REG - KEFI Minerals plc - Drilling confirms massive sulphides at Hawiah

KEFI Gold and CopperAnnouncement

23/01/2020 07:05

RNS Number : 6586A
KEFI Minerals plc
23 January 2020
 


23 January 2020
 
KEFI Minerals plc
("KEFI" or the "Company")
 
Drilling confirms large scale of massive sulphides at Hawiah VMS project in Saudi Arabia
Over 4km of consistent mineralisation encountered, remains open at depth and along strike
Intercepts of up to 5% Cu equivalent
Similar characteristics to the nearby Al Masane polymetallic VMS mine
Expanded drill programme underway for maiden resource
 
KEFI Minerals (AIM: KEFI), the gold exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, is pleased to announce that the initial drilling programme at the Company's Hawiah prospect in Saudi Arabia ("Hawiah" or the "Hawiah deposit") has demonstrated the continuous presence of massive sulphides directly below 4km of the gossanous Hawiah ridgeline.
 
Highlights
 
·    Copper-zinc-gold-silver sulphide mineralisation intercepted consistently over more than 4km
·    The sub-vertical mineralisation remains entirely open at depth as well as to the north and south within the Exploration Licence
·    Further drilling has already commenced to define an initial Mineral Resource estimate
 
Drilling to date has confirmed that Volcanic Massive Sulphide ("VMS") style of mineralisation is the source of the extensive and exceptionally strong geophysical anomalies under the ridgeline and that the mineralisation contains copper, zinc, gold and silver.  Further illustrative information is contained in Appendix One which may be accessed through the following link - http://www.rns-pdf.londonstockexchange.com/rns/6586A_1-2020-1-22.pdf
 
Executive Chairman of KEFI, Mr Harry Anagnostaras-Adams, commented:
 
"Hawiah drilling to date has consistently intercepted massive sulphides containing base and precious metals in the expected location below 4km of the gossanous ridgeline.
 
"This drilling has already confirmed that Hawiah is a large VMS system that appears analogous to and larger than the Al Masane VMS mine in southern Saudi Arabia.
 
"Excellent continuity over the 4km makes the Hawiah VMS mineralisation easy to drill out and ultimately to be amenable to straightforward underground mining.
 
"We have already commenced the next phase of drilling which is likely to lead to an initial Mineral Resource estimate."
 
The VMS mineralisation is proving to be continuous under the Hawiah ridgeline and is present from surface to a vertical depth of 275m.  Whilst many assay results are still being received, the following overwhelmingly positive conclusions can already be drawn:
 
·      Drilling has demonstrated the presence of massive sulphides directly below 4km of the Hawiah ridgeline, with estimate true thickness ("ETW") of the massive sulphide intervals ranging from 0.5m to 11.5m;
 
·      The mineralisation intercepted has been laterally continuous along strike and down dip with very limited apparent structural offsets or deformation;
 
·      Sufficient drilling has been completed to identify two particular zones with the following preliminary parameters for potentially mineable lodes:
o  The 'Camp Lode': 800m long, with an average width of 8m and confirmed to a depth of 275m below surface (Figures 1 and 2); and
o  The 'Crossroads Lode': 600m long, with an average width of 6m and confirmed to a depth of 135m below surface (Figures 1 and 3).
 
·      Both of these lodes remain open at depth and all geological indicators suggest that only the fringe/apron of this VMS system has been drilled to date; and
 
·    Geochemical analysis and volcaniclastic textures within the Camp and Crossroads Lodes indicate increasing proximity with depth beneath the core of these Lodes to a potential vent source where typically thicker massive sulphides and stockwork-style sulphide mineralisation is found.
 
Based on published literature, the Hawiah deposit appears analogous to the Al Masane polymetallic VMS mine in southern Saudi Arabia, with similar metal composition and structural and geological settings, (reported proven and probable reserves of 7.21mt at 1.42% Cu, 5.31% Zn, 1.19g/t Au and 40.2 g/t Ag which is approximately 400,000 tonnes contained copper-equivalent in situ).  To the north of Hawiah is another polymetallic VMS mine, Jabal Sayid, which is operated by Barrick Gold Corporation and Saudi Arabian Mining Company, Ma'aden, and is focused on the stockwork zone (reported proven and probable reserves of 27.11mt at 2.38% Cu being 650,000 tonnes contained copper in-situ).
 
The massive sulphides intercepted at Hawiah comprise a polymetallic blend of copper, zinc, gold and silver:
 
·      Best intercepts in the Camp Lode include:
 




Hole


From

(m)


Downhole

Interval

(m)


Estimated

True Width

(m)


Copper

(%)


Zinc

(%)


Gold

(g/t)


Silver

(g/t)


Copper

Equivalent

(%)
 




HWD-1


151.0


16.0


8.0


1.3


0.5


0.5


9.1


2.0
 




HWD-3


38.6


8.4


6.5


4.2


0.2


0.7


15.6


5.0
 




HWD-5


358.6


12.4


9.0


1.3


1.3


0.7


14.1


2.6
 




HWD-12


49.7


7.8


6.2


1.1


0.5


0.1


5.7


1.4
 




 
Note: Copper-equivalent grades have been estimated based on the following prices which approximate current spot prices: copper $6,000/tonne, zinc $2,500/tonne, gold $1,550/ounce and silver $18/ounce. Recoveries of 80% have been applied for each metal as metallurgical test work has not yet been undertaken.  It is the Company's opinion that all elements included in the copper-equivalent calculation have a reasonable potential to be recovered and sold.
 
