KEFI boosts copper, gold, silver and zinc resources at Hawiah project in Saudi Arabia
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(Kitco News) - KEFI Gold and Copper (AIM: KEFI) today announced an update to the mineral resource estimate at the Hawiah copper-gold project in Saudi Arabia.
According to the company’s statement, Hawiah mineral resource estimate has increased by 5.6 million tonnes ("Mt") to 24.9 Mt at 0.90% copper, 0.85% zinc, 0.62 g/t gold and 9.81 g/t silver, representing a tonnage increase of 29%.
Importantly, the company said that the total contained metal content now stands at 223,000 tonnes of copper (up 33% from 168,000 tonnes), 210,000 tonnes of zinc (up 34% from 157,000 tonnes), 497,000 ounces of gold (up 42% from 349,000 ounces) and 7.8 million ounces of silver (up 22% from 6.4 million).
KEFI also pointed out that the total mineral resources (indicated and inferred) reporting to the open-pit scenario have increased from 0.1 Mt to 8.4 Mt, raising the possibility of an initial open-pit mining operation and a lower start-up capital requirement.
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More importantly, the company said that Hawiah deposit remains largely open at depth and drilling programmes are commencing in January 2022 with a view to further increasing the Hawiah mineral resource, raising the likelihood of further increases to the mineral resource estimate in 2022. KEFI expects the completion of the preliminary feasibility study in 2022.
KEFI added it now has a platform of three advanced projects for development in the next few years: the Tulu Kapi gold project in Ethiopia, which is development ready for when security and other normal conditions precedent to finance closing are satisfied; the now larger Hawiah copper-gold project in Saudi Arabia; and the Jibal Qutman gold project, also in Saudi Arabia.