Kefi Minerals upbeat on Saudi results
Saudi Arabia-focused Kefi Minerals fell five per cent when it opened on Tuesday after drilling results disappointed some investors.
Saudi Arabia-focused Kefi Minerals fell five per cent when it opened on Tuesday after drilling results disappointed some investors.
The firm reported 35 diamond drill holes had been completed at its Jibal Qutman licence, where it tested the shallow open cut potential of the gold mineralisation.
It said five holes were to be re-drilled due to low drill core recoveries - as low as 10% over several metres - in the mineralised zones.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"It is observed from trench mapping that higher gold grades are associated with the highly fractured parts of the quartz veins, which are often lost in the drilling process, and that there is supergene enrichment," the statement said.
A dyke unit with disseminated and fractures filled with pyrite has been intersected in the Western and Main Vein zones, with low grade of 0.3 to 1.0g/t of gold in up to 30m widths.
This was an unexpected style of mineralisation and different from quartz vein style, the company said.
Managing Director Jeff Rayner said drill results from Jibal Qutman continued to support high grade gold in quartz veins, surrounded by lower grade quartz stringer zone and in separate zones of stacked flat lying veins in the west and south of the prospsect.
MM
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
What financial support can you get if you are suffering with long-term illness?
Health is wealth and more important than any material riches. But too often, long-term illness brings financial worries of its own. What financial support can you get if you are ill?
By Katie Williams Published
-
State pension underpayments: ombudsman to investigate underpayments for married women
Tens of thousands of married women pensioners could get back millions in state pension arrears following a campaign that has led to an ombudsman investigation for a number of cases
By Kalpana Fitzpatrick Published