·      Whilst assay results are only currently becoming available for the Crossroad Lode copper mineralisation (chalcopyrite/chalcocite) has been visually identified in all drillholes with massive sulphide intersections and the following intercepts include:
 




Hole


From

(m)


Downhole

Interval

(m)


Estimated

True Width

(m)


Copper

(%)


Zinc

(%)


Gold

(g/t)


Silver

(g/t)


Copper

Equivalent

(%)
 




HWD-17


51.3


2.8


2.2


2.5


0.6


1.6


29.1


4.4




HWD-18


73.0


12.6


8.0


2.8


0.1


0.8


13.6


3.5




HWD-19


51.7


9.8


6.4


1.7


0.0


0.8


13.6


2.5




 
·      Massive sulphides were intersected in drillhole HWD-28 which is approximately 150m north of the Hawiah ridgeline, confirming the mineralised horizon continues at depth (named Crossroads Extension area) even beyond the northern surface exposure; and
 
·    Chalcopyrite continues to be frequently present as secondary mineralisation within veins and as disseminations within higher permeability areas, indicating that the primary feeder for mineralisation is yet to be identified.
 
Further Information
 
KEFI's initial Hawiah drilling programme was completed in Q4 2019.  Following positive results, the programme was extended from 2,500m to 3,000m of diamond drilling.
 
The Hawiah mineralised structure under a gossanous ridgeline and is orientated along an approximately north-south trending strike and the with a sub-vertical to westward dip.
 
Trenching by KEFI has demonstrated good gold grades occur along the strike length of this over a 5km-long gossanous horizon.  The upper gossan portion of the mineralised zone remains challenging to sample by drilling because of typical weathering patterns and the numerous cavity zones encountered. This oxidised portion of the deposit, which has demonstrated high levels of gold mineralisation (HWD-6: up to 3.1g/t gold) will be further investigated during the second phase of exploration.
 
G&M Joint Venture
 
In the Kingdom of Saudi Arabia, KEFI conducts all its activities through Gold and Minerals Co. Limited ("G&M"), a joint venture company with Abdul Rahman Saad Al Rashid and Sons Limited ("ARTAR"). KEFI is operator and is fortunate to have such a large and strong Saudi group as a partner.
 
Based on the Hawiah results to date, the Board of joint venture company Gold & Minerals Limited has approved a Stage 2 Hawiah drilling programme which is aimed at delineating an initial Mineral Resource over the next 6 months in accordance with the JORC Code.  A Preliminary Economic Assessment and the triggering of a development feasibility study will be undertaken, if warranted.
 
KEFI has recently diluted its interest in G&M to 37% (from 40%) in return for funding contributed by ARTAR during 2018 and 2019.  Given the highly encouraging results from the recent drilling campaign, KEFI does not intend to dilute further and believes it is now  in  a solid position to contribute its share of G&M costs going forward.
 
KEFI anticipates Hawiah can be advanced to a development decision at relatively low cost due to the continuous nature of the mineralisation and, in due course, development funding will be readily available.  For example, KEFI not only has a strong partner in G&M but also the Saudi Industrial Development Fund provides loans for up to 75% of the capital cost of mine development at attractive interest rates.
 
 
Market Abuse Regulation (MAR) Disclosure
 
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
 
 
Enquiries




KEFI Minerals plc


 




Harry Anagnostaras-Adams (Managing Director)


+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, Soltan Tagiev


 




 


 




Brandon Hill Capital Ltd (Joint Broker)


+44 (0) 20 7936 5200




Oliver Stansfield, Jonathan Evans


 




 


 




IFC Advisory Ltd (Financial PR and IR)


 




Tim Metcalfe, Florence Chandler


+44 (0) 20 3934 6630




 


Detailed Assay Results
 
Table 1 - Summary table for assay results received for Hawiah drilling- sorted by area




Hole id


From

(m)


To

(m)


Downhole

interval

(m)


Estimated true width (m)


Cu
(%)


Zn

(%)


Au

(g/t)


Ag

(g/t)


Area


Mineralisation style




HWD-1


151


167


16


8


1.2


0.51


0.51


9.1


Camp Lode


Massive sulphide




HWD-2b


37.35


40


2.65


2


2.49


0.11


1.92


17.79


Camp Lode


Oxide/Transition




HWD-3


38.65


47


8.79


6


4.4


1.5


0.65


15.6


Camp Lode


Transition




HWD-4


263.3


264.3


1


 


0.63


0.92


0.25


26.4


Camp Lode


Massive sulphide




 


269


284


15


10.8


0.92


0.37


0.53


6.92


Camp Lode


Massive sulphide




 


277


284


7


 


1.5


 


 


 


Camp Lode


Massive sulphide




HWD-5


358.58


371


12.42


9


1.27


1.12


0.66


14.13


Camp Lode


Massive sulphide




HWD-11


58


72


14


11.5


0.66


2.48


0.7


11.2


Camp Lode


Massive sulphide




 


58


63


5


4.8


1.05


1.08


0.2


5.3


Camp Lode


Massive sulphide




 


61.2


72


10.8


9


0.68


3.16


0.9


13.8


Camp Lode


Massive sulphide




HWD-12


49.74


57.5


7.8


6.2


1.13


0.45


0.1


5.7


Camp Lode


Massive sulphide




HWD-15


129.4


133.85


4.45


4.04


1.24


0.47


0.19


5.83


Camp Lode


Massive sulphide




HWD-16


 


