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Mining company Kefi Gold and Copper said a maiden resource estimate for the Hawiah project in Saudi Arabia demonstrated its significant scale and quality.
The project's inferred mineral resource estimate was 19.3m tonnes, at 0.9% copper, 0.8% zinc, 0.6 grams per tonne of gold and 10.3 grams per tonne of silver.
High-grade zones outside of the current mineral resource would be targeted in the next drilling phase.
'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,' executive chairman Harry Anagnostaras-Adams said.
'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.'
'The Hawiah deposit remains open and further drilling has the potential to result in a larger mineral resource in due course.'
At 9:16am: (LON:KEFI) KEFI Minerals PLC share price was +0.06p at 1.96p