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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.014 | -2.55% | 0.536 | 0.536 | 0.544 | 0.556 | 0.536 | 0.55 | 27,775,000 | 15:25:21 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Metal Mining Services | 0 | -6.36M | -0.0013 | -4.23 | 27.31M |
From Apr 2019 to Apr 2024
TIDMKEFI
RNS Number : 6586A
KEFI Minerals plc
23 January 2020
23 January 2020
KEFI Minerals plc
("KEFI" or the "Company")
Drilling confirms large scale of massive sulphides at Hawiah VMS project in Saudi Arabia
Over 4km of consistent mineralisation encountered, remains open at depth and along strike
Intercepts of up to 5% Cu equivalent
Similar characteristics to the nearby Al Masane polymetallic VMS mine
Expanded drill programme underway for maiden resource
KEFI Minerals (AIM: KEFI), the gold exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, is pleased to announce that the initial drilling programme at the Company's Hawiah prospect in Saudi Arabia ("Hawiah" or the "Hawiah deposit") has demonstrated the continuous presence of massive sulphides directly below 4km of the gossanous Hawiah ridgeline.
Highlights
-- Copper-zinc-gold-silver sulphide mineralisation intercepted consistently over more than 4km
-- The sub-vertical mineralisation remains entirely open at depth as well as to the north and south within the Exploration Licence
-- Further drilling has already commenced to define an initial Mineral Resource estimate
Drilling to date has confirmed that Volcanic Massive Sulphide ("VMS") style of mineralisation is the source of the extensive and exceptionally strong geophysical anomalies under the ridgeline and that the mineralisation contains copper, zinc, gold and silver. Further illustrative information is contained in Appendix One which may be accessed through the following link - http://www.rns-pdf.londonstockexchange.com/rns/6586A_1-2020-1-22.pdf
Executive Chairman of KEFI, Mr Harry Anagnostaras-Adams, commented:
"Hawiah drilling to date has consistently intercepted massive sulphides containing base and precious metals in the expected location below 4km of the gossanous ridgeline.
"This drilling has already confirmed that Hawiah is a large VMS system that appears analogous to and larger than the Al Masane VMS mine in southern Saudi Arabia.
"Excellent continuity over the 4km makes the Hawiah VMS mineralisation easy to drill out and ultimately to be amenable to straightforward underground mining.
"We have already commenced the next phase of drilling which is likely to lead to an initial Mineral Resource estimate."
The VMS mineralisation is proving to be continuous under the Hawiah ridgeline and is present from surface to a vertical depth of 275m. Whilst many assay results are still being received, the following overwhelmingly positive conclusions can already be drawn:
-- Drilling has demonstrated the presence of massive sulphides directly below 4km of the Hawiah ridgeline, with estimate true thickness ("ETW") of the massive sulphide intervals ranging from 0.5m to 11.5m;
-- The mineralisation intercepted has been laterally continuous along strike and down dip with very limited apparent structural offsets or deformation;
-- Sufficient drilling has been completed to identify two particular zones with the following preliminary parameters for potentially mineable lodes:
o The 'Camp Lode': 800m long, with an average width of 8m and confirmed to a depth of 275m below surface (Figures 1 and 2); and
o The 'Crossroads Lode': 600m long, with an average width of 6m and confirmed to a depth of 135m below surface (Figures 1 and 3).
-- Both of these lodes remain open at depth and all geological indicators suggest that only the fringe/apron of this VMS system has been drilled to date; and
-- Geochemical analysis and volcaniclastic textures within the Camp and Crossroads Lodes indicate increasing proximity with depth beneath the core of these Lodes to a potential vent source where typically thicker massive sulphides and stockwork-style sulphide mineralisation is found.
Based on published literature, the Hawiah deposit appears analogous to the Al Masane polymetallic VMS mine in southern Saudi Arabia, with similar metal composition and structural and geological settings, (reported proven and probable reserves of 7.21mt at 1.42% Cu, 5.31% Zn, 1.19g/t Au and 40.2 g/t Ag which is approximately 400,000 tonnes contained copper-equivalent in situ). To the north of Hawiah is another polymetallic VMS mine, Jabal Sayid, which is operated by Barrick Gold Corporation and Saudi Arabian Mining Company, Ma'aden, and is focused on the stockwork zone (reported proven and probable reserves of 27.11mt at 2.38% Cu being 650,000 tonnes contained copper in-situ).
The massive sulphides intercepted at Hawiah comprise a polymetallic blend of copper, zinc, gold and silver:
Hot Features
Premium
-- Best intercepts in the Camp Lode include:
Hole From Downhole Estimated Copper Zinc Gold Silver Copper
(m) Interval True (%) (%) (g/t) (g/t) Equivalent
(m) Width (%)
(m)
HWD-1 151.0 16.0 8.0 1.3 0.5 0.5 9.1 2.0
----------------- -------------------- --------------------- ------------------ ---------------- ----------------- ------------------ ----------------------
HWD-3 38.6 8.4 6.5 4.2 0.2 0.7 15.6 5.0
----------------- -------------------- --------------------- ------------------ ---------------- ----------------- ------------------ ----------------------
HWD-5 358.6 12.4 9.0 1.3 1.3 0.7 14.1 2.6
----------------- -------------------- --------------------- ------------------ ---------------- ----------------- ------------------ ----------------------
HWD-12 49.7 7.8 6.2 1.1 0.5 0.1 5.7 1.4
----------------- -------------------- --------------------- ------------------ ---------------- ----------------- ------------------ ----------------------
Note: Copper-equivalent grades have been estimated based on the following prices which approximate current spot prices: copper $6,000/tonne, zinc $2,500/tonne, gold $1,550/ounce and silver $18/ounce. Recoveries of 80% have been applied for each metal as metallurgical test work has not yet been undertaken. It is the Company's opinion that all elements included in the copper-equivalent calculation have a reasonable potential to be recovered and sold.