 


 


 


-


-


-


-


Camp Lode


Exploration hole




HWD-6


14.2


19.9


5.7


4


0.06


0.09


3.09


5.7


Central Zone


Oxide*




 


25.55


26.3


0.75


 


1.8


0.14


0.02


0.5


Central Zone


Oxide




HWD-7


16.3


21.25


4.95


3.5


0.09


0.1


0.08


2.74


Central Zone


Oxide*




 


39.55


44.3


4.75


3


1.03


0.02


0.03


0


Central Zone


Oxide




HWD-8


12.15


16.05


3.9


3


0.18


0.25


3.9


5.9


Central Zone


Oxide*




 


18.05


20.05


2


1.5


0.07


0.07


0.42


10


Central Zone


Oxide*




HWD-9


100


102.38


2.38


2


0.58


3.6


0.7


18.1


Central Zone


Massive sulphide




 


109.65


111.85


2.2


2


1.71


2.55


0.6


12.2


Central Zone


Massive sulphide




HWD-10


88


90


2


 


0.17


0.01


0.1


0.6


Central Zone


 




HWD-13


 


 


 


 


-


-


-


-


Central Zone


 No Mineralisation




HWD-14


 


 


 


 


-


-


-


-


Central Zone


 No Mineralisation




HWD-17


51.32


54.15


2.83


2.2


2.52


0.58


1.57


29.17


Central Zone


Transition




HWD-29


67.7


68.4


0.7


0.5


-


-


-


-


Central Zone


Massive sulphide




HWD-27


79.7


87.5


7.8


5.5


-


-


-


-


Crossroads Ext


Massive sulphide




HWD-28


60.6


62.2


1.6


1.2


-


-


-


-


Crossroads Ext


Massive sulphide




HWD-18


73


85.65


12.65


8


2.77


0.14


0.83


13.62


Crossroads Lode


Massive sulphide




HWD-19


51.72


61.55


9.83


6.4


1.69


0.04


0.82


13.57


Crossroads Lode


Massive sulphide




HWD-20


50.95


51.52


0.57


0.5


-


-


-


-


Crossroads Lode


Transition/Massive sulphide




HWD-21


18.75


28.1


9.35


7


-


-


-


-


Crossroads Lode


Oxide/Transition




HWD-22


22.05


31.4


9.35


7


-


-


-


-


Crossroads Lode


Oxide/Transition




HWD-23


23.5


29.55


6.05


4.5


-


-


-


-


Crossroads Lode


Oxide/Transition




HWD-24


55.65


60.45


4.8


4


-


-


-


-


Crossroads Lode


Massive sulphide




HWD-25


137.15


147.65


10.5


6


-


-


-


-


Crossroads Lode


Massive sulphide




HWD-26


134.2


138.4


4.2


4


-


-


-


-


Crossroads Lode


Massive sulphide



 
 
 
 
 
 
 
 
 
 
 
 



* Oxide zones with poor core recovery of <40%.
 
 
 
Table 2 - Assay results and simplified geology for the mineralised and surrounding intervals




Hole id


Geology


From (m)


To (m)


Interval (m)


Cu (ppm)


Zn (ppm)


Au (g/t)


Ag  (g/t)




