REG - Kefi Gold and Copper - Saudi Projects Progress

KEFI Gold and CopperAnnouncement

06/09/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230906:nRSF4789La&default-theme=true

RNS Number : 4789L  Kefi Gold and Copper PLC  06 September 2023

6 September 2023

KEFI Gold and Copper plc

("KEFI" or the "Company")

Saudi Projects Progress

KEFI Gold and Copper Plc (AIM: KEFI), the gold and copper exploration and
development company which has focused on the Arabian-Nubian Shield since 2008,
is pleased to provide an operational update covering recent developments in
Saudi Arabia and the Company's minority-owned Gold & Minerals Ltd
("GMCO").

Highlights

Jibal Qutman

·    13,000m drill programme completed ahead of updated resource estimate

·    Trenching and diamond drilling ongoing to identify additional
resources

·    Completion of metallurgical testwork on Oxide Ore

·    Metallurgical testwork on fresh ore is ongoing with Phase 1 of the
fresh testwork completed.

·    Submission of ESIA Scoping Study

Hawiah

·    Ongoing +60,000m infill and expansion drilling campaign continues to
yield positive results

·    Drilling programme is designed to upgrade the Resource classification
to allow for further Ore Reserves definition as part of the planned 2024 DFS

·    Recent drilling identified a 7.5m wide intercept representing a 230m
downdip extension from previous deepest hole

Al Godeyer and Abu Salal

·    Phase one of the infill drilling designed to expand and upgrade the
2023 maiden Al Godeyer Resource and declare Ore Reserve as part of Hawiah DFS
as a satellite deposit

·    Trenching at greenfield Abu Salal licence (50kms from Hawiah) has
exposed the VMS horizons across the 2km long discontinuous strike length, with
assays pending

Jibal Qutman Gold

The following progress has been made on various workstreams for the Jibal
Qutman Definitive Feasibility Study ("DFS"):

·    Completed 13,000m drilling programme for updating the Mineral
Resource Estimate ("MRE") contained in the series of shallow open pits that
constitute this project, mainly targeting the upgrade of Mineral Resource
classification to enable a maiden Ore Reserve definition;

·    Began detailed mine planning on the open pits;

·    The Oxide Metallurgical testwork programme, as well as the Phase 1
Fresh Ore Testwork Programme, has been completed;

·    Additional metallurgical testwork, designed to improve gold
recoveries from sulphide ores has commenced; and

·    Project capital costs estimates well advanced and project
implementation planning initiated.

Following completion of the Mineral Resource upgrade drilling, exploration has
immediately been stepped up for additional nearby resources:

·    Completed initial sampling of dumps from extensive artisanal workings
over the past decade which indicate the existence of gold-bearing structures
warranting follow-up; and

·    Commenced trenching and diamond drilling of prospects close to the
planned open pits.

A presentation titled 'The Jibal Qutman Gold Project, Kingdom of Saudi Arabia.
Deposit-Scale Structural Models in an Underexplored Terrane to Drive
Discoveries' was delivered at the Society of Economic Geologists 'Resourcing
the Green Transition' conference in London on 29 August 2023. This technical
presentation is available on KEFI's website and provides a summary of the
structural models, which will further aid in the discovery and expansion of
gold resources within the near-mine and wider 270km(2) Jibal Qutman
Exploration area.

Hawiah & Wadi Bidah

The following progress has been made on various workstreams for the Hawiah
DFS:

·    Drilling to upgrade the Hawiah MRE continued this month at
Crossroads, Crossroads Extension, Camp Lode and Central Zone with seven rigs
drilling c. 16,000m so far during 2023;

·    Results of the drilling programme to date have been encouraging, with
the deepest drill hole in Crossroads Extension intersecting over 7.5m wide
(Estimated True Width) of mineralisation at 750m below surface, representing a
230m downdip extension from previous deepest intercept (HWD 222). Assay
results are pending;

·    Ongoing metallurgical test work has confirmed the flotation
recoveries used in the Hawiah Pre-Feasibility Study ("PFS") and optimised some
parameters. It has also provided data to evaluate the potential for
alternative processing routes such as SX/EW or the Albion Process which, if
proven to be of merit for this project, would further enhance recoveries;

·    At the nearby Al Godeyer Exploration Licence, infill drilling has
been undertaken to build and expand on the maiden Al Godeyer MRE with the aim
of increasing the Al Godeyer resources to 2 million tonnes. Assay results are
pending.

·    Initial trenching at the greenfield Abu Salal EL (located 50km south
of Hawiah) has commenced to follow up on the early GMCO mapping and positive
geophysical campaigns. The 2km long, discontinuous north-south striking
gossanous ridge has been exposed in all trenches that targeted the main VMS
horizon. Assay results are pending.

Investor Webinar

The quarterly open-forum webinar will be held at 12.00 noon, London time, on
Friday 8 September 2023, via the Investor Meet Company platform.

The presentation is open to all existing and potential shareholders. Questions
can be submitted pre-event via your Investor Meet Company dashboard up until
9am the day before the meeting or at any time during the live presentation.

Investors can sign up to Investor Meet Company for free and add to meet KEFI
Gold and Copper plc via:

https://www.investormeetcompany.com/kefi-gold-and-copper-plc/register-investor
(https://www.investormeetcompany.com/kefi-gold-and-copper-plc/register-investor)

Investors who already follow KEFI Gold and Copper plc on the Investor Meet
Company platform will automatically be invited.

 

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 (Managing Director)        +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 Securities 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 International (Institutional IR)
 Patrick Chidley                                     +1 (917) 991 7701
 Paul Durham                                         +1 (203) 940 2538

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDSSLFWIEDSELU