28th Nov 2013 14:19
LONDON (Alliance News) - Kefi Minerals PLC Thursday announced an updated JORC compliant total indicated and inferred resource at its 40%-owned Jibal Qutman prospect in Saudi Arabia.
The AIM-quoted gold and copper exploration and development company said the total resource is 17.7 million tonnes at 0.84 grams per tonne of gold for 480,000 ounces of gold in total.
The company said the indicated category is 13.6 million tonnes at 0.87 grams per tonne of gold and 4 million tonnes is in the inferred resource category at 0.74 grams per tonne of gold.
Kefi said the second phase drilling at the site is on-going and a new area of mineralisation has been discovered, called the East Zone, which is currently being drill tested.
The company also said pre-feasibility studies are underway at the site to accompany a mining licence application planned for the first quarter in 2014.
Kefi Minerals shares were up 1.7% at 2.44 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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