HWD-1


Greenschist


148


149


1


64


95


0.01


0.2




HWD-1


Greenschist


149


150


1


49


81


0.01


0.2




HWD-1


Greenschist/Massive Sulphide


150


151


1


818


133


0.17


2.9




HWD-1


Massive Sulphide


151


152


1


1760


2980


0.92


5.9




HWD-1


Massive Sulphide


152


153


1


1990


3000


1.01


6.7




HWD-1


Massive Sulphide


153


154


1


941


10000


0.96


5.1




HWD-1


Massive Sulphide


154


155


1


2770


10000


0.47


5.1




HWD-1


Massive Sulphide


155


156


1


12300


10000


0.55


13.7




HWD-1


Massive Sulphide


156


157


1


9870


6300


0.8


15.6




HWD-1


Massive Sulphide


157


158


1


4950


8720


0.74


17.2




HWD-1


Massive Sulphide


158


158.7


0.7


11150


9970


0.53


14.2




HWD-1


Granodiorite Dyke


158.7


159.2


0.5


741


647


0.07


2




HWD-1


Massive Sulphide


159.2


160


0.8


19700


9430


0.41


9




HWD-1


Massive Sulphide


160


161


1


30700


7280


0.41


15.5




HWD-1


Massive Sulphide


161


162


1


21800


3340


0.33


11.5




HWD-1


Massive Sulphide


162


163


1


20500


3890


0.44


9.7




HWD-1


Massive Sulphide


163


164


1


8300


585


0.42


4




HWD-1


Massive Sulphide


164


165


1


21000


192


0.17


6.3




HWD-1


Massive Sulphide


165


166


1


28100


155


0.17


7.8




HWD-1


Greenschist with pyrite/Chalcopyrite stringers


166


167


1


13600


383


0.04


3.3




HWD-1


Greenschist


167


168


1


126


82


0.01


0.2




HWD-1


Greenschist


168


169


1


180


83


0.01


0.2




HWD-1


Greenschist


169


170


1


104


66


0.01


0.2




HWD-1


Greenschist


170


171


1


37


85


0.01


0.2




HWD-2B


Greenschist


16.85


18


1.15


76


83


0.01


0.5




HWD-2B


Greenschist


18


19


1


69


84


0.01


0.5




HWD-2B


Greenschist


19


20


1


238


123


0.01


0.9




HWD-2B


Greenschist with Fault Gouge


20


21.25


1.25


378


338


0.01


0.5




HWD-2B


Unconsolidated Sediment


21.25


23.25


2


9640


1325


0.01


0.5




HWD-2B


Unconsolidated Sediment


23.25


26.75


3.5


2010


395


0.01


5.9




HWD-2B


Gossan


26.75


27.45


0.7


1180


597


0.09


0.6




HWD-2B


Gossan


29.45


30.15


0.7


550


640


0.11


0.6




HWD-2B


Gossan


32.55


33.15


0.6


540


633


0.14


0.8




HWD-2B


Chert


33.15


34


0.85


111


115


1.05


6.1




HWD-2B


Quartz Rich Argillite


35


36


1


271


115


0.03


0.5




HWD-2B


Kaolinised Schist


36


37.35


1.35


764


278


0.02


3.5




HWD-2B


Massive Sulphide


37.35


38.15


0.8


37800


1240


2.1


38.2




HWD-2B


Gossan


38.15


39


0.85


21600


1360


0.53


10.8




HWD-2B


Gossan


39


40


1


17350


817


0.32


7.4




HWD-2B


Gossan


40


41


1


1890


194


0.02


2.3




HWD-2B


Fractured Schist


41


43


2


3240


190


0.01


0.5




HWD-2B


Greenschist


43


44


1


277


649


0.01


0.5




HWD-2B


Greenschist


44


45


1


55


760


0.01


0.5




HWD-2B


Greenschist


45


48


3


75


412


0.01


0.5




HWD-2B


Greenschist


48


51


3


51


622


0.01


0.5




HWD-3


Greenschist


30.7


32


1.3


287


1030


0.01


0.5




HWD-3


Greenschist


32


32.75


0.75


610


1190


0.01


0.5




HWD-3


Greenschist


32.75


33.15


0.4


757


2220


0.01


0.5




HWD-3


Gossan


35.95


36.4


0.45


425


911


0.21


1.8




HWD-3


Massive Sulphide


38.65


39.75


1.1


17600


290


0.6


12.3




HWD-3


Massive Sulphide


39.75


40.5


0.75


21900


296


0.67


19.3




HWD-3


Massive Sulphide


40.5


41


0.5


23500


581


0.61


12.8




HWD-3


Massive Sulphide


41


42


1


45500


517


0.64


16.5




HWD-3


Massive Sulphide


42


43


1


83200


222


0.56


23.7




HWD-3


Massive Sulphide


43


44


1


66100


412


0.61


21.5




HWD-3


Massive Sulphide


44


45


1


54100


2320


0.61


15.3




HWD-3


Massive Sulphide


45


46


1


41200


1670


0.72


14.3




HWD-3


Massive Sulphide


46


47


1


30100


5760


0.72


7.7




HWD-3


Massive Sulphide


47


47.44


0.44


12050


3350


0.79


8.4




HWD-3


Kaolinised Schist


48.65


49.25


0.6


1530


359


0.11


1.2




HWD-3


Greenschist


49.25


50


0.75


582


876


0.01


0.5




HWD-3


 Greenschist


50


53


3


92


80


0.01


0.5




HWD-4


 Greenschist


258


261


3


99


171


0.07


0.5




HWD-4


 Greenschist


261


262


1


4


92


0.01


<0.5




HWD-4


 Greenschist


262


263.3


1.3


14


98


0.02


<0.5




HWD-4


Semi Massive Sulphide in Greenschist


263.3


264.3


1


6320


9260


0.25


26.4




HWD-4


Greenschist with Sulphide Stringers


264.3


265


0.7


1310


2880


1.38


4.6




HWD-4


Greenschist with Sulphide Stringers


265


266


1


123


186


<0.01


<0.5




HWD-4


Greenschist with Sulphide Stringers


266


267


1


67


130


<0.01


<0.5




