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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Kefi Gold And Copper Plc | LSE:KEFI | London | Ordinary Share | GB00BD8GP619 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.03 | 4.41% | 0.71 | 0.712 | 0.736 | 0.732 | 0.67 | 0.70 | 96,643,985 | 16:35:21 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Metal Mining Services | 0 | -6.36M | -0.0013 | -5.46 | 35.25M |
From May 2019 to May 2024
TIDMKEFI
RNS Number : 1576B
KEFI Minerals plc
05 October 2015
5 October 2015
KEFI Minerals plc
("KEFI" or the "Company")
PROGRESS AT JIBAL QUTMAN, Saudi Arabia
discovery of additional areas of gold mineralisation
AND PREPARATIONS OF mINING LICENCE APPLICATION
KEFI Minerals (AIM: KEFI), the gold exploration and development company with projects in the Kingdom of Saudi Arabia and the Federal Democratic Republic of Ethiopia, is pleased to provide an update on progress at the Jibal Qutman Project in Saudi Arabia. Jibal Qutman is being progressed towards a low-capex development of a conventional open-pit, heap-leach (HL) oxide gold operation following the start-up of Tulu Kapi Gold Project in Ethiopia.
Highlights
Jibal Qutman - Preparation of Technical Studies for Mining Licence Application:
-- Approximately 75% of the infill drilling program (RC and diamond drilling) totalling 5,415m has been completed. The aim of the program is to upgrade Inferred Resources to Indicated Resources for the oxide gold mineralisation in-pit or proximal to preliminary open-pit designs.
-- Metallurgical testing (column leach) has been completed on the oxide mineralisation from four potential open cut areas for HL processing. Gold recoveries range from 70% to 75% with a weighted average of 73%. These gold recoveries are slightly better than earlier bottle roll test work with an average estimated recovery of 69%.
-- A mine scoping study on a HL operation was completed by AMC Consultants. Based on resources defined as at March 2015, the potential mineable resources in a series of shallow open pits totalled 6.6Mt at 0.95g/t Au, for 201,600oz.
-- The AMC study supported the internal preliminary assessment announced by KEFI on 6 May 2015. A HL recovery factor of 70% was utilised during the optimisation and evaluation process.
-- Ongoing drilling at Jibal Qutman is identifying additional areas of gold mineralisation, especially at the prospects known as 4K Hill, 3K Hill, Pyrite Hill, Main, West and South Zones.
-- The primary focus of exploration drilling will shortly transfer from Jibal Qutman to Hawiah
Hawiah - large gold and base metal target
-- Drilling at Hawiah will target a 6km-long gold-mineralised gossan and the underlying copper-gold-zinc massive sulfide target as identified by recent geophysical surveys.
Jeff Rayner, Exploration Director of KEFI Minerals, commented:
"We are pleased to report that the oxide heap leach project at Jibal Qutman continues to deliver positive results and is progressing towards applying for regulatory permits for a low-capex development.
Exploration drilling continues to expand and provide new discoveries whilst technical studies are being assembled for lodgement of the Mining Licence Application. We look forward to reporting further progress in due course."
ENQUIRIES
KEFI Minerals plc Harry Anagnostaras-Adams (Executive Chairman) +357 99457843 SP Angel Corporate Finance LLP (Nominated Adviser) Ewan Leggat, Jeff Keating +44 20 3470 0470 Brandon Hill Capital Ltd (Joint Broker) Oliver Stansfield, Alex Walker, Jonathan Evans +44 20 7936 5200 Beaufort Securities Ltd (Joint Broker) Elliot Hance +44 20 7382 8300 Luther Pendragon Ltd (Financial PR) Harry Chathli, Claire Norbury, Oliver Hibberd +44 20 7618 9100
Further information can be viewed on KEFI's website at www.kefi-minerals.com
COMPETENT PERSONS' STATEMENTS
References in this announcement to exploration results, resources, interpretations and prospects have been approved for release by Mr. Jeffrey Rayner. Mr Rayner is a geologist and has more than 27 years' relevant experience in the field of activity concerned. He is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM) and has reviewed and consented to the inclusion of the material in the form and context in which it appears.
