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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
  0.0325 1.57% 2.1025 2.085 2.12 2.155 2.09 2.145 13,303,891 16:35:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 0.0 -5.6 -0.8 - 45

Kefi Gold and Copper PLC Hawiah Copper-Gold VMS Project Update

13/04/2021 7:00am

UK Regulatory (RNS & others)

Kefi Gold And Copper (LSE:KEFI)
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RNS Number : 2211V

Kefi Gold and Copper PLC

13 April 2021

13 April 2021

KEFI Gold and Copper plc

("KEFI" or the "Company")

Hawiah Copper-Gold VMS Project Update

Positive Phase 3 drilling results

Preliminary Feasibility Study Commenced, Targeting to Start Development in 2023

KEFI Gold and Copper (AIM: KEFI), the gold and copper exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, is pleased to provide an update on the Company's 34%-owned and operated Hawiah Project in Saudi Arabia ("Hawiah" or the "Project").


 --   A Maiden Mineral Resource Estimate ("MRE") was announced 19 August 
       2020 for the Volcanic Massive Sulphide deposit at Hawiah, of 19.2 
       million tonnes at 0.9% copper, 0.8% zinc, 0.6 g/t gold and 10.3g/t 
 --   The just-completed Phase 3 drilling programme has doubled the strike 
       and plunge extension of the Camp Lode structure from the 2020 MRE 
       area, with copper grades increasing down-plunge as anticipated by 
       the geological model. 
 --   The deepest massive sulphide intersection at the Camp Lode at a 
       vertical depth of 590m extends the total plunging strike length 
       of mineralisation to 1.2km from surface, with mineralisation remaining 
 --   Drilling at the Crossroads Lode at Hawiah also confirms mineralisation 
       remains open down-dip and down plunge with the current known limits 
       of mineralisation at a vertical depth of only 380m. 
 --   A total of 27 diamond drillholes covering 13,385m was completed 
       in the Phase 3 drilling programme and 13,500m of diamond drilling 
       is planned for the Phase 4 programme which has already been commenced. 
 --   Baseline programmes for the Preliminary Feasibility Study ("PFS") 
       have commenced with a potential lodgement of a mining licence application 
       targeted for mid-2022 and the start of development in 2023. 
 --   An updated MRE is planned to coincide with the completion of the 
       Phase 4 drilling. 

Camp Lode Extension

The Phase 3 programme has successfully demonstrated the down-plunge continuation of the southward plunging Camp Lode ore body, with the deepest intersection representing a 670m extension from the 2020 MRE area. The increase in copper grade as predicted by the geological model is particularly encouraging.

Highlights from the Phase 3 diamond drilling program include the following drillhole results:

   -       HWD-074- 10.4m at 1.6% Cu, 1.4% Zn, 0.5g/t Au and 6.3 g/t Ag 
   -       HWD-079 - 9.7m at 1.5% Cu, 1.3% Zn, 0.5 g/t Au and 8.3 g/t Ag 
   -       HWD-082 - 10.0m at 1.8% Cu, 1.6% Zn, 0.5 g/t Au and 11.8 g/t Ag 
   -       HWD-084 - 8.7m at 1.1% Cu, 1.6% Zn, 0.6 g/t Au and 10.1 g/t Ag 
   -       HWD-086 - 9.3m at 1.8% Cu, 0.6% Zn, 0.4 g/t Au and 6.7 g/t Ag 
   -       HWD-092 - 5.5m at 1.6% Cu, 0.53% Zn, 0.3 g/t Au and 6.9 g/t Ag 

A full summary of the Phase 3 drill results of the Camp Lode and Crossroads Lode as well as detailed assay and collar information are contained in the appendix to this RNS which may be accessed at:

Crossroads Lode Extension

Drilling at the Crossroads Lode has extended the mineralisation 110m deeper than previously explored. This is within the thickest part of the lode which is now defined to a vertical depth of 380m and remains open at depth. Received assay results have returned results in line with the 'up-dip' drillholes in this area. The outstanding drilling results will be announced in due course.

Phase 4 drilling and PFS Development

The success of the early drilling phases has demonstrated that the tonnage and grade at Hawiah are robust enough to warrant moving the Project to the Preliminary Feasibility Study ("PFS") stage.

The already commenced 13,500m 'Phase 4' diamond-drilling programme, coupled with a post-drilling MRE, is intended to upgrade strategic portions of the Hawiah deposit to allow for preliminary mine planning and design as required during a PFS. Drilling will also close the drill-spacing on the recently delineated down-plunge Camp Lode area to allow for Inferred Resource classifications in these zones.

Drilling will also target the high-grade copper 'transition zone' which lies between the oxide and fresh sulphide domains across the Hawiah deposit. This zone lies between depths of 20-50m, with previous drilling returning assay results of more than 5% copper. This zone has only been subject to limited testing and additional drilling will allow for greater understanding of grade distributions within this higher-grade copper zone, which would likely be targeted during the early stages of any mine development.

In preparation for the PFS, the first stages of the environmental monitoring programme and geohydrological studies have been initiated. These programmes will continue in tandem with the rest of the Project development to ensure a baseline is established and all regulatory requirements are met, with the intention being to complete the PFS by Q2 2022, ahead of a mining licence application. The opening round of metallurgical testwork is also progressing well, with initial findings in-line with expectations.

Additional Exploration Licences

The Project team recently welcomed visitors and inspectors from both the [define DMMR] (DMMR) and the local government to the Hawiah site for a successful site overview and Project development meeting.