HWD-4


Semi Massive Sulphide


267


268


1


1030


273


0.2


2.9




HWD-4


Massive Sulphide


268


269


1


2410


285


0.46


4.6




HWD-4


Massive Sulphide


269


270


1


7860


250


0.99


11.9




HWD-4


Massive Sulphide


270


271


1


5570


6030


1.06


8.6




HWD-4


Massive Sulphide


271


272


1


5510


4960


0.65


7.5




HWD-4


Massive Sulphide


272


273


1


9880


3410


0.46


7.4




HWD-4


Massive Sulphide


273


274


1


1460


2140


0.52


4.1




HWD-4


Massive Sulphide


274


275


1


1270


940


0.55


4.3




HWD-4


Massive Sulphide


275


276


1


739


864


0.47


3.4




HWD-4


Massive Sulphide


276


277


1


787


4170


0.54


3.3




HWD-4


Massive Sulphide


277


278


1


3010


6240


0.4


3.4




HWD-4


Massive Sulphide


278


279


1


9830


8970


0.32


7




HWD-4


Massive Sulphide


279


280


1


14650


5910


0.31


9




HWD-4


Massive Sulphide


280


281


1


15850


6710


0.36


7.7




HWD-4


Massive Sulphide


281


282


1


23700


2030


0.43


8.6




HWD-4


Massive Sulphide


282


283


1


30800


1740


0.53


13.9




HWD-4


Massive Sulphide


283


284


1


7150


679


0.38


3.7




HWD-4


Greenschist


284


285


1


98


451


0.01


<0.5




HWD-4


Greenschist


285


286


1


329


140


0.01


<0.5




HWD-4


Greenschist


286


287


1


522


114


0.01


<0.5




HWD-5


Greenschist


350


353


3


136


85


0.01


<0.5




HWD-5


Greenschist


353


356


3


75


81


0.01


<0.5




HWD-5


Greenschist


356


357


1


22


55


0.01


<0.5




HWD-5


Greenschist


357


358


1


177


82


0.01


<0.5




HWD-5


Greenschist


358


358.58


0.58


102


102


0.02


<0.5




HWD-5


Massive Sulphide


358.58


359


0.42


4210


54200


2.67


26.5




HWD-5


Massive Sulphide


359


360


1


3140


25700


1.56


15.5




HWD-5


Massive Sulphide


360


361


1


6980


17700


0.77


15.7




HWD-5


Massive Sulphide


361


362


1


25900


19750


0.6


17.3




HWD-5


Massive Sulphide


362


362.5


0.5


22300


6930


0.5


19.9




HWD-5


Massive Sulphide


362.5


363.4


0.9


6990


2750


0.21


6.8




HWD-5


Greenschist


363.4


363.9


0.5


4360


13900


0.19


4.3




HWD-5


Massive Sulphide


363.9


365


1.1


21900


14450


0.41


26.4




HWD-5


Massive Sulphide


365


366


1


9560


1250


0.61


15.9




HWD-5


Massive Sulphide


366


367


1


20600


9540


0.76


18.1




HWD-5


Massive Sulphide


367


368


1


27900


7450


0.53


21.1




HWD-5


Massive Sulphide


368


369


1


2640


23


0.01


<0.5




HWD-5


Massive Sulphide


369


369.35


0.35


2730


7030


0.33


5.2




HWD-5


Greenschist


369.35


370


0.65


8850


385


0.09


4.9




HWD-5


Greenschist


370


371


1


10800


3540


0.26


8.5




HWD-6


Greenschist


9


10


1


332


115


0.01


<0.5




HWD-6


Greenschist


10


11


1


1010


565


0.01


<0.5




HWD-6


Greenschist


11


12.2


1.2


2850


843


0.01


<0.5




HWD-6


Hematitic Argillite


12.2


14.2


2


1390


472


0.02


<0.5




HWD-6


Very little recovery cavity horizon, gossan


14.2


17.55


3.35


544


826


3.18


8




HWD-6


Gossan


17.55


19.9


2.35


903


1060


2.95


2.4




HWD-6


Gossan


19.9


21.3


1.4


510


307


0.05


<0.5




HWD-6


Hematitic Argillite


21.3


23


1.7


559


192


0.01


<0.5




HWD-6


Hematitic Argillite


23


25.55


2.55


1940


433


0.02


<0.5




HWD-6


Hematitic Greenschist with malachite


25.55


26.3


0.75


18050


1460


0.02


0.5




HWD-6


Hematitic Greenschist


26.3


27


0.7


3310


3050


0.02


<0.5




HWD-6


Hematitic Greenschist


27


28


1


968


1820


0.01


<0.5




HWD-6


Greenschist


28


29


1


1310


1700


0.02


<0.5




HWD-6


Greenschist


29


31


2


710


2100


0.01


<0.5




HWD-6


 Greenschist


31


34


3


68


1880


0.01


<0.5




HWD-7


Kaolinite Mudstone


35.15


35.55


0.4


520


272


<0.01


0.7




HWD-7


Kaolinite Mudstone


35.55


36.55


1


1080


225


<0.01


<0.5




HWD-7


Kaolinite Mudstone


36.55


37.55


1


775


216


0.01


<0.5




HWD-7


Kaolinite Mudstone


37.55


38.55


1


677


230


<0.01


<0.5




HWD-7


Kaolinite Mudstone


38.55


39.55


1


955


183


<0.01


0.5




HWD-7


Chloritic Mudstone


39.55


40.55


1


3390


140


<0.01


<0.5




HWD-7


Chloritic Mudstone


40.55


41.55


1


13500


193


<0.01


<0.5




HWD-7


Chloritic Mudstone


41.55


42.3


0.75


12850


247


<0.01


<0.5




HWD-7


Fractured Gossan


42.3


43.3


1


14900


227


0.02


<0.5




HWD-7


Fractured Gossan


43.3


44.3


1


7570


174


0.01


<0.5




HWD-7


Greenschist


44.3


45


0.7


162


100


<0.01


<0.5




HWD-7


Greenschist


45


46


1


487


1040


<0.01


<0.5




HWD-8


Fractured Saprolite


9


11.55


2.55


348


642


0.01


<0.5




HWD-8


Gossan


