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KEFI Minerals Plc

KEFI Minerals First drill hole hits massive sulphides at Hawiah

KEFI Minerals (LON:KEFI), the gold exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, reported that following the commencement of drilling activities at the Company’s Hawiah Exploration Licence in Saudi Arabia, as announced on 30 September 2019, the first drill hole (HWD_001) has intercepted a 15.8 metre interval (true width estimated at 8 metres) of massive sulphide at a vertical depth of 125 metres.  The mineralisation encountered presents dominantly as pyrite and chalcopyrite (a principal ore for copper), and minor bornite, with associated alteration and lithology consistent with that of a Volcanic Massive Sulphide “VMS” system.  

Commenting KEFI’s Executive Chairman, Mr Harry Anagnostaras-Adams, said, “We are very pleased with this result straightaway with our first drill hole at the large Hawiah target.  This first drill intercept of massive sulphide confirms our exploration model and reinforces our confidence in the area’s high prospectivity for gold and copper.”

Assay results are pending for this hole and will be reported in due course.

This initial intersection confirms that VMS mineralisation is the source of the previously reported 5.5km long geophysical anomaly and that the mineralisation is copper bearing. This builds on the previous exploration work that demonstrated that the Hawiah Ridgeline is enriched in gold at surface with abundant secondary copper showings. Geophysical surveys identifying a strong and continuous anomaly under the ridge that remains open both along strike and down dip.

The drill intersection marks the successful start to the diamond drilling programme and adds further strength to the geological model as developed by the KEFI joint venture exploration team (Gold and Minerals Limited, or “G&M”). This model describes the Hawiah Ridge line as the oxidised surface expression of an extensive VMS system that hosts enriched gold mineralisation within the oxide portion (upper 25-30m) and copper bearing massive sulphide mineralisation below this depth.

The diamond drilling programme is designed to test this geological model and the geometry of both the near surface oxide gold mineralisation and massive sulphide copper target at depth.  Drill spacing is set at circa 250 metre intervals, with holes designed to test these targets over a strike of 1.5km.

KEFI Minerals is the operating partner of G&M, the joint venture company with the Company’s long-standing partner, Saudi conglomerate ARTAR.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.