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.

By MoneyWeek

published 4 July 2012

in Features

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.

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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."

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