11.55


12.15


0.6


89


151


0.03


<0.5




HWD-8


Gossan


12.15


14.55


2.4


193


304


0.72


2.1




HWD-8


Gossan


14.55


16.05


1.5


904


1190


5.5


1.9




HWD-8


Hematitic Mudstone


18.05


20.05


2


676


670


0.42


10




HWD-8


Massive Hematite


20.05


21.65


1.6


151


171


0.07


<0.5




HWD-8


Massive Hematite


27.15


27.85


0.7


67


121


0.11


0.6




HWD-9


Greenschist


95


96


1


97


109


0.01


<0.5




HWD-9


Greenschist


96


97


1


140


100


0.01


<0.5




HWD-9


Greenschist


97


98


1


93


106


0.01


<0.5




HWD-9


Greenschist


98


99


1


91


160


0.02


<0.5




HWD-9


Greenschist


99


100


1


96


487


0.03


<0.5




HWD-9


Massive Sulphide


100


101


1


4590


49600


0.87


18.3




HWD-9


Massive Sulphide


101


102


1


7320


23300


0.54


18.7




HWD-9


Massive Sulphide


102


102.38


0.38


5330


32900


0.43


15.8




HWD-9


Greenschist


102.38


104


1.62


55


290


0.01


<0.5




HWD-9


Greenschist


104


105


1


115


3700


0.14


1.8




HWD-9


Greenschist


105


106


1


54


113


<0.01


0.5




HWD-9


Greenschist


106


107


1


6


375


<0.01


<0.5




HWD-9


Greenschist


107


108


1


5


476


<0.01


<0.5




HWD-9


Felsic Dyke


108


109.65


1.65


115


2050


0.01


0.5




HWD-9


Massive Sulphide


109.65


110.55


0.9


12900


34500


0.5


11.1




HWD-9


Massive Sulphide


110.55


111.85


1.3


20000


19250


0.74


12.9




HWD-9


Greenschist


111.85


113


1.15


204


574


0.01


0.5




HWD-9


Greenschist


113


114


1


104


94


0.01


<0.5




HWD-9


Greenschist


114


115


1


20


138


0.01


<0.5




HWD-10


Banded Greenschist


85


86


1


285


88


<0.01


<0.5




HWD-10


Greenschist


86


87


1


141


77


<0.01


<0.5




HWD-10


Greenschist


87


88


1


123


78


<0.01


<0.5




HWD-10


Silicified Greenschist with Chalcopyrite stringers


88


89


1


1610


104


0.09


0.6




HWD-10


Greenschist


89


90


1


1750


158


0.06


0.5




HWD-10


Felsic Dyke


90


91


1


260


108


<0.01


<0.5




HWD-10


Greenschist


91


92


1


63


96


<0.01


<0.5




HWD-10


Greenschist


92


93


1


83


80


<0.01


<0.5




HWD-10


Greenschist


93


94


1


90


89


<0.01


<0.5




HWD-10


Greenschist


94


95


1


74


79


0.01


<0.5




HWD-10


Greenschist


95


96


1


91


86


<0.01


0.6




HWD-11


Fractured Greenschist


54


55


1


102


1110


0.01


<0.5




HWD-11


Fractured Greenschist


55


56


1


78


2030


0.02


<0.5




HWD-11


Fractured Greenschist


56


57


1


132


1360


0.01


<0.5




HWD-11


Fractured Greenschist


57


58


1


177


662


0.01


<0.5




HWD-11


Massive Sulphide


58


59


1


7850


1320


0.17


3.2




HWD-11


Massive Sulphide


59


60


1


8450


1590


0.17


3.6




HWD-11


Semi Massive Sulphide


60


60.73


0.73


3780


1510


0.13


2.1




HWD-11


Greenschist


60.73


61.2


0.47


41


4280


0.01


<0.5




HWD-11


Massive Sulphide


61.2


62


0.8


18250


20700


0.34


9.4




HWD-11


Massive Sulphide


62


63


1


18950


31400


0.37


10.8




HWD-11


Massive Sulphide


63


64


1


1740


59400


0.53


9.1




HWD-11


Massive Sulphide


64


65


1


6710


20700


0.61


12.7




HWD-11


Massive Sulphide


65


66


1


4400


16000


0.63


9.5




HWD-11


Massive Sulphide


66


67


1


4470


42900


0.68


10




HWD-11


Massive Sulphide


67


68


1


5410


30500


1.78


20




HWD-11


Massive Sulphide


68


69


1


3450


47200


2.29


20.9




HWD-11


Massive Sulphide


69


70


1


3800


25300


0.79


11.4




HWD-11


Massive Sulphide


70


71


1


4580


24000


0.96


21.4




HWD-11


Massive Sulphide


71


72


1


5120


27100


0.54


15.3




HWD-11


Greenschist / Massive Sulphide


72


73


1


598


9340


0.21


5.7




HWD-11


Banded Greenschist


73


74


1


97


2140


0.01


<0.5




HWD-11


Greenschist


74


75


1


109


152


0.01


<0.5




HWD-11


Greenschist


75


78


3


161


121


0.01


<0.5




HWD-11


Greenschist


78


81


3


111


125


0.01


<0.5




HWD-12


Greenschist


45


47


2


86


134


0.01


<0.5




HWD-12


Greenschist


47


48


1


89


237


0.01


<0.5




HWD-12


Greenschist


48


49


1


114


189


0.01


<0.5




HWD-12


Greenschist


49


49.74


0.74


132


263


0.01


<0.5




HWD-12


Greenschist


49.74


50.32


0.58


17850


415


0.09


5.2




HWD-12


Massive Sulphide


50.32


51


0.68


11850


706


0.15


5.8




HWD-12


Massive Sulphide


51


52


1


14050


4800


0.21


6.4




HWD-12


Massive Sulphide


52


53


1


12050


1050


0.16


5.6




HWD-12


Massive Sulphide


53


54


1


9660


3130


0.19


5.7




HWD-12


Massive Sulphide


54


55


1


11850


12800


0.12


6.4




HWD-12


Massive Sulphide


55


55.65


0.65


19600


