KEFI Gold and Copper PLC has confirmed another discovery on the Jibal Qutman Gold project in Saudi Arabia by its minority-owned joint venture GMCO.
A satellite deposit (Asfingia) returned grades up to 66.6 grammes per tonne (g/t) gold from expansion drilling away from the Jibal Qutman main site.
Other assays showed widths of 12.7 metres (m) true at 7.9g/t gold from a depth of 53.6m, which included the 66.6g/t intercept, and 25.5m at 1.9g/t gold from 86m down.
A 350m strike length has already been established down to a depth of 75m and the deposit remains open down-dip and along strike, the statement added.
Drilling is ongoing to define the limits of gold mineralisation and estimate a maiden resource at Asfingia to complement the other deposits at Jibal Qutman.
Systematic exploration is also ongoing across the 270 sq km of the three contiguous Jibal Qutman Gold exploration licences.
KEFI's GMCO joint venture partner, ARTAR, has agreed to fund the ongoing programme at present to ensure swift progress continues.
A Definitive Feasibility Study (DFS) for Jibal Qutman is expected to be ready in mid-2024.
Harry Adams, KEFI's executive chairman, commented: "Jibal Qutman Gold is starting to shape up its production plans.
“During the remainder of this half year, we expect to report a series of steps as we simultaneously select our preferred production start-up plan.
"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.”