BACKGROUND
Exploration Progress
Exploration drilling and trenching has continued at Jibal Qutman during the summer months. RC drilling has focused on extensions to gold mineralisation at the 4K Hill prospect and at the Red Hill prospect.
Best results include 43m at 1.50 g/t Au, 14m at 2.51 g/t Au, 11m at 1.36 g/t Au and 16m at 1.02 g/t Au.
The following table summarizes the best assay results from the exploration drilling, which comprised 32 inclined RC drill holes totaling 2,300m.
Table 1 - Exploration Drilling Results
Hot Features
Premium
Hole Northing Easting From To Interval Au Zone
m m m g/t
JQRC397 334682.68 2252923.08 47 63 16 @ 1.02 Red Hill
------------
81 92 11 @ 1.36
--------- ----------- ----------- ----- ---- --------- ----- ------------
JQRC398 336987.89 2249199.47 55 61 6 @ 2.14 Red Hill
------------
77 93 16 @ 1.02
--------- ----------- ----------- ----- ---- --------- ----- ------------
JQRC400 336164.17 2247482.04 96 106 10 @ 1.02 South
--------- ----------- ----------- ----- ---- --------- ----- ------------
JQRC403 1 18 17 @ 0.95 4K Hill
------------
93 97 4 @ 1.08
------------
116 120 4 @ 1.15
--------- ----------- ----------- ----- ---- --------- ----- ------------
JQRC405 335724.15 2253799.72 6 14 8 @ 1.17 Pyrite Hill
--------- ----------- ----------- ----- ---- --------- ----- ------------
JQRC411 336963.90 2249904.53 9 18 9 @ 1.23 RH North
--------- ----------- ----------- ----- ---- --------- ----- ------------
JQRC415 336980.49 2249250.25 90 96 6 @ 1.52 Red Hill
--------- ----------- ----------- ----- ---- --------- ----- ------------
JQRC416 336855.27 2248798.37 90 93 3 @ 1.39 Red Hill
--------- ----------- ----------- ----- ---- --------- ----- ------------
JQRC428 335417.91 2254330.55 12 16 4 @ 1.43 4K Hill
------------
38 42 4 @ 1.20
--------- ----------- ----------- ----- ---- --------- ----- ------------
JQRC429 335103.94 2254547.79 25 28 3 @ 1.12 4K Hill
------------
45 48 3 @ 1.07
--------- ----------- ----------- ---- --------- ----- ------------
JQRC431 335818.577 2250095.18 31 34 3 @ 1.09 Main Zone
--------- ----------- ----------- ----- ---- --------- ----- ------------
JQRC433 336945.61 2249271.06 27 70 43 @ 1.50 Red Hill
--------- ----------- ----------- ----- ---- --------- ----- ------------
JQRC434 336929.32 2249299.40 31 37 6 @ 1.59 Red Hill
--------- ----------- ----------- ----- ---- --------- ----- ------------
JQRC435 336951.29 2249297.71 24 28 4 @ 1.11 Red Hill
------------
32 37 5 @ 1.15
------------
56 70 14 @ 1.60
--------- ----------- ----------- ----- ---- --------- ----- ------------
JQRC440 336847.88 2247931.19 18 32 14 @ 2.51 RH South
------------
35 36 1 @ 2.86
------------
39 41 2 @ 1.24
--------- ----------- ----------- ----- ---- --------- ----- ------------
JQRC442 336840.30 2247886.50 87 89 2 @ 2.27 RH South
--------- ----------- ----------- ----- ---- --------- ----- ------------
All drillholes designed at an azimuth of 270deg, inclined at -60deg. True width is estimated at 65-70% of downhole width in each area.
Detailed outcrop mapping and sampling continues over the entire EL, with encouraging assay results from rock-chip samples. Samples JQR556 and JQRC588, containing visible gold, returned respectively grades of 283g/t Au and 89.2g/t Au. These samples were taken from a 30m long outcropping trend of quartz veins and carbonate alteration. This area is located 3km along strike to the north of the Red Hill prospect. Further activity, including channel sampling, is underway with aim to identify the host and extent of this high-grade mineralisation.
