Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Mining company Kefi Gold and Copper has provided an update on its 34%-owned and operated Hawiah Project in Saudi Arabia following completion of the phase 3 drilling programme.
The company said the phase 3 programme has 'successfully demonstrated the down-plunge continuation of the southward plunging Camp Lode ore body, with the deepest intersection representing a 670m extension from the 2020 MRE area' and added that the increase in copper grade as predicted by the geological model 'is particularly encouraging'.
It confirmed that the success of the early drilling phases has demonstrated that the tonnage and grade at Hawiah are robust enough to warrant moving the project to the preliminary feasibility study stage, with a potential lodgement of a mining licence application targeted for mid-2022 and the start of development in 2023.
A total of 27 diamond drillholes covering 13,385m was completed in the phase 3 drilling programme and 13,500m of diamond drilling is planned for the phase 4 programme, which has already been commenced.
Executive chairman Harry Anagnostaras-Adams said: 'The drilling results to date show that the Hawiah deposit remains open at depth and along strike. The recent work programme has sought to quickly 'stretch' some of the extremities of the deposit and as such we are greatly encouraged to see returns of significant intercepts as drilling continues to demonstrate the size and scale of the Hawiah deposit.'
At 2:27pm: (LON:KEFI) KEFI Minerals PLC share price was 0p at 1.79p