-- Whilst assay results are only currently becoming available for the Crossroad Lode copper mineralisation (chalcopyrite/chalcocite) has been visually identified in all drillholes with massive sulphide intersections and the following intercepts include:
Hole From Downhole Estimated Copper Zinc Gold Silver Copper
(m) Interval True (%) (%) (g/t) (g/t) Equivalent
(m) Width (%)
(m)
HWD-17 51.3 2.8 2.2 2.5 0.6 1.6 29.1 4.4
---------------- -------------------- --------------------- ------------------ ---------------- ----------------- ------------------ ----------------------
HWD-18 73.0 12.6 8.0 2.8 0.1 0.8 13.6 3.5
---------------- -------------------- --------------------- ------------------ ---------------- ----------------- ------------------ ----------------------
HWD-19 51.7 9.8 6.4 1.7 0.0 0.8 13.6 2.5
---------------- -------------------- --------------------- ------------------ ---------------- ----------------- ------------------ ----------------------
-- Massive sulphides were intersected in drillhole HWD-28 which is approximately 150m north of the Hawiah ridgeline, confirming the mineralised horizon continues at depth (named Crossroads Extension area) even beyond the northern surface exposure; and
-- Chalcopyrite continues to be frequently present as secondary mineralisation within veins and as disseminations within higher permeability areas, indicating that the primary feeder for mineralisation is yet to be identified.
Further Information
KEFI's initial Hawiah drilling programme was completed in Q4 2019. Following positive results, the programme was extended from 2,500m to 3,000m of diamond drilling.
The Hawiah mineralised structure under a gossanous ridgeline and is orientated along an approximately north-south trending strike and the with a sub-vertical to westward dip.
Trenching by KEFI has demonstrated good gold grades occur along the strike length of this over a 5km-long gossanous horizon. The upper gossan portion of the mineralised zone remains challenging to sample by drilling because of typical weathering patterns and the numerous cavity zones encountered. This oxidised portion of the deposit, which has demonstrated high levels of gold mineralisation (HWD-6: up to 3.1g/t gold) will be further investigated during the second phase of exploration.
G&M Joint Venture
In the Kingdom of Saudi Arabia, KEFI conducts all its activities through Gold and Minerals Co. Limited ("G&M"), a joint venture company with Abdul Rahman Saad Al Rashid and Sons Limited ("ARTAR"). KEFI is operator and is fortunate to have such a large and strong Saudi group as a partner.
Based on the Hawiah results to date, the Board of joint venture company Gold & Minerals Limited has approved a Stage 2 Hawiah drilling programme which is aimed at delineating an initial Mineral Resource over the next 6 months in accordance with the JORC Code. A Preliminary Economic Assessment and the triggering of a development feasibility study will be undertaken, if warranted.
KEFI has recently diluted its interest in G&M to 37% (from 40%) in return for funding contributed by ARTAR during 2018 and 2019. Given the highly encouraging results from the recent drilling campaign, KEFI does not intend to dilute further and believes it is now in a solid position to contribute its share of G&M costs going forward.
KEFI anticipates Hawiah can be advanced to a development decision at relatively low cost due to the continuous nature of the mineralisation and, in due course, development funding will be readily available. For example, KEFI not only has a strong partner in G&M but also the Saudi Industrial Development Fund provides loans for up to 75% of the capital cost of mine development at attractive interest rates.
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.
