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KEFI Minerals plc Drilling confirms massive sulphides at Hawiah

23/01/2020 7:00am

UK Regulatory (RNS & others)


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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:

   --      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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