KEFI Gold and Copper plc (LON:KEFI), the gold and copper exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, is pleased to report exciting exploration progress at the Company’s Al Godeyer Project in Saudi Arabia. The two Al Godeyer Exploration Licences were awarded in December 2021 and are located immediately west of the Company’s Hawiah Copper-Gold Project.
Initial exploration at Al Godeyer confirms similar copper-gold mineralisation to that of the Hawiah volcanic massive sulphide (“VMS”) deposit. Trenching, geophysics and initial drilling has indicated good continuity of the mineralised horizon and efforts are now focused on delivering an initial JORC Mineral Resource during 2022. Any defined resources would likely contribute directly to the proximal Hawiah project where Mineral Resources, as announced on 6 January 2022 and set out below, currently stand at 24.9 million tonnes at 0.90% copper, 0.85% zinc, 0.62 g/t gold and 9.81 g/t silver.
Highlights
· Self-Potential (“SP”) geophysical survey at Al Godeyer has defined a continuous anomaly 1.3km in strike and a second, shorter anomaly, located along strike to the southeast (see Figure 2), both anomalies correlate well with the mapped NW/SE striking gossans
· These SP responses are very similar in intensity to the gossan/sulphide SP responses recorded at Hawiah
· Trench mapping has confirmed the presence of gold and copper gossans in all trenches over the main SP anomaly and the majority of trenches over the SE anomaly (see Figure 3). Rock chips taken during the mapping phase confirmed mineralisation with grades of up to 7.2g/t gold and 1.8% copper in assays received to date
· Given these encouraging initial results, reverse circulation (“RC”) drilling has commenced ahead of schedule and has intersected oxide and transition sulphides down to a vertical depth of 35m in the first six holes (see Figure 4).
· Drilling has confirmed the horizon is dipping at around 65 degrees to the NE with geological widths varying up to 10m – Assay results are pending for all drillholes
· A Diamond drill rig is set to join the drilling programme in early April to begin testing deeper portions of the system and add additional geological information to help guide further resource expansion
Harry Anagnostaras-Adams, Executive Chairman of KEFI Gold and Copper, commented:
“The Al Godeyer licences were granted in late 2021 and the exploration team has already successfully demonstrated the continuity of the mapped gossans through trenching and geophysics and have advanced the project to drill testing in a little over three months. This highlights the clear potential that Al Godeyer has as a satellite deposit in supporting the Hawiah development, as well as reaffirming our belief this area will be developed into a world class mine. I am excited that drilling of the Al Godeyer gossans has already started and look forward to announcing progress towards an initial Al Godeyer Mineral Resource later this year.
“Elsewhere, we continue to make good progress in Ethiopia on the 1.7 million ounce Tulu Kapi Gold Project, which remains on track for mid-2022 launch as recently announced. Further updates will be provided in due course as the various milestones are met.”