Enquiries
KEFI Minerals plc Harry Anagnostaras-Adams (Managing Director) +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, Soltan Tagiev Brandon Hill Capital Ltd (Joint Broker) +44 (0) 20 7936 5200 Oliver Stansfield, Jonathan Evans IFC Advisory Ltd (Financial PR and IR) Tim Metcalfe, Florence Chandler +44 (0) 20 3934 6630
Detailed Assay Results
Table 1 - Summary table for assay results received for Hawiah drilling- sorted by area
Hole id From To Downhole Estimated Cu Zn Au Ag Area Mineralisation
(m) (m) interval true (%) (%) (g/t) (g/t) style
(m) width (m)
HWD-1 151 167 16 8 1.2 0.51 0.51 9.1 Camp Lode Massive sulphide
HWD-2b 37.35 40 2.65 2 2.49 0.11 1.92 17.79 Camp Lode Oxide/Transition
HWD-3 38.65 47 8.79 6 4.4 1.5 0.65 15.6 Camp Lode Transition
HWD-4 263.3 264.3 1 0.63 0.92 0.25 26.4 Camp Lode Massive sulphide
269 284 15 10.8 0.92 0.37 0.53 6.92 Camp Lode Massive sulphide
277 284 7 1.5 Camp Lode Massive sulphide
HWD-5 358.58 371 12.42 9 1.27 1.12 0.66 14.13 Camp Lode Massive sulphide
HWD-11 58 72 14 11.5 0.66 2.48 0.7 11.2 Camp Lode Massive sulphide
58 63 5 4.8 1.05 1.08 0.2 5.3 Camp Lode Massive sulphide
61.2 72 10.8 9 0.68 3.16 0.9 13.8 Camp Lode Massive sulphide
HWD-12 49.74 57.5 7.8 6.2 1.13 0.45 0.1 5.7 Camp Lode Massive sulphide
HWD-15 129.4 133.85 4.45 4.04 1.24 0.47 0.19 5.83 Camp Lode Massive sulphide
HWD-16 - - - - Camp Lode Exploration hole
--------- ------- ------- ---------- ---------- ----- ----- ------- ------- ----------- -------------------
Central
HWD-6 14.2 19.9 5.7 4 0.06 0.09 3.09 5.7 Zone Oxide*
Central
25.55 26.3 0.75 1.8 0.14 0.02 0.5 Zone Oxide
Central
HWD-7 16.3 21.25 4.95 3.5 0.09 0.1 0.08 2.74 Zone Oxide*
Central
39.55 44.3 4.75 3 1.03 0.02 0.03 0 Zone Oxide
Central
HWD-8 12.15 16.05 3.9 3 0.18 0.25 3.9 5.9 Zone Oxide*
Central
18.05 20.05 2 1.5 0.07 0.07 0.42 10 Zone Oxide*
Central
HWD-9 100 102.38 2.38 2 0.58 3.6 0.7 18.1 Zone Massive sulphide
Central
109.65 111.85 2.2 2 1.71 2.55 0.6 12.2 Zone Massive sulphide
Central
HWD-10 88 90 2 0.17 0.01 0.1 0.6 Zone
HWD-13 - - - - Central No Mineralisation
Zone
HWD-14 - - - - Central No Mineralisation
Zone
Central
HWD-17 51.32 54.15 2.83 2.2 2.52 0.58 1.57 29.17 Zone Transition
Central
HWD-29 67.7 68.4 0.7 0.5 - - - - Zone Massive sulphide
--------- ------- ------- ---------- ---------- ----- ----- ------- ------- ----------- -------------------
Crossroads
HWD-27 79.7 87.5 7.8 5.5 - - - - Ext Massive sulphide
Crossroads
HWD-28 60.6 62.2 1.6 1.2 - - - - Ext Massive sulphide
--------- ------- ------- ---------- ---------- ----- ----- ------- ------- ----------- -------------------
Crossroads
HWD-18 73 85.65 12.65 8 2.77 0.14 0.83 13.62 Lode Massive sulphide
Crossroads
HWD-19 51.72 61.55 9.83 6.4 1.69 0.04 0.82 13.57 Lode Massive sulphide
Crossroads Transition/Massive
HWD-20 50.95 51.52 0.57 0.5 - - - - Lode sulphide
Crossroads
HWD-21 18.75 28.1 9.35 7 - - - - Lode Oxide/Transition
Crossroads
HWD-22 22.05 31.4 9.35 7 - - - - Lode Oxide/Transition
Crossroads
HWD-23 23.5 29.55 6.05 4.5 - - - - Lode Oxide/Transition
Crossroads
HWD-24 55.65 60.45 4.8 4 - - - - Lode Massive sulphide
Crossroads
HWD-25 137.15 147.65 10.5 6 - - - - Lode Massive sulphide
Crossroads
HWD-26 134.2 138.4 4.2 4 - - - - Lode Massive sulphide
* Oxide zones with poor core recovery of <40%.
