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.

"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

Recommended

Share tips of the week - 12 August
Share tips

Share tips of the week - 12 August

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
12 Aug 2022
Britain’s ten most-hated shares – w/e 9 August
Stocks and shares

Britain’s ten most-hated shares – w/e 9 August

Rupert Hargreaves looks at Britain's ten most-hated shares, and what short-sellers are looking at now.
10 Aug 2022
Aviva: One for income investors to tuck away
Share tips

Aviva: One for income investors to tuck away

Insurance giant Aviva is one of the highest yielding stocks in the FTSE 100 – and it’s cheap, too, making it a tempting target for income investors. R…
10 Aug 2022
Director dealings w/e 5 August: what company insiders are buying and selling
Stocks and shares

Director dealings w/e 5 August: what company insiders are buying and selling

Directors’ share dealings can often give investors an insight into the sentiment of company insiders. Here are some of the biggest deals by company di…
9 Aug 2022

Most Popular

UK House Prices Set To Fall? It’s Not So Simple
House prices

UK House Prices Set To Fall? It’s Not So Simple

Figures suggest UK house prices are starting to slide, but we shouldn’t take these numbers at face value, explains Rupert Hargreaves.
11 Aug 2022
Are UK house prices finally heading for a crash?
House prices

Are UK house prices finally heading for a crash?

The latest house price figures show a fall of 0.1% in July. With interest rates rising, inflation hitting double figures and a recession on the cards,…
5 Aug 2022
Three solar stocks to invest in
Renewables

Three solar stocks to invest in

This week, professional investor Nicholas Mersch of the HANetfS&P Global Clean Energy Select HANzero UCITS ETF tells us three solar stocks to invest i…
12 Aug 2022