TIDMKEFI
RNS Number : 8856F
Kefi Gold and Copper PLC
24 March 2022
24 March 2022
KEFI Gold and Copper plc
("KEFI" or the "Company")
Saudi Arabia Exploration Update
Exploration at Al Godeyer confirms a 1.3km mineralised horizon
similar to nearby Hawiah VMS Deposit
Gold mineralisation of up to 7.2g/t gold and 1.8% copper
encountered
Ongoing drilling programme has intersected gossan or massive
sulphides in the first six holes
KEFI (AIM: KEFI), the gold and copper exploration and
development company with projects in the Federal Democratic
Republic of Ethiopia and the Kingdom of Saudi Arabia, is pleased to
report exciting exploration progress at the Company's Al Godeyer
Project in Saudi Arabia. The two Al Godeyer Exploration Licences
were awarded in December 2021 and are located immediately west of
the Company's Hawiah Copper-Gold Project (see Figure 1 in the
attached appendix which may be accessed via the following link
http://www.rns-pdf.londonstockexchange.com/rns/8856F_1-2022-3-24.pdf
Initial exploration at Al Godeyer confirms similar copper-gold
mineralisation to that of the Hawiah volcanic massive sulphide
("VMS") deposit. Trenching, geophysics and initial drilling has
indicated good continuity of the mineralised horizon and efforts
are now focused on delivering an initial JORC Mineral Resource
during 2022. Any defined resources would likely contribute directly
to the proximal Hawiah project where Mineral Resources, as
announced on 6 January 2022 and set out below, currently stand at
24.9 million tonnes at 0.90% copper, 0.85% zinc, 0.62 g/t gold and
9.81 g/t silver.
Highlights
-- Self-Potential ("SP") geophysical survey at Al Godeyer has
defined a continuous anomaly 1.3km in strike and a second, shorter
anomaly, located along strike to the southeast (see Figure 2), both
anomalies correlate well with the mapped NW/SE striking gossans
-- These SP responses are very similar in intensity to the
gossan/sulphide SP responses recorded at Hawiah
-- Trench mapping has confirmed the presence of gold and copper
gossans in all trenches over the main SP anomaly and the majority
of trenches over the SE anomaly (see Figure 3). Rock chips taken
during the mapping phase confirmed mineralisation with grades of up
to 7.2g/t gold and 1.8% copper in assays received to date
-- Given these encouraging initial results, reverse circulation
("RC") drilling has commenced ahead of schedule and has intersected
oxide and transition sulphides down to a vertical depth of 35m in
the first six holes (see Figure 4).
-- Drilling has confirmed the horizon is dipping at around 65
degrees to the NE with geological widths varying up to 10m - Assay
results are pending for all drillholes
-- A Diamond drill rig is set to join the drilling programme in
early April to begin testing deeper portions of the system and add
additional geological information to help guide further resource
expansion
Harry Anagnostaras-Adams, Executive Chairman of KEFI,
commented:
"The Al Godeyer licences were granted in late 2021 and the
exploration team has already successfully demonstrated the
continuity of the mapped gossans through trenching and geophysics
and have advanced the project to drill testing in a little over
three months. This highlights the clear potential that Al Godeyer
has as a satellite deposit in supporting the Hawiah development, as
well as reaffirming our belief this area will be developed into a
world class mine. I am excited that drilling of the Al Godeyer
gossans has already started and look forward to announcing progress
towards an initial Al Godeyer Mineral Resource later this year.
"Elsewhere, we continue to make good progress in Ethiopia on the
1.7 million ounce Tulu Kapi Gold Project, which remains on track
for mid-2022 launch as recently announced. Further updates will be
provided in due course as the various milestones are met."
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
Enquiries
KEFI Gold and Copper plc
Harry Anagnostaras-Adams (Managing Director) +357 99457843
John Leach (Finance Director) +357 99208130
SP Angel Corporate Finance LLP (Nominated
Adviser) +44 (0) 20 3470 0470
Jeff Keating, Adam Cowl
Tavira Securities Limited (Lead Broker) +44 (0) 20 7100 5100
Oliver Stansfield, Jonathan Evans
WH Ireland Limited (Joint Broker) +44 (0) 20 7220 1666
Katy Mitchell, Andrew de Andrade
IFC Advisory Ltd (Financial PR and IR) +44 (0) 20 3934 6630
Tim Metcalfe, Florence Chandler
Competent Person Statement
The information in this announcement that relates to exploration
results and Mineral Resources is based on information compiled by
Mr Tomos Bryan, Exploration Manager for Gold & Minerals Limited
. Mr Bryan is a member of the Australasian Institute of Mining and
Metallurgy ("AusIMM"). Mr Bryan is a geologist with sufficient
relevant experience for Company reporting to qualify as a Competent
Person as defined in the JORC Code 2012. Mr Bryan consents to the
inclusion in this announcement of the non-financial matters based
on this information in the form and context in which it
appears.
The upgraded Hawiah Mineral Resource was announced on 6 January
2022. KEFI confirms that it is not aware of any new information or
data that materially affects the information in the above releases
and that all material assumptions and technical parameters,
underpinning the estimates continue to apply and have not
materially changed. KEFI confirms that the form and context in
which the Competent Person's findings are presented have not been
materially modified from the original market announcements.
Hawiah Mineral Resource
The upgraded Hawiah Mineral Resource announced on 6 January 2022
totals:
- 24.9 Mt at 0.90% copper, 0.85% zinc, 0.62 g/t gold and 9.81 g/t silver.
The Mineral Resource is classified as:
- Indicated - 10.9 Mt at 0.96% copper, 0.86% zinc, 0.64 g/t gold and 9.98 g/t silver
- Inferred - 14.0 Mt at 0.85% copper, 0.83% zinc, 0.61 g/t gold and 9.67 g/t silver
And is estimated to contain a total of 223,000 tonnes (491
million lbs) of copper, 210,000 tonnes (463 million lbs) of zinc,
497,000 ounces of gold and 7.84 million ounces of silver.
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END
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