Table 2 - Assay results and simplified geology for the mineralised and surrounding intervals
Hole id Geology From (m) To (m) Interval Cu (ppm) Zn (ppm) Au (g/t) Ag (g/t)
(m)
HWD-1 Greenschist 148 149 1 64 95 0.01 0.2
HWD-1 Greenschist 149 150 1 49 81 0.01 0.2
Greenschist/Massive
HWD-1 Sulphide 150 151 1 818 133 0.17 2.9
HWD-1 Massive Sulphide 151 152 1 1760 2980 0.92 5.9
HWD-1 Massive Sulphide 152 153 1 1990 3000 1.01 6.7
HWD-1 Massive Sulphide 153 154 1 941 10000 0.96 5.1
HWD-1 Massive Sulphide 154 155 1 2770 10000 0.47 5.1
HWD-1 Massive Sulphide 155 156 1 12300 10000 0.55 13.7
HWD-1 Massive Sulphide 156 157 1 9870 6300 0.8 15.6
HWD-1 Massive Sulphide 157 158 1 4950 8720 0.74 17.2
HWD-1 Massive Sulphide 158 158.7 0.7 11150 9970 0.53 14.2
HWD-1 Granodiorite Dyke 158.7 159.2 0.5 741 647 0.07 2
HWD-1 Massive Sulphide 159.2 160 0.8 19700 9430 0.41 9
HWD-1 Massive Sulphide 160 161 1 30700 7280 0.41 15.5
HWD-1 Massive Sulphide 161 162 1 21800 3340 0.33 11.5
HWD-1 Massive Sulphide 162 163 1 20500 3890 0.44 9.7
HWD-1 Massive Sulphide 163 164 1 8300 585 0.42 4
HWD-1 Massive Sulphide 164 165 1 21000 192 0.17 6.3
HWD-1 Massive Sulphide 165 166 1 28100 155 0.17 7.8
Greenschist with
pyrite/Chalcopyrite
HWD-1 stringers 166 167 1 13600 383 0.04 3.3
HWD-1 Greenschist 167 168 1 126 82 0.01 0.2
HWD-1 Greenschist 168 169 1 180 83 0.01 0.2
HWD-1 Greenschist 169 170 1 104 66 0.01 0.2
HWD-1 Greenschist 170 171 1 37 85 0.01 0.2
HWD-2B Greenschist 16.85 18 1.15 76 83 0.01 0.5
HWD-2B Greenschist 18 19 1 69 84 0.01 0.5
HWD-2B Greenschist 19 20 1 238 123 0.01 0.9
Greenschist with
HWD-2B Fault Gouge 20 21.25 1.25 378 338 0.01 0.5
HWD-2B Unconsolidated Sediment 21.25 23.25 2 9640 1325 0.01 0.5
HWD-2B Unconsolidated Sediment 23.25 26.75 3.5 2010 395 0.01 5.9
HWD-2B Gossan 26.75 27.45 0.7 1180 597 0.09 0.6
HWD-2B Gossan 29.45 30.15 0.7 550 640 0.11 0.6
HWD-2B Gossan 32.55 33.15 0.6 540 633 0.14 0.8
HWD-2B Chert 33.15 34 0.85 111 115 1.05 6.1
HWD-2B Quartz Rich Argillite 35 36 1 271 115 0.03 0.5
HWD-2B Kaolinised Schist 36 37.35 1.35 764 278 0.02 3.5
HWD-2B Massive Sulphide 37.35 38.15 0.8 37800 1240 2.1 38.2
HWD-2B Gossan 38.15 39 0.85 21600 1360 0.53 10.8
HWD-2B Gossan 39 40 1 17350 817 0.32 7.4
HWD-2B Gossan 40 41 1 1890 194 0.02 2.3
HWD-2B Fractured Schist 41 43 2 3240 190 0.01 0.5
HWD-2B Greenschist 43 44 1 277 649 0.01 0.5
HWD-2B Greenschist 44 45 1 55 760 0.01 0.5
HWD-2B Greenschist 45 48 3 75 412 0.01 0.5
HWD-2B Greenschist 48 51 3 51 622 0.01 0.5
HWD-3 Greenschist 30.7 32 1.3 287 1030 0.01 0.5
HWD-3 Greenschist 32 32.75 0.75 610 1190 0.01 0.5
HWD-3 Greenschist 32.75 33.15 0.4 757 2220 0.01 0.5
HWD-3 Gossan 35.95 36.4 0.45 425 911 0.21 1.8
HWD-3 Massive Sulphide 38.65 39.75 1.1 17600 290 0.6 12.3
HWD-3 Massive Sulphide 39.75 40.5 0.75 21900 296 0.67 19.3
HWD-3 Massive Sulphide 40.5 41 0.5 23500 581 0.61 12.8
HWD-3 Massive Sulphide 41 42 1 45500 517 0.64 16.5
HWD-3 Massive Sulphide 42 43 1 83200 222 0.56 23.7
HWD-3 Massive Sulphide 43 44 1 66100 412 0.61 21.5
HWD-3 Massive Sulphide 44 45 1 54100 2320 0.61 15.3
HWD-3 Massive Sulphide 45 46 1 41200 1670 0.72 14.3
HWD-3 Massive Sulphide 46 47 1 30100 5760 0.72 7.7
HWD-3 Massive Sulphide 47 47.44 0.44 12050 3350 0.79 8.4
HWD-3 Kaolinised Schist 48.65 49.25 0.6 1530 359 0.11 1.2
HWD-3 Greenschist 49.25 50 0.75 582 876 0.01 0.5
HWD-3 Greenschist 50 53 3 92 80 0.01 0.5
HWD-4 Greenschist 258 261 3 99 171 0.07 0.5