1150


0.12


9.5




HWD-12


Greenschist / Quartz vein


55.65


56.75


1.1


3210


2880


0.05


2




HWD-12


Massive Sulphide


56.75


57.5


0.75


7540


11350


0.22


6.9




HWD-12


Sheared Greenschist


57.5


58


0.5


164


1080


0.02


<0.5




HWD-12


Sheared Greenschist


58


61


3


185


118


0.02


<0.5




HWD-12


Sheared Greenschist


61


64


3


109


86


0.01


<0.5




HWD-12


Sheared Greenschist


64


67


3


101


80


0.01


<0.5




HWD-12


Sheared Greenschist


67


70


3


154


78


<0.01


<0.5




HWD-15


Greenschist


117


120


3


83


83


<0.01


<0.5




HWD-15


Greenschist


120


123


3


95


81


<0.01


<0.5




HWD-15


Greenschist


123


125


2


114


90


<0.01


<0.5




HWD-15


Greenschist


125


127


2


81


86


<0.01


<0.5




HWD-15


Greenschist


127


128


1


86


81


<0.01


<0.5




HWD-15


Greenschist


128


129.4


1.4


1770


497


0.06


0.5




HWD-15


Massive sulphide


129.4


129.73


0.33


4260


510


0.1


2.5




HWD-15


Massive sulphide


129.73


131


1.27


4070


1740


0.03


1.6




HWD-15


Massive sulphide


131


132


1


16750


662


0.22


7




HWD-15


Massive sulphide


132


133


1


22500


626


0.29


11.6




HWD-15


Massive sulphide


133


133.85


0.85


10900


20500


0.32


5.3




HWD-15


Greenschist


133.85


135


1.15


114


105


<0.01


<0.5




HWD-15


Greenschist


135


136


1


119


93


<0.01


<0.5




HWD-15


Greenschist


136


137


1


139


78


<0.01


<0.5




HWD-15


Greenschist


137


138


1


94


84


<0.01


<0.5




HWD-15


Greenschist


138


140


2


110


89


0.01


<0.5




HWD-15


Greenschist


140


143


3


67


94


0.01


<0.5




HWD-15


Greenschist


143


146


3


142


90


<0.01


<0.5




HWD-17


Greenschist


46


47


1


7


148


<0.01


<0.5




HWD-17


Greenschist


47


48


1


2


673


<0.01


<0.5




HWD-17


Greenschist


48


49


1


9


709


<0.01


<0.5




HWD-17


Greenschist


49


50


1


57


1780


0.01


<0.5




HWD-17


Kaolinite


50


51


1


27


1060


0.02


<0.5




HWD-17


Kaolinite


51


51.32


0.32


1350


284


0.1


2.7




HWD-17


Massive sulphide


51.32


52.05


0.73


10900


1290


1.2


15.4




HWD-17


Massive sulphide


52.05


53


0.95


38600


11450


1.56


35.1




HWD-17


Massive sulphide


53


54.15


1.15


23200


4030


1.81


33




HWD-17


Greenschist


54.15


55


0.85


144


249


0.15


0.7




HWD-17


Greenschist


55


56


1


33


2360


<0.01


<0.5




HWD-17


Greenschist


56


57


1


62


3020


<0.01


<0.5




HWD-18


Greenschist


63


64


1


63


81


0.01


<0.5




HWD-18


Sheared greenschist


64


65


1


63


88


0.01


<0.5




HWD-18


Sheared greenschist


65


66


1


60


80


<0.01


<0.5




HWD-18


Sheared greenschist


66


67


1


42


290


<0.01


<0.5




HWD-18


Greenschist


67


68


1


423


1330


0.02


<0.5




HWD-18


Greenschist


68


69


1


76


7520


0.01


<0.5




HWD-18


Greenschist


69


70


1


84


4050


<0.01


<0.5




HWD-18


Greenschist


70


71


1


83


2860


<0.01


<0.5




HWD-18


Kaolinite


71


72


1


22


710


<0.01


<0.5




HWD-18


Kaolinite


72


73


1


18


252


<0.01


<0.5




HWD-18


Kaolinite / Massive Sulphide


73


74


1


7660


286


0.41


7.7




HWD-18


Massive Sulphide


74


75


1


51300


1350


0.58


16.5




HWD-18


Massive Sulphide


75


76


1


60700


1620


0.48


14.2




HWD-18


Massive Sulphide


76


77


1


47200


1030


0.54


10.2




HWD-18


Massive Sulphide


77


78


1


29900


1300


0.78


8.1




HWD-18


Massive Sulphide


78


79


1


50000


2350


0.84


7.6




HWD-18


Massive Sulphide


79


80


1


23600


1050


1.31


14.3




HWD-18


Massive Sulphide


80


81


1


26600


861


0.98


17




HWD-18


Massive Sulphide


81


82


1


34200


1620


0.97


17.4




HWD-18


Massive Sulphide


82


83


1


4270


1180


1.76


23.3




HWD-18


Massive Sulphide


83


84


1


11850


1790


0


12.8




HWD-18


Massive Sulphide


84


85


1


1920


2160


0.99


15.4




HWD-18


Massive Sulphide


85


85.65


0.65


1850


1640


1.27


12




HWD-18


Quartz Vein


85.65


87.65


2


74


392


0.08


1




HWD-18


Kaolinite


87.65


88.65


1


30


502


0.01


<0.5




HWD-18


Kaolinite


88.65


89.65


1


40


1140


0.02


<0.5




HWD-18


Greenschist


89.65


90.65


1


14


5790


0.01


<0.5




HWD-18


Greenschist


90.65


91.3


0.65


10


4780


<0.01


<0.5




HWD-18


Greenschist


91.3


92


0.7


41


140


0.01


<0.5




HWD-18


Greenschist


92


93


1


58


111


0.01


<0.5




HWD-18


Greenschist


93


94


1


77


86


0.02


<0.5




HWD-18


Greenschist


94


94.35


0.35


77


152


0.01


<0.5




HWD-18


Greenschist


94.35


95


0.65


76


88


0.02


<0.5




HWD-18


Greenschist


95


98


3


107


