KEFI Gold and Copper PLC (AIM:KEFI, OTC:KFFLF) has been awarded five additional exploration licenses through the company's Gold and Minerals Limited (GMCO) joint venture in Saudi Arabia.
GMCO is owned 30% by KEFI and 70% by its partner Abdul Rahman Saad Al Rashid and Sons Ltd.
The Wadi Na'afa, Al Awja, Abu Salal North, Umm Al Khabath and Jabal Selm licences have all been awarded on an initial five-year term, and host sites of ancient mineral mining, within prospective mineral belts.
The Abu Salal North and Umm Al Khabath volcanic massive sulphide prospects lie within the Wadi Bidah Mineral Belt south of the company's Hawiah project.
Wadi Na'afa and Al Awja lie within the underexplored and only recently accessible Lorelon gold-silver-copper mineral belt, located within the southwestern portion of the Arabian Shield.
Jabal Selm is a quartz vein-hosted gold prospect within the Al Miyah Mineral District.
The GMCO regional exploration team have begun comprehensive mapping and sampling campaigns over these new licences.
"With our rapidly advancing gold projects in Ethiopia and Saudi Arabia, where we are heading for steady-state production from 2025, we are delighted to have been awarded these five further exploration licences in Saudi Arabia to further broaden the KEFI GMCO portfolio,” said Harry Anagnostaras-Adams, executive chairman of KEFI in a statement.
"As an early-mover in Saudi Arabia, with a world-class team, we are keen to build on our position in the fast-emerging Saudi minerals sector and take advantage of new opportunities as they become available. The award of these five additional exploration licences provides significant future potential in a country expected to have relatively short approval, financing and development schedules, given there is no need to resettle communities, less restrictive security protocols and established capital markets and domestic funding options," he added.
The award of the licences brings the GMCO land holding in Saudi Arabia to over 1,035 square kilometres.