HWD-4 Greenschist 261 262 1 4 92 0.01 <0.5
HWD-4 Greenschist 262 263.3 1.3 14 98 0.02 <0.5
Semi Massive Sulphide
HWD-4 in Greenschist 263.3 264.3 1 6320 9260 0.25 26.4
Greenschist with
HWD-4 Sulphide Stringers 264.3 265 0.7 1310 2880 1.38 4.6
Greenschist with
HWD-4 Sulphide Stringers 265 266 1 123 186 <0.01 <0.5
Greenschist with
HWD-4 Sulphide Stringers 266 267 1 67 130 <0.01 <0.5
HWD-4 Semi Massive Sulphide 267 268 1 1030 273 0.2 2.9
HWD-4 Massive Sulphide 268 269 1 2410 285 0.46 4.6
HWD-4 Massive Sulphide 269 270 1 7860 250 0.99 11.9
HWD-4 Massive Sulphide 270 271 1 5570 6030 1.06 8.6
HWD-4 Massive Sulphide 271 272 1 5510 4960 0.65 7.5
HWD-4 Massive Sulphide 272 273 1 9880 3410 0.46 7.4
HWD-4 Massive Sulphide 273 274 1 1460 2140 0.52 4.1
HWD-4 Massive Sulphide 274 275 1 1270 940 0.55 4.3
HWD-4 Massive Sulphide 275 276 1 739 864 0.47 3.4
HWD-4 Massive Sulphide 276 277 1 787 4170 0.54 3.3
HWD-4 Massive Sulphide 277 278 1 3010 6240 0.4 3.4
HWD-4 Massive Sulphide 278 279 1 9830 8970 0.32 7
HWD-4 Massive Sulphide 279 280 1 14650 5910 0.31 9
HWD-4 Massive Sulphide 280 281 1 15850 6710 0.36 7.7
HWD-4 Massive Sulphide 281 282 1 23700 2030 0.43 8.6
HWD-4 Massive Sulphide 282 283 1 30800 1740 0.53 13.9
HWD-4 Massive Sulphide 283 284 1 7150 679 0.38 3.7
HWD-4 Greenschist 284 285 1 98 451 0.01 <0.5
HWD-4 Greenschist 285 286 1 329 140 0.01 <0.5
HWD-4 Greenschist 286 287 1 522 114 0.01 <0.5
HWD-5 Greenschist 350 353 3 136 85 0.01 <0.5
HWD-5 Greenschist 353 356 3 75 81 0.01 <0.5
HWD-5 Greenschist 356 357 1 22 55 0.01 <0.5
HWD-5 Greenschist 357 358 1 177 82 0.01 <0.5
HWD-5 Greenschist 358 358.58 0.58 102 102 0.02 <0.5
HWD-5 Massive Sulphide 358.58 359 0.42 4210 54200 2.67 26.5
HWD-5 Massive Sulphide 359 360 1 3140 25700 1.56 15.5
HWD-5 Massive Sulphide 360 361 1 6980 17700 0.77 15.7
HWD-5 Massive Sulphide 361 362 1 25900 19750 0.6 17.3
HWD-5 Massive Sulphide 362 362.5 0.5 22300 6930 0.5 19.9
HWD-5 Massive Sulphide 362.5 363.4 0.9 6990 2750 0.21 6.8
HWD-5 Greenschist 363.4 363.9 0.5 4360 13900 0.19 4.3
HWD-5 Massive Sulphide 363.9 365 1.1 21900 14450 0.41 26.4
HWD-5 Massive Sulphide 365 366 1 9560 1250 0.61 15.9
HWD-5 Massive Sulphide 366 367 1 20600 9540 0.76 18.1
HWD-5 Massive Sulphide 367 368 1 27900 7450 0.53 21.1
HWD-5 Massive Sulphide 368 369 1 2640 23 0.01 <0.5
HWD-5 Massive Sulphide 369 369.35 0.35 2730 7030 0.33 5.2
HWD-5 Greenschist 369.35 370 0.65 8850 385 0.09 4.9
HWD-5 Greenschist 370 371 1 10800 3540 0.26 8.5
HWD-6 Greenschist 9 10 1 332 115 0.01 <0.5
HWD-6 Greenschist 10 11 1 1010 565 0.01 <0.5
HWD-6 Greenschist 11 12.2 1.2 2850 843 0.01 <0.5
HWD-6 Hematitic Argillite 12.2 14.2 2 1390 472 0.02 <0.5
Very little recovery
HWD-6 cavity horizon, gossan 14.2 17.55 3.35 544 826 3.18 8
HWD-6 Gossan 17.55 19.9 2.35 903 1060 2.95 2.4
HWD-6 Gossan 19.9 21.3 1.4 510 307 0.05 <0.5
HWD-6 Hematitic Argillite 21.3 23 1.7 559 192 0.01 <0.5
HWD-6 Hematitic Argillite 23 25.55 2.55 1940 433 0.02 <0.5
Hematitic Greenschist
HWD-6 with malachite 25.55 26.3 0.75 18050 1460 0.02 0.5
HWD-6 Hematitic Greenschist 26.3 27 0.7 3310 3050 0.02 <0.5
HWD-6 Hematitic Greenschist 27 28 1 968 1820 0.01 <0.5
HWD-6 Greenschist 28 29 1 1310 1700 0.02 <0.5
HWD-6 Greenschist 29 31 2 710 2100 0.01 <0.5
HWD-6 Greenschist 31 34 3 68 1880 0.01 <0.5
HWD-7 Kaolinite Mudstone 35.15 35.55 0.4 520 272 <0.01 0.7
HWD-7 Kaolinite Mudstone 35.55 36.55 1 1080 225 <0.01 <0.5
HWD-7 Kaolinite Mudstone 36.55 37.55 1 775 216 0.01 <0.5
