LONDON (ShareCast) - AIM-listed gold miner Kefi Minerals has been awarded its second major licence in Saudi Arabia.
The 95 square kilometre Hawiah Exploration Licence has been granted to Kefi's partner, Abdul Rahman Saad Al-Rashid & Sons Company on behalf of the Kefi-operated Gold and Minerals joint venture company.

"Exploration work has now commenced and initial focus will be on a large Volcanogenic Hosted Massive Sulphide (VHMS) target," Kefi said.

Exploration director Jeff Rayner said: "The Arabian-Nubian Shield is largely under explored and we are pleased that we have been awarded this high priority second licence to go along with the one we have already at Jibal Qutman.

"The potential at Hawiah is huge as it is considered to be comparable to some large copper and copper-zinc deposits in the Arabian-Nubian Shield, with ancient gold workings in the oxidized zones at surface."

VHMS deposits are closely associated with submarine volcanic rocks and are major sources of gold, copper, zinc, lead and silver.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE