crossroads Lodes: 1.1km long, with an average width of 5m with the
widest intersection being 10m true width; and
· Crossroads Extension Lode: 0.7km long at surface, with a total
plunging strike length of mineralisation to 1.3km to surface. The average
width of 4.2m with the widest intersection being 13m true width. This lode has
been explored to a maximum vertical depth of 500m where 6.2m of massive
sulphide was intersected at 2.9% zinc and 0.79g/t gold.
Drilling spans over 5km of strike length at a drill spacing on the Camp and
Crossroads Lodes at approximately 40-60m within areas reporting to Indicated
classification and 120-140m for areas reporting to Inferred classification.
Drilling within the Central Area has primarily been focused on near surface
Oxide and Transition domains and is limited at depth.
Summary of Resource Estimate Parameters and Reporting Criteria
In accordance with the JORC Code (2012 Edition), a summary of the material
information used to estimate the Mineral Resource is detailed below (for
further information please refer to Table 1 in Appendix D).
Geology and Geological Interpretation
The Hawiah VMS deposit is located on the eastern limb of a regional-scale
antiform in within the locally know, 'Group 2' mafic volcanics of the Wadi
Bidah Mineral Belt.
The Hawiah deposit forms a prominent north-south trending ridgeline, exposed
over a total length of approximately 4,500m with a thickness that varies from
1-20m. The ridge has been interpreted by GMCO as the modern-day expression of
the original VMS palaeohorizon. The rock package comprises a suite of
gossanous ex-massive sulphides, chert breccias, banded ironstones and
intermediate volcanic breccias. The deposit has been subject to varying
degrees of supergene alteration as a result of groundwater interactions.
The deposit comprises of four weathering/alteration domains; oxide,
oxide/transitional, transitional, and fresh, within which different resulting
facies are described. The oxide domain typically shows supergene gold
enrichment, while large portions of the transitional domain shows copper
enrichment. The fresh mineralised domain appears to be a dominantly pyritic
stratiform massive sulphide body.
Sampling Techniques and Hole Spacing
A total of 213 diamond drillholes (49,593), 114 reverse circulation drillholes
(4,845) and 54 trenches (1,649m) have been used for this Mineral Resource
Estimate. Drillhole spacing in the Oxide and Transition is typically 50m
(Indicated classification) and 100m (Inferred classification). Spacing within
the Fresh domain is typically 40-60 (Indicated classification) and 120-140m
(Inferred classification).
Drillholes were logged for a combination of geological and geotechnical
attributes. The core has been photographed and measured for RQD and core
recovery.
Sampling and Sub-Sampling Techniques
Diamond drilling and surface trenching was used to obtain sample intervals
that typically range from 0.3-3m for drilling, 1-3m for reverse circulation
drilling and trenching.
Whole diamond core was split using a core saw by GMCO personnel and then
submitted for preparation at ALS Jeddah, during which material was crushed to
2mm, pulverised to ~75µm, with 250g split sent for analysis. The sample
preparation procedures used for reverse circulation and trench samples is
consistent with the drillcore samples.
The mineralised interval for all sample types was continuously sampled from
hangingwall to footwall, which included samples a short distance into the
hangingwall and footwall.
Sampling Analysis Method
Samples have undergone analysis at the ALS Laboratory, located in Jeddah.,
Saudi Arabia.
- Gold - Fire assay digest with AAS instrumentation
- Copper, Zinc, Silver: Four acid digest ICP-AES
QAQC
QAQC procedures include:
- Insertion of CRM standards, certified blanks, and field duplicates
at rate of 15%
- Monthly internal QAQC reporting
- Regular communication with the laboratory, including periodical
lab inspections.
Estimation Methodology
In summary, for this Mineral Resource Estimate, the following approach has
been utilised:
• modelling of the mineralised lode and weathering domains
in 3D, in conjunction with the G&M geological team;
• composited the sample data to 2 m intervals using length
and density (assigned by rock type) weighting;
• applied high grade caps per estimation domain from log
histograms;
• undertaken geostatistical analyses to determine
appropriate interpolation parameters;
• created a block model with parent block dimensions of 25
m (strike) x 2 m (across strike) x 10m (dip), sub-blocked to a minimum of 1 m
(strike) x 0.5 m (across strike) x 1 m (dip);
• interpolated Cu, Zn, Au and Ag grade into the
block model using ordinary kriging;
• assigned average density values by weathering
domain; and
• visually and statistically validated the estimated
block grades relative to the original sample results.
Classification Criteria
The Hawiah resource has been classified in the Inferred and Indicated Mineral
Resource classification category, as defined by JORC 2012.
Mineral Resource Statement Parameters and Cut-off Grade
MSA has applied basic economic considerations based on initial metallurgical
testwork results and assumptions provided by the Company, similar deposit
types located within Saudi Arabia and MSA's experience to determine which
portion of the block model has reasonable prospects for eventual economic
extraction by underground and open-pit mining methods.
To achieve this, the Mineral Resource has been subject to an underground
Mineable shape optimisation (MSO) and open-pit optimisation studies, based on
long-term metal price forecasts (with appropriate uplift to reflect potential
for assessing Mineral Resources) for copper, zinc, gold and silver, to assist
in determining the material with potential for underground and open pit mining
and reporting above a suitable Resource Net Smelter Return ("NSR") USD/t
cut-off value ("Resource NSR").
