KEFI Minerals JV awarded fourth licence in Saudi Arabia

Gold and copper exploration company KEFI Minerals has received its fourth mineral exploration licence in Saudi Arabia for a period of five years; it has been granted to the Gold and Minerals Joint Venture (JV), in which KEFI has a 40 per cent interest.

The licence covers an area of 99.9k square km and hosts part of the prospective Nabitah-Tathlith Fault Zone, a 300km-long fault structure with over 40 gold occurences and ancient gold mines.

The JV will immediately begin surface exploration programmes over the four licences with the aim of generating targets for drill testing as soon as possible.

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Sampling has already returned results of up to four metres at 9.36g per tonne (g/t) gold and 93 g/t silver and 1.5m at 5.72 g/t gold and 67 g/t silver on unmined portions of the quartz vein.

The US Geological Survey explored the area and drilled three holes in 1983, the best results of which included 5m at 5.2 g/t gold and 90 g/t silver.

KEFI Minerals' Managing Director, Jeff Rayner, said: "We are delighted to have been granted the exploration licence. The mineralisation represents a walk up drill target. Our geologists will shortly commence and complete mapping and further sampling with the intention of progressing rapidly to a drilling stage."

NR