The UK-listed KEFI Gold and Copper announced on Tuesday that it has made a new discovery in respect of the Jibal Qutman Gold Project (Jibal Qutman Gold) in Saudi Arabia.

The project is being developed by Gold & Minerals (GMCO), a joint venture between KEFI Gold and Copper and Saudi-based ARTAR (Abdul Rahman Saad Al-Rashid Co).

The key highlights in the stock exchange statement were:

• Satellite deposit (Asfingia) discovered with excellent grades of up to 66.6g/t gold

• Drilling ongoing on identified 35km mineralised strike across three contiguous licences

• Selection of preferred production start-up plan expected by mid-2024

The statement noted that Definitive Feasibility Study (DFS) on Jibal Qutman Gold is progressing and release of its conclusions is expected in mid-2024.

Harry Anagnostaras-Adams, KEFI’s Executive Chairman commented: “Jibal Qutman Gold is starting to shape up its plans for production. During the remainder of first half of 2024, we expect to report a series of steps as we simultaneously select our preferred production start-up plan and aggressively test our recent breakthroughs in the geological understanding of the mineralised system.”

“At the same time, the foot remains on the accelerator at our much larger discovery, the Hawiah Copper-Gold Project in the Wadi Bidah Minerals Belt, where we have recently been joined as explorers by Saudi Arabia’s largest mining company, Ma’aden, which has been granted licences adjacent to us and quickly launched a large exploration programme in joint venture with Ivanhoe Electric. A separate update on Hawiah will be provided, as part of the ongoing recently expanded 65,000m infill and expansion drill programme.”

He noted that GMCO’s aggressive exploration programme has been running at the rate of over $20 million per annum for the past few years.

The statement JV partner, ARTAR, has agreed to fund the ongoing programme at present without dilution to ensure that swift progress continues.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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