The Resource NSR cut-off calculation has been determined based on metal price
forecasts, initial metallurgical recovery results and assumptions, mining
costs, processing costs, general and administrative (G&A) costs, and other
NSR factors. The final Resource NSR value calculation is based on average
assumptions for the deposit and applied to the block model using the following
formulae:
Resource NSR (USD) value for oxide material = (CU_PCT*0) + (ZN_PCT*0) +
(AU_PPM*48.8912) + (AG_PPM*0.1217)
Resource NSR (USD) value for transition and fresh material = (CU_PCT*72.6915)
+ (ZN_PCT*16.4965) + (AU_PPM*41.767) + (AG_PPM*0.6579)
The cut-off values determined for reporting the Mineral Resource on a Resource
NSR USD/t basis, are given below and were based on the technical and economic
inputs presented in Table 3 below:
- USD17.6/t for open pit material reported from within the oxide
mineralisation domain;
- USD21.9/t for open pit material reported from within the
transition and fresh mineralisation domains; and
- USD49.5/t for underground material reported from within the fresh
mineralisation domains.
Table 3 - Summary of key assumptions for conceptual underground stope
optimisation, open pit optimisation and cut-off grade calculation
Parameters Units
Production Rate
Production Rate - Ore (mtpa) 1.8 - 2.2
Geotechnical
Overall Slope Angle (Oxide) (Deg) 42
Overall Slope Angle (Transition) (Deg) 42
Overall Slope Angle (Fresh) (Deg) 53
Open Pit Mining Factors
Dilution (%) Included in regularised Block Model 5x5x2.5 m
Recovery (%)
Underground Mining Factors
Minimum stope dimension (m) 2m width x 25 m height x 20 m length
Dilution (%) 10%
Processing (Oxide: Cyanide Leach)
Recovery - Cu (%) 0%
Recovery - Zn (%) 0%
Recovery - Au (%) 84%
Recovery - Ag (%) 15%
Processing (Transition and Fresh: Floatation and Cyanide Leach)
Recovery - Cu (%) 92%
Recovery - Zn (%) 76%
Recovery - Au (%) 74%
Recovery - Ag (%) 83%
Commodity Prices
Cu (USD/t) 9,350
Zn (USD/t) 3,300
Au (USD/oz) 1,820
Ag (USD/oz) 26
Operating Costs
Open Pit Mining (Oxide) (USD/t rock) 2.2
Open Pit Mining (Transition) (USD/t rock) 2.4
Open Pit Mining (Fresh) (USD/t rock) 2.4
Underground Mining (Transition and Fresh) (USD/t ore) 30
Processing (Oxide: Cyanide Leach) (USD/t ore) 9.8
Processing (Transition and Fresh: Floatation and Cyanide Leach) (USD/t ore) 13.9
G&A (incl. corporate, sales/ marketing) (USD/t ore) 5.6
Mining and Metallurgical Methods and Parameters
Initial metallurgical test work has been completed for the transitional and
fresh (sulphide) and oxide mineralisation at Hawiah. This test work comprised
flotation and cyanide leach methods. Further test work is ongoing including
Albion amenability and resin in leach testing. Once testwork is completed, if
the metallurgical recovery results change significantly from the current
approximated values, this would impact the parameters used to report the
Mineral Resource, which, in turn, could also impact the tonnages and grades
considered to have 'reasonable prospects for eventual economic extraction' for
reporting in the Mineral Resource Statement.
Appendix B - Glossary of Technical Terms
Ag Silver
AAS Atomic Absorption Spectroscopy
AIC All-in Costs
Arabian-Nubian Shield or ANS The Arabian-Nubian Shield is a large area of Precambrian rocks in various
countries surrounding the Red Sea
ARTAR Abdul Rahman Saad Al Rashid & Sons Company Limited
Au Gold
Cu Copper
DFS Definitive Feasibility Study
g/t Grams per tonne
Gossan An iron-bearing weathered product overlying a sulphide deposit
ICP-AES Inductively Coupled Plasma-Atomic Emission Spectroscopy
IDW Inverse Distance Weighted
IP Induced polarisation - a ground-based geophysical survey technique measuring
the intensity of an induced electric current, used to identify disseminated
sulphide deposits
JORC Joint Ore Reserves Committee
JORC Code 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources and
Ore Reserves
m Metres
Massive sulphide Rock comprised of more than 40% sulphide minerals
Mt Million tonnes
Mtpa Million tonnes per annum
MRE Mineral Resource Estimate
NSR Net Smelter Return
oz Troy ounce of gold
PCT Percent
PEA Preliminary Economic Assessment
PFS Pre-Feasibility Study
PPM Parts per million
Precambrian Era of geological time before the Cambrian, from approximately 4,600 to 542
million years ago
VMS deposits Volcanogenic massive sulphides; refers to massive sulphide deposits formed in
a volcanic environment with varying base metals (copper, lead and zinc) often
with significant additional gold and silver
Zn Zinc
Appendix C - Diagrams
The Appendix C diagrams may be accessed via the following link
http://www.rns-pdf.londonstockexchange.com/rns/0129M_1-2023-1-8.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/0129M_1-2023-1-8.pdf)
Appendix D - JORC Table 1
The Hawiah MRE JORC Table 1 can be accessed as a PDF via the following link
http://www.rns-pdf.londonstockexchange.com/rns/0129M_2-2023-1-8.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/0129M_2-2023-1-8.pdf)
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