HWD-7 Kaolinite Mudstone 37.55 38.55 1 677 230 <0.01 <0.5
HWD-7 Kaolinite Mudstone 38.55 39.55 1 955 183 <0.01 0.5
HWD-7 Chloritic Mudstone 39.55 40.55 1 3390 140 <0.01 <0.5
HWD-7 Chloritic Mudstone 40.55 41.55 1 13500 193 <0.01 <0.5
HWD-7 Chloritic Mudstone 41.55 42.3 0.75 12850 247 <0.01 <0.5
HWD-7 Fractured Gossan 42.3 43.3 1 14900 227 0.02 <0.5
HWD-7 Fractured Gossan 43.3 44.3 1 7570 174 0.01 <0.5
HWD-7 Greenschist 44.3 45 0.7 162 100 <0.01 <0.5
HWD-7 Greenschist 45 46 1 487 1040 <0.01 <0.5
HWD-8 Fractured Saprolite 9 11.55 2.55 348 642 0.01 <0.5
HWD-8 Gossan 11.55 12.15 0.6 89 151 0.03 <0.5
HWD-8 Gossan 12.15 14.55 2.4 193 304 0.72 2.1
HWD-8 Gossan 14.55 16.05 1.5 904 1190 5.5 1.9
HWD-8 Hematitic Mudstone 18.05 20.05 2 676 670 0.42 10
HWD-8 Massive Hematite 20.05 21.65 1.6 151 171 0.07 <0.5
HWD-8 Massive Hematite 27.15 27.85 0.7 67 121 0.11 0.6
HWD-9 Greenschist 95 96 1 97 109 0.01 <0.5
HWD-9 Greenschist 96 97 1 140 100 0.01 <0.5
HWD-9 Greenschist 97 98 1 93 106 0.01 <0.5
HWD-9 Greenschist 98 99 1 91 160 0.02 <0.5
HWD-9 Greenschist 99 100 1 96 487 0.03 <0.5
HWD-9 Massive Sulphide 100 101 1 4590 49600 0.87 18.3
HWD-9 Massive Sulphide 101 102 1 7320 23300 0.54 18.7
HWD-9 Massive Sulphide 102 102.38 0.38 5330 32900 0.43 15.8
HWD-9 Greenschist 102.38 104 1.62 55 290 0.01 <0.5
HWD-9 Greenschist 104 105 1 115 3700 0.14 1.8
HWD-9 Greenschist 105 106 1 54 113 <0.01 0.5
HWD-9 Greenschist 106 107 1 6 375 <0.01 <0.5
HWD-9 Greenschist 107 108 1 5 476 <0.01 <0.5
HWD-9 Felsic Dyke 108 109.65 1.65 115 2050 0.01 0.5
HWD-9 Massive Sulphide 109.65 110.55 0.9 12900 34500 0.5 11.1
HWD-9 Massive Sulphide 110.55 111.85 1.3 20000 19250 0.74 12.9
HWD-9 Greenschist 111.85 113 1.15 204 574 0.01 0.5
HWD-9 Greenschist 113 114 1 104 94 0.01 <0.5
HWD-9 Greenschist 114 115 1 20 138 0.01 <0.5
HWD-10 Banded Greenschist 85 86 1 285 88 <0.01 <0.5
HWD-10 Greenschist 86 87 1 141 77 <0.01 <0.5
HWD-10 Greenschist 87 88 1 123 78 <0.01 <0.5
Silicified Greenschist
with Chalcopyrite
HWD-10 stringers 88 89 1 1610 104 0.09 0.6
HWD-10 Greenschist 89 90 1 1750 158 0.06 0.5
HWD-10 Felsic Dyke 90 91 1 260 108 <0.01 <0.5
HWD-10 Greenschist 91 92 1 63 96 <0.01 <0.5
HWD-10 Greenschist 92 93 1 83 80 <0.01 <0.5
HWD-10 Greenschist 93 94 1 90 89 <0.01 <0.5
HWD-10 Greenschist 94 95 1 74 79 0.01 <0.5
HWD-10 Greenschist 95 96 1 91 86 <0.01 0.6
HWD-11 Fractured Greenschist 54 55 1 102 1110 0.01 <0.5
HWD-11 Fractured Greenschist 55 56 1 78 2030 0.02 <0.5
HWD-11 Fractured Greenschist 56 57 1 132 1360 0.01 <0.5
HWD-11 Fractured Greenschist 57 58 1 177 662 0.01 <0.5
HWD-11 Massive Sulphide 58 59 1 7850 1320 0.17 3.2
HWD-11 Massive Sulphide 59 60 1 8450 1590 0.17 3.6
HWD-11 Semi Massive Sulphide 60 60.73 0.73 3780 1510 0.13 2.1
HWD-11 Greenschist 60.73 61.2 0.47 41 4280 0.01 <0.5
HWD-11 Massive Sulphide 61.2 62 0.8 18250 20700 0.34 9.4
HWD-11 Massive Sulphide 62 63 1 18950 31400 0.37 10.8
HWD-11 Massive Sulphide 63 64 1 1740 59400 0.53 9.1
HWD-11 Massive Sulphide 64 65 1 6710 20700 0.61 12.7
HWD-11 Massive Sulphide 65 66 1 4400 16000 0.63 9.5
HWD-11 Massive Sulphide 66 67 1 4470 42900 0.68 10
HWD-11 Massive Sulphide 67 68 1 5410 30500 1.78 20
HWD-11 Massive Sulphide 68 69 1 3450 47200 2.29 20.9
HWD-11 Massive Sulphide 69 70 1 3800 25300 0.79 11.4
HWD-11 Massive Sulphide 70 71 1 4580 24000 0.96 21.4
HWD-11 Massive Sulphide 71 72 1 5120 27100 0.54 15.3
Greenschist / Massive
