KEFI (AIM: KEFI) has reported that its Gold and Minerals SLA (GMCO) joint venture in Saudi Arabia has been announced by the Saudi Arabian Government as the winner of the tender for the 910km2 Al Hajar North Exploration Licence (EL) via a new 50:50 joint venture between GMCO/ARTAR and Hancock Prospecting Pty Ltd, a leading Australian-based mining group.
GMCO’s technical expertise and record of discovery was coupled with the multi-billion dollar financial strength and commitment of both ARTAR and Hancock, and the Al Hajar North JV will be 50:50 GMCO/ARTAR and Hancock.
KEFI executive chairman Harry Anagnostaras-Adams stated, “This significant expansion of GMCO’s asset portfolio is coinciding with KEFI’s strategic review wherein we are currently engaging with a number of parties with a view to selecting, with major partner ARTAR, a short-list of parties to potentially replace KEFI’s position in GMCO and thus support GMCO’s long-term role to develop profitable mines in the Kingdom of Saudi Arabia. In light of this new Hancock JV and other recent developments at GMCO, the deadline for indicative non-binding proposals has been extended to 31 March 2025.”
The Al Hajar North JV was selected from 18 multi-billion-dollar groups that participated in the tenders for five mineralized belts covering 4,788km2 identified as being amongst the most prospective areas for “Global Tier 1” orebodies within Saudi Arabia.
The Al Hajar North EL covers the northern Wadi Shwas Mineral Belt in southwest Saudi Arabia and runs parallel to and only 50km east of the geologically comparable Wadi Bidah Mineral Belt (WBMB) where GMCO has made three volcanic massive sulphide (VMS) discoveries (Hawiah, Al Godeyer, and Abu Salal).
As with the WBMB