LONDON (ShareCast) - (Sharecast News) - Ethiopia and Saudi Arabia-focussed gold exploration and development company Kefi Gold and Copper released its maiden mineral resource for the Hawiah Project in Saudi Arabia on Wednesday.
The AIM-traded firm said the inferred mineral resource estimate was 19.3 million tonnes at 0.9% copper, 0.8% zinc, 0.6 grams of gold per tonne, and 10.3 grams of silver per tonne.

It said the mineralisation remained open at depth, adding that there were also high grade zones outside of the current mineral resource, which would be targeted in the next drilling phase.

An internal preliminary economic assessment was being worked on for September.

"This maiden copper-zinc-gold-silver mineral resource is consistent with the guidance issued over the past few months and demonstrates the significant scale and quality of the Hawiah deposit," said executive chairman Harry Anagnostaras-Adams.

"Despite a number of challenges brought on by the Covid-19 pandemic, our team has been able to deliver this initial resource less than a year after drilling commenced at Hawiah."

Anagnostaras-Adams said the Hawiah deposit remained open, with further drilling having the potential to result in a larger mineral resource in due course.

"We are particularly keen to test for depth extensions of the identified higher-grade zones.

"We look forward to the outcomes of the internal preliminary economic assessment, expected to be completed in September.

"Our team is excited to be progressing Hawiah towards potential development and especially when the prices for copper, zinc, gold and silver are all increasing strongly."

At 0855 BST, shares in Kefi Gold and Copper were up 3.68% at 1.97p.

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