HWD-11 Sulphide 72 73 1 598 9340 0.21 5.7
HWD-11 Banded Greenschist 73 74 1 97 2140 0.01 <0.5
HWD-11 Greenschist 74 75 1 109 152 0.01 <0.5
HWD-11 Greenschist 75 78 3 161 121 0.01 <0.5
HWD-11 Greenschist 78 81 3 111 125 0.01 <0.5
HWD-12 Greenschist 45 47 2 86 134 0.01 <0.5
HWD-12 Greenschist 47 48 1 89 237 0.01 <0.5
HWD-12 Greenschist 48 49 1 114 189 0.01 <0.5
HWD-12 Greenschist 49 49.74 0.74 132 263 0.01 <0.5
HWD-12 Greenschist 49.74 50.32 0.58 17850 415 0.09 5.2
HWD-12 Massive Sulphide 50.32 51 0.68 11850 706 0.15 5.8
HWD-12 Massive Sulphide 51 52 1 14050 4800 0.21 6.4
HWD-12 Massive Sulphide 52 53 1 12050 1050 0.16 5.6
HWD-12 Massive Sulphide 53 54 1 9660 3130 0.19 5.7
HWD-12 Massive Sulphide 54 55 1 11850 12800 0.12 6.4
HWD-12 Massive Sulphide 55 55.65 0.65 19600 1150 0.12 9.5
Greenschist / Quartz
HWD-12 vein 55.65 56.75 1.1 3210 2880 0.05 2
HWD-12 Massive Sulphide 56.75 57.5 0.75 7540 11350 0.22 6.9
HWD-12 Sheared Greenschist 57.5 58 0.5 164 1080 0.02 <0.5
HWD-12 Sheared Greenschist 58 61 3 185 118 0.02 <0.5
HWD-12 Sheared Greenschist 61 64 3 109 86 0.01 <0.5
HWD-12 Sheared Greenschist 64 67 3 101 80 0.01 <0.5
HWD-12 Sheared Greenschist 67 70 3 154 78 <0.01 <0.5
HWD-15 Greenschist 117 120 3 83 83 <0.01 <0.5
HWD-15 Greenschist 120 123 3 95 81 <0.01 <0.5
HWD-15 Greenschist 123 125 2 114 90 <0.01 <0.5
HWD-15 Greenschist 125 127 2 81 86 <0.01 <0.5
HWD-15 Greenschist 127 128 1 86 81 <0.01 <0.5
HWD-15 Greenschist 128 129.4 1.4 1770 497 0.06 0.5
HWD-15 Massive sulphide 129.4 129.73 0.33 4260 510 0.1 2.5
HWD-15 Massive sulphide 129.73 131 1.27 4070 1740 0.03 1.6
HWD-15 Massive sulphide 131 132 1 16750 662 0.22 7
HWD-15 Massive sulphide 132 133 1 22500 626 0.29 11.6
HWD-15 Massive sulphide 133 133.85 0.85 10900 20500 0.32 5.3
HWD-15 Greenschist 133.85 135 1.15 114 105 <0.01 <0.5
HWD-15 Greenschist 135 136 1 119 93 <0.01 <0.5
HWD-15 Greenschist 136 137 1 139 78 <0.01 <0.5
HWD-15 Greenschist 137 138 1 94 84 <0.01 <0.5
HWD-15 Greenschist 138 140 2 110 89 0.01 <0.5
HWD-15 Greenschist 140 143 3 67 94 0.01 <0.5
HWD-15 Greenschist 143 146 3 142 90 <0.01 <0.5
HWD-17 Greenschist 46 47 1 7 148 <0.01 <0.5
HWD-17 Greenschist 47 48 1 2 673 <0.01 <0.5
HWD-17 Greenschist 48 49 1 9 709 <0.01 <0.5
HWD-17 Greenschist 49 50 1 57 1780 0.01 <0.5
HWD-17 Kaolinite 50 51 1 27 1060 0.02 <0.5
HWD-17 Kaolinite 51 51.32 0.32 1350 284 0.1 2.7
HWD-17 Massive sulphide 51.32 52.05 0.73 10900 1290 1.2 15.4
HWD-17 Massive sulphide 52.05 53 0.95 38600 11450 1.56 35.1
HWD-17 Massive sulphide 53 54.15 1.15 23200 4030 1.81 33
HWD-17 Greenschist 54.15 55 0.85 144 249 0.15 0.7
HWD-17 Greenschist 55 56 1 33 2360 <0.01 <0.5
HWD-17 Greenschist 56 57 1 62 3020 <0.01 <0.5
HWD-18 Greenschist 63 64 1 63 81 0.01 <0.5
HWD-18 Sheared greenschist 64 65 1 63 88 0.01 <0.5
HWD-18 Sheared greenschist 65 66 1 60 80 <0.01 <0.5
HWD-18 Sheared greenschist 66 67 1 42 290 <0.01 <0.5
HWD-18 Greenschist 67 68 1 423 1330 0.02 <0.5
HWD-18 Greenschist 68 69 1 76 7520 0.01 <0.5
HWD-18 Greenschist 69 70 1 84 4050 <0.01 <0.5
HWD-18 Greenschist 70 71 1 83 2860 <0.01 <0.5
HWD-18 Kaolinite 71 72 1 22 710 <0.01 <0.5
HWD-18 Kaolinite 72 73 1 18 252 <0.01 <0.5
Kaolinite / Massive
HWD-18 Sulphide 73 74 1 7660 286 0.41 7.7
HWD-18 Massive Sulphide 74 75 1 51300 1350 0.58 16.5
HWD-18 Massive Sulphide 75 76 1 60700 1620 0.48 14.2
HWD-18 Massive Sulphide 76 77 1 47200 1030 0.54 10.2
HWD-18 Massive Sulphide 77 78 1 29900 1300 0.78 8.1