(MORE TO FOLLOW) Dow Jones Newswires
October 05, 2015 02:00 ET (06:00 GMT)
A new area of mineralisation, Jabal Mikhyat, was discovered in the northwest sector of the licence. The prospect consists of at least three main target zones, associated with ancient workings. Gold mineralisation is related with a lamprophyre dyke swarm, trending northwest-southeast, associated with rare quartz veining, strong silicification and pyrite impregnation of the host rock. A preliminary trenching campaign comprising 25 trenches returned the following assay results:
Table 2 - Trench Sampling Results Jabal Mikhyat
Trench Interval Au
m g/t
--------- ------
JQT345 3 @ 2.25
----------- --------- ------
JQT347 2 @ 4.31
----------- --------- ------
JQT343 18 @ 2.49
including 2 @ 7.17
----------- --------- ------
JQT353 2 @ 1.05
----------- --------- ------
JQT354 4 @ 3.47
----------- --------- ------
JQT355 2 @ 1.94
----------- --------- ------
JQT356 1 @ 28.40
----------- --------- ------
JQT364 5 @ 7.73
including 2 @ 18.46
----------- --------- ------
Following these promising trench results at the Jabal Mikhyat prospect, a reconnaissance program comprising four RC drill holes has been completed and results received. All holes intersected the alteration/mineralisation zones at expected depths. However drill hole interpretation of the mineralised intervals shows more complexity than previously thought: more geological investigations are required to properly plan further drilling.
Infill drilling program underway
A infill program on 25m centres commenced in late June 2015 at Jibal Qutman. It comprises of 5,415m of RC drilling across 4K Hill, 3K Hill, Main, West and SC zones. The aims of the program are to upgrade current Inferred Resources to the Indicated category and to add additional oxide material through the drilling of zones proximal to the current designed pits.
About 75% of the program has been completed to date with no delays, and the program is expected to be completed by mid-October.
The current drilling at 4K Hill, 3K Hill and West Zone has shown mineralisation and alteration in-line with expectations adding confidence to the current model. A list of best intervals is reported below:
Table 3 - Infill RC Drilling Results
Hole Northing Easting From To Interval Au Zone
m m m g/t
JQRC465 335201.19 2254323.64 35 39 4 @ 1.57 4K Hill
----------- ----------- ----------- ----- --- --------- ------ ----------
JQRC466 335258.82 2254323.53 68 71 3 @ 8.14 4K Hill
----------- ----------- ----------- ----- --- --------- ------ ----------
JQRC470 335425.26 2254259.86 46 47 1 @ 3.53 4K Hill
----------- ----------- ----------- ----- --- --------- ------ ----------
JQRC473 335132.85 2254224.55 22 26 4 @ 1.50 4K Hill
----------
31 35 4 @ 1.04
----------
51 53 2 @ 1.29
----------- ----------- ----------- ----- --- --------- ------ ----------
JQRC476 335149.07 2254183.89 24 33 9 @ 1.60 4K Hill
----------- ----------- ----------- ----- --- --------- ------ ----------
JQRC477 335198.62 2254177.73 36 42 6 @ 1.33 4K Hill
JQRC478 335299.301 2254175.11 66 69 3 @ 1.16 4K Hill
----------- ----------- ----------- ----- --- --------- ------ ----------
JQRC485 334769.32 2252754.46 32 40 8 @ 2.99 3K Hill
----------- ----------- ----------- ----- --- --------- ------ ----------
JQRC486 334723.45 2252712.70 0 5 5 @ 1.65 3K Hill
12 16 4 @ 1.51 3K Hill
----------- ----------- ----------- ----- --- --------- ------ ----------
JQRC489 334647.54 2253137.89 27 30 3 @ 2.23 3K Hill
----------- ----------- ----------- ----- --- --------- ------ ----------
JQRC491 334674.34 2252897.19 0 4 4 @ 1.44 3K Hill
----------- ----------- ----------- ----- --- --------- ------ ----------
