Resource Mining Corporation Ltd has made a trip to Saudi Arabia to inspect the sites of its Saudi Arabian Wadi Salamah (G-23) and Shaib Marqan projects.
The company’s geology team is conducting mapping and rock chip sampling programs to guide future exploration activities.
Newly acquired interests
The site visit follows RMI’s announcement on January 13 that it had entered into a binding term sheet with AuKing Mining Ltd, granting RMI the exclusive right to acquire AuKing’s joint venture interests in Saudi Arabia.
The projects under review include Wadi Salamah and Shaib Marqan.
Promising gold
Earlier exploration at Wadi Salamah yielded promising gold assay results, with rock chip samples analysed by Bureau Veritas in Jeddah.
Notable results include gold grades of up to 3.56 g/t gold, concentrated in the southern region of the G-23 licence application. These findings will be a focal point for RMI’s ongoing exploration efforts.
Shaib Marqan is situated within the underexplored Ar Rayn Terrane, in proximity to several established deposits.
Initial sampling in the licence area has confirmed historical gold results, with assays returning up to 13.72 g/t gold.
The findings provide a strong basis for systematic soil and rock chip sampling programs targeting prospective zones.
Additionally, RMI has extended the maturity date of its funding agreement with RiverFort Global Opportunities PCC Ltd to June 21 2024.
The outstanding balance will accrue a fixed extension fee of 10%, with settlement in cash or shares at the company’s discretion, alongside interest as prescribed in the agreement.