HWD-18 Massive Sulphide 78 79 1 50000 2350 0.84 7.6
HWD-18 Massive Sulphide 79 80 1 23600 1050 1.31 14.3
HWD-18 Massive Sulphide 80 81 1 26600 861 0.98 17
HWD-18 Massive Sulphide 81 82 1 34200 1620 0.97 17.4
HWD-18 Massive Sulphide 82 83 1 4270 1180 1.76 23.3
HWD-18 Massive Sulphide 83 84 1 11850 1790 0 12.8
HWD-18 Massive Sulphide 84 85 1 1920 2160 0.99 15.4
HWD-18 Massive Sulphide 85 85.65 0.65 1850 1640 1.27 12
HWD-18 Quartz Vein 85.65 87.65 2 74 392 0.08 1
HWD-18 Kaolinite 87.65 88.65 1 30 502 0.01 <0.5
HWD-18 Kaolinite 88.65 89.65 1 40 1140 0.02 <0.5
HWD-18 Greenschist 89.65 90.65 1 14 5790 0.01 <0.5
HWD-18 Greenschist 90.65 91.3 0.65 10 4780 <0.01 <0.5
HWD-18 Greenschist 91.3 92 0.7 41 140 0.01 <0.5
HWD-18 Greenschist 92 93 1 58 111 0.01 <0.5
HWD-18 Greenschist 93 94 1 77 86 0.02 <0.5
HWD-18 Greenschist 94 94.35 0.35 77 152 0.01 <0.5
HWD-18 Greenschist 94.35 95 0.65 76 88 0.02 <0.5
HWD-18 Greenschist 95 98 3 107 86 0.02 <0.5
HWD-19 Greenschist 40 42 2 89 79 0.01 <0.5
HWD-19 Greenschist 42 43 1 95 85 0.01 <0.5
HWD-19 Fault zone 43 45 2 87 2610 0.01 <0.5
HWD-19 Greenschist 45 47 2 91 4000 0.01 <0.5
HWD-19 Kaolinite 47 50 3 1180 2050 0.01 <0.5
HWD-19 Kaolinite 50 51.72 1.72 445 313 0.04 1.6
HWD-19 Massive Sulphide 51.72 52.97 1.25 677 266 1.2 9.4
HWD-19 Clay/Massive Sulphide 52.97 53.93 0.96 3300 312 0.34 5.5
HWD-19 Massive Sulphide 53.93 55 1.07 57300 342 0.95 28.3
HWD-19 Massive Sulphide 55 56 1 16250 107 0.64 14.1
HWD-19 Massive Sulphide 56 57 1 16400 192 0.59 11.5
HWD-19 Massive Sulphide 57 58 1 23400 181 0.71 14.2
HWD-19 Massive Sulphide 58 59 1 21600 336 0.79 14.8
HWD-19 Massive Sulphide 59 60 1 15650 1030 0.91 13.2
HWD-19 Massive Sulphide 60 60.85 0.85 4800 551 1 11.7
HWD-19 Massive Sulphide 60.85 61.55 0.7 5230 623 0.98 11.9
HWD-19 Massive Sulphide/Kaolinite 61.55 63 1.45 2230 310 0.19 1.9
HWD-19 Kaolinite 63 63.95 0.95 1030 363 0.03 <0.5
HWD-19 Kaolinite 63.95 67 3.05 580 5520 0.01 <0.5
HWD-19 Greenschist 67 68 1 322 2480 0.01 <0.5
HWD-19 Fault Zone 68 69.55 1.55 90 129 0.01 <0.5
HWD-19 Greenschist 69.55 71 1.45 126 85 0.01 <0.5
HWD-19 Greenschist 71 74 3 100 78 0.02 <0.5
Competent Person Statement
The information in this announcement that relates to exploration results is based on information compiled by Mr Jeffrey Rayner. He is exploration adviser to KEFI, the Company's former Managing Director and a Member of the Australian Institute of Geoscientists ("AIG"). Mr Rayner is a geologist with sufficient relevant experience for Group reporting to qualify as a Competent Person as defined in the JORC Code 2012. Mr Rayner consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.
Notes to Editor
KEFI Minerals 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 Minerals 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. Estimates include open pit gold production of c. 140,000oz pa for a 7-year period. 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 Minerals 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 40% interest in G&M and is the operating partner.
ARTAR, on behalf of G&M, holds over 16 Exploration Licence (EL) 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 minerals 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.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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January 23, 2020 02:00 ET (07:00 GMT)
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