JQRC495 335453.04 2249784.49 26 28 2 @ 2.91 West Zone
----------
26 33 7 @ 1.05
----------
46 51 5 @ 6.02
77 92 15 @ 1.06
including 79 81 2 @ 4.87
----------- ----------- ----------- ----- --- --------- ------ ----------
JQRC496 335574.04 2249758.71 27 32 5 @ 1.12 West Zone
----------- ----------- ----------- ----- --- --------- ------ ----------
JQRC497 335530.30 2249759.71 7 11 4 @ 1.51 West Zone
----------
73 79 6 @ 2.60
----------- ----------- ----------- ----- --- --------- ------ ----------
JQRC498 335492.32 2249758.89 40 42 2 @ 1.86 West Zone
----------- ----------- ----------- ----- --- --------- ------ ----------
JQRC499 335416.71 2249683.78 49 52 3 @ 3.17 West Zone
----------- ----------- ----------- ----- --- --------- ------ ----------
JQRC500 335602.92 2249664.20 47 50 3 @ 1.09 West Zone
----------- ----------- ----------- ----- --- --------- ------ ----------
JQRC502 335432.16 2249628.27 32 36 4 @ 2.41 West Zone
----------- ----------- ----------- ----- --- --------- ------ ----------
JQRC503 335446.32 2249575.46 27 31 4 @ 31.12 West Zone
----------- ----------- ----------- ----- --- --------- ------ ----------
JQRC504 335503.44 2249538.42 33 34 2 @ 1.39 West Zone
----------
54 55 3 @ 1.38
----------
66 67 6 @ 3.16
----------- ----------- ----------- ----- --- --------- ------ ----------
JQRC505 335581.76 2249503.79 28 29 1 @ 1.15 West Zone
----------
44 45 2 @ 1.08
----------- ----------- ----------- ----- --- --------- ------ ----------
JQRC506 335544.54 2249549.04 16 17 4 @ 2.37 West Zone
----------- ----------- ----------- ----- --- --------- ------ ----------
JQRC507 335576.79 2249603.80 45 46 12 @ 1.12 West Zone
----------- ----------- ----------- ----- --- --------- ------ ----------
All drillholes designed at an azimuth of 270deg, inclined at -60deg. True width is estimated at 65-70% of downhole width in each area. Coordinates, UTM, WGS84, 38N.
NOTES TO EDITOR
KEFI Minerals plc
KEFI is the operator of two advanced gold development projects within the highly prospective Arabian-Nubian Shield, with an attributable 1.93Moz (100% of Tulu Kapi's 1.72Moz and 40% of Jibal Qutman's 0.73Moz) gold Mineral Resources (JORC 2012) plus significant resource growth potential. KEFI targets that production at these projects generate cash flows for further exploration and expansion as warranted, recoupment of development costs and, when appropriate, dividends to shareholders.
Expected milestones for the remainder of 2015 at Tulu Kapi include:
-- Formalisation of project contracting, senior secured financing and equity funding -- Full development funding and commencement of construction
In addition, during 2015 KEFI anticipates that through its joint venture company in Saudi Arabia, Gold & Minerals Ltd ("G&M"), it will commence drilling at new licence Hawiah and assemble a Mining Licence Application for its discovery at Jibal Qutman in Saudi Arabia.
KEFI Minerals in Ethiopia
The Tulu Kapi gold project in Western Ethiopia is being rapidly progressed towards development with the Mining Licence being granted in April 2015.
KEFI's Definitive Feasibility Study was then completed and the Company is now refining contractual terms for project construction and operation. Latest estimates for annual gold production are c. 100,000 oz pa for a 10-year period and for All-in Sustaining Costs (including operating, sustaining capital and closure) of c. US$760/oz (excluding initial investment). Tulu Kapi's Ore Reserve estimate totals 15.4Mt at 2.12g/t gold, containing 1.05 million ounces.
KEFI Minerals in the Kingdom of Saudi Arabia
(MORE TO FOLLOW) Dow Jones Newswires
October 05, 2015 02:00 ET (06:00 GMT)
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