86


0.02


<0.5




HWD-19


Greenschist


40


42


2


89


79


0.01


<0.5




HWD-19


Greenschist


42


43


1


95


85


0.01


<0.5




HWD-19


Fault zone


43


45


2


87


2610


0.01


<0.5




HWD-19


Greenschist


45


47


2


91


4000


0.01


<0.5




HWD-19


Kaolinite


47


50


3


1180


2050


0.01


<0.5




HWD-19


Kaolinite


50


51.72


1.72


445


313


0.04


1.6




HWD-19


Massive Sulphide


51.72


52.97


1.25


677


266


1.2


9.4




HWD-19


Clay/Massive Sulphide


52.97


53.93


0.96


3300


312


0.34


5.5




HWD-19


Massive Sulphide


53.93


55


1.07


57300


342


0.95


28.3




HWD-19


Massive Sulphide


55


56


1


16250


107


0.64


14.1




HWD-19


Massive Sulphide


56


57


1


16400


192


0.59


11.5




HWD-19


Massive Sulphide


57


58


1


23400


181


0.71


14.2




HWD-19


Massive Sulphide


58


59


1


21600


336


0.79


14.8




HWD-19


Massive Sulphide


59


60


1


15650


1030


0.91


13.2




HWD-19


Massive Sulphide


60


60.85


0.85


4800


551


1


11.7




HWD-19


Massive Sulphide


60.85


61.55


0.7


5230


623


0.98


11.9




HWD-19


Massive Sulphide/Kaolinite


61.55


63


1.45


2230


310


0.19


1.9




HWD-19


Kaolinite


63


63.95


0.95


1030


363


0.03


<0.5




HWD-19


Kaolinite


63.95


67


3.05


580


5520


0.01


<0.5




HWD-19


Greenschist


67


68


1


322


2480


0.01


<0.5




HWD-19


Fault Zone


68


69.55


1.55


90


129


0.01


<0.5




HWD-19


Greenschist


69.55


71


1.45


126


85


0.01


<0.5




HWD-19


Greenschist


71


74


3


100


78


0.02


<0.5




 


Competent Person Statement
 
The information in this announcement that relates to exploration results is based on information compiled by Mr Jeffrey Rayner. He is exploration adviser to KEFI, the Company's former Managing Director and a Member of the Australian Institute of Geoscientists ("AIG"). Mr Rayner is a geologist with sufficient relevant experience for Group reporting to qualify as a Competent Person as defined in the JORC Code 2012. Mr Rayner consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.
 
 
Notes to Editor
 
KEFI Minerals plc
 
KEFI is focused primarily on the advanced Tulu Kapi Gold Project development project in Ethiopia, along with its pipeline of other projects within the highly prospective Arabian-Nubian Shield. KEFI targets that production at Tulu Kapi generates cash flows for capital repayments, further exploration and expansion as warranted and, when appropriate, dividends to shareholders.
 
KEFI Minerals in Ethiopia
 
Ethiopia is currently undergoing a remarkable transformation both politically and economically.
 
The Tulu Kapi gold project in western Ethiopia is being progressed towards development, following a grant of a Mining Licence in April 2015.
 
The Company has now refined contractual terms for project construction and operation. Estimates include open pit gold production of c. 140,000oz pa for a 7-year period. All-in Sustaining Costs (including operating, sustaining capital and closure but not including leasing and other financing charges) remain c. US$800/oz. Tulu Kapi's Ore Reserve estimate totals 15.4Mt at 2.1g/t gold, containing 1.1Moz.
 
All aspects of the Tulu Kapi (open pit) gold project have been reported in compliance with the JORC Code (2012) and subjected to reviews by appropriate independent experts.
 
A Preliminary Economic Assessment has been published that indicates the economic attractiveness of mining the underground deposit adjacent to the Tulu Kapi open pit, after the start-up of the open pit and after positive cash flows have begun to repay project debts. An area of over 1,000 square kilometres adjacent to Tulu Kapi has been reserved for exploration by KEFI upon commencement of development, with a view to adding satellite deposits to development and production plans.
 
KEFI Minerals in the Kingdom of Saudi Arabia
 
In 2009, KEFI formed Gold & Minerals Limited ("G&M") in Saudi Arabia with local Saudi partner, ARTAR, to explore for gold and associated metals in the Arabian-Nubian Shield. KEFI has a 40% interest in G&M and is the operating partner.
 
ARTAR, on behalf of G&M, holds over 16 Exploration Licence (EL) applications pending the introduction of the new Mining Law. ELs are renewable for up to three years and bestow the exclusive right to explore and to obtain a 30-year exploitation (mining) lease within the area.
 
The Kingdom of Saudi Arabia has announced policies to encourage minerals exploration and development, and KEFI Minerals supports this priority by serving as the technical partner within G&M. ARTAR also serves this government policy as the major partner in G&M, which is one of the early movers in the modern resurgence of the Kingdom's minerals sector.
 




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 or visit www.rns.com.
 
END
 
 
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