KEFI Minerals plc - Hawiah Exploration Project Update
("KEFI" or the "Company")
Hawiah Exploration Project Update
Stage 2 Drilling Intersects Massive Sulphide in All Additional 19 Holes
Three Separate Zones Identified for Potential Mining, Further Targets Remain
Inaugural JORC Resource Targeted mid-2020
The Stage 1 Hawiah diamond drilling programme completed 26 drillholes in
The Stage 2 Hawiah drilling programme has to date added a further 19 drillholes, all of which have intercepted massive sulphide and confirms the positive progress towards delineating an initial Mineral Resource in accordance with the JORC Code by mid-2020. Forty-five diamond drillholes have now been completed in total (Stage 1 and Stage 2) and assays have been received for 20 drillholes.
Sufficient drilling has now been completed to identify three separate zones with the following preliminary parameters for potentially mineable lodes, with all zones remaining open at depth:
· The 'Camp Lode': 1.2km long, with an average width of 6m with the widest intersection of 19m found at a depth of 90m. The lode has been drilled to a depth of 300m where 9m of massive sulphide was intersected;
· The 'Crossroads Lode': 700m long, with an average width of 4m with the widest intersection being 8m. This lode has been explored to a maximum depth of 385m where 5m of massive sulphide was intersected; and
· The 'Crossroads Extension Lode': 1,000m long, with average width of 4m with the widest intersection being 12m at a depth of 112m. This part of the orebody is also open at depth and the deepest drillhole of 130m intersected 8m of massive sulphide.
At present the assay results from the massive sulphide intercepts are summarised as follows:
· Assay results from the Crossroads lodes (including the extension) which so far provide a preliminary indication that this part of the ore body carries the following grades: Copper 1.5%; Zinc 1.12%; Gold 0.77g/t and Silver 14.4g/t over average true width of 4.9m.
The combination of these lodes on the sub-vertical structure drilled to date is considered likely to exceed 12 million tonnes in aggregate based on the results to date. For the purposes of indicating the potential relative importance for KEFI shareholders, at an assumed 2% copper-equivalent, the in-situ metal content of 12 million tonnes at current metal prices would approximate the analogous in-situ metal content of the 1 million ounce reserve at
A comprehensive update, including all details of all drillholes will be provided as soon as the majority of assays are received. In addition, the Company will also continue to assess the additional resource potential of Hawiah outside of the current drill programme, given drilling to date is yet to establish the extremities of the mineralisation at depth.
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.
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SP Angel Corporate Finance LLP (Nominated Adviser and Joint Broker)
+44 (0) 20 3470 0470
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+44 (0) 20 7936 5200
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+44 (0) 20 3934 6630
Competent Person Statement
The information in this announcement that relates to exploration results is based on information compiled by Mr
Notes to Editor
KEFI is focused primarily on the advanced
The Tulu Kapi gold project in western
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.
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.
In 2009, KEFI formed
ARTAR, on behalf of G&M, holds over 16 Exploration Licence (EL) applications pending the introduction of the new
This information is provided by RNS, the news service of the
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