After receiving positive reports, KEFI remains cautiously optimistic for the granting of additional Exploration Licenses in the up-coming months, as per the Kingdom's Vision 2030 strategy. This includes the nearby Al Godeyer exploration licence application located 11km west of the Hawiah camp. Reconnaissance fieldwork by the geological team has confirmed mineralisation along 700m of strike length in this area, in a comparable style and characteristic to the main Hawiah gossans. Initial surface sampling has confirmed gold mineralisation within the gossans, with abundant copper showings also noted.

Harry Anagnostaras-Adams, Executive Chairman of KEFI, commented :

"The drilling results to date show that the Hawiah deposit remains open at depth and along strike. The recent work programme has sought to quickly 'stretch' some of the extremities of the deposit and as such we are greatly encouraged to see returns of significant intercepts as drilling continues to demonstrate the size and scale of the Hawiah deposit.

"I'm especially encouraged by the most southern hole extending the Camp Lode, which has intercepted massive sulphide with estimated true widths of more than 4 metres, which indicates strong potential for the deposit to continue further to the south.

"As previously reported, in addition to the deeper drilling being undertaken, targeting a substantial increase in the maiden Hawiah resource, the Phase 4 programme will also include infill drilling with a view to upgrading key areas of the resource to the indicated category so as to warrant mine planning and the estimation of an initial Ore Reserve.

"We have triggered a Preliminary Feasibility Study targeting a mining licence application in mid-2022 and potential start to development in 2023, together with further exploration of the surrounding area for a large stockwork zone or 'feeder zone' to the massive sulphides, which represents a separate and potentially even larger-scale target.

"We look forward to reporting further progress at Hawiah and outcomes of this major drilling programme in due course."

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.


 KEFI Gold and Copper plc 
 Harry Anagnostaras-Adams (Executive Chairman)    +357 99457843 
 John Leach (Finance Director)                    +357 99208130 
 SP Angel Corporate Finance LLP (Nominated 
  Adviser and Joint Broker)                       +44 (0) 20 3470 0470 
 Jeff Keating, Adam Cowl 
 Brandon Hill Capital Ltd (Joint Broker)          +44 (0) 20 7936 5200 
 Oliver Stansfield, Jonathan Evans 
 IFC Advisory Ltd (Financial PR and IR)           +44 (0) 20 3934 6630 
 Tim Metcalfe, Florence Chandler 

Competent Person Statement

The information in this announcement that relates to exploration results and Mineral Resources is based on information compiled by Mr Tomos Bryan, Exploration Manager for Gold & Minerals Limited. Mr Bryan is a member of the Australasian Institute of Mining and Metallurgy ("AusIMM"). Mr Bryan is a geologist with sufficient relevant experience for Company reporting to qualify as a Competent Person as defined in the JORC Code 2012. Mr Bryan consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.

The Hawiah Mineral Resource was announced on 19 August 2020. KEFI confirms that it is not aware of any new information or data that materially affects the information in the above releases and that all material assumptions and technical parameters, underpinning the estimates continue to apply and have not materially changed. KEFI confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements.

Notes to Editor

KEFI Gold and Copper plc

KEFI is focused primarily on the advanced Tulu Kapi Gold Project development project in Ethiopia, along with its pipeline of other projects within the highly prospective Arabian-Nubian Shield. KEFI targets that production at Tulu Kapi generates cash flows for capital repayments, further exploration and expansion as warranted and, when appropriate, dividends to shareholders.

KEFI in Ethiopia

Ethiopia is currently undergoing a remarkable transformation both politically and economically.

The Tulu Kapi gold project in western Ethiopia is being progressed towards development, following a grant of a Mining Licence in April 2015.

The Company has now refined contractual terms for project construction and operation, together with assembling the full funding consortium and set the conditional terms for the development funding package of c.US$221 million.

Estimates include gold production of c.190,000oz pa. All-in Sustaining Costs (including operating, sustaining capital and closure but not including leasing and other financing charges) remain c. US$800/oz. Tulu Kapi's Ore Reserve estimate totals 15.4Mt at 2.1g/t gold, containing 1.1Moz.

All aspects of the Tulu Kapi (open pit) gold project have been reported in compliance with the JORC Code (2012) and subjected to reviews by appropriate independent experts.

A Preliminary Economic Assessment has been published that indicates the economic attractiveness of mining the underground deposit adjacent to the Tulu Kapi open pit, after the start-up of the open pit and after positive cash flows have begun to repay project debts. An area of over 1,000 square kilometres adjacent to Tulu Kapi has been reserved for exploration by KEFI upon commencement of development, with a view to adding satellite deposits to development and production plans.

KEFI in the Kingdom of Saudi Arabia

In 2009, KEFI formed Gold & Minerals Limited ("G&M") in Saudi Arabia with local Saudi partner, ARTAR, to explore for gold and associated metals in the Arabian-Nubian Shield. KEFI has a 34% interest in G&M and is the operating partner.

ARTAR, on behalf of G&M, holds over 16 Exploration Licence (ELA) applications pending the introduction of the new Mining Law. ELs are renewable for up to three years and bestow the exclusive right to explore and to obtain a 30-year exploitation (mining) lease within the area.

The Kingdom of Saudi Arabia has announced policies to encourage mineral exploration and development, and KEFI Minerals supports this priority by serving as the technical partner within G&M. ARTAR also serves this government policy as the major partner in G&M, which is one of the early movers in the modern resurgence of the Kingdom's minerals sector.

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April 13, 2021 02:00 ET (06:00 GMT)

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