23rd Oct 2019 09:26
(Alliance News) - Shares in KEFI Minerals PLC rose Wednesday as the firm said it is "very pleased" with results from its first ever hole in Saudi Arabia.
Nicosia, Cyprus-based KEFI shares were 11% higher in morning trade in London at a price of 0.74 pence each.
Drilling at the Hawiah exploration licence found a 15.8 metre interval of massive sulphide at a depth of 125 metres. The mineralisation was mainly pyrite and chalcopyrite, the latter of which is a major copper ore.
KEFI said this find confirms the volcanic massive sulphide mineralisation is the source of a previously reported 5.5 kilometre-long geophysical anomaly, and that the mineralised zone bears copper.
Previously, KEFI's exploration work at shown the Hawiah ridgeline to have gold at the surface with "abundant" secondary copper.
Executive Chair Harry Anagnostaras-Adams said: "We are very pleased with this result straight away 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."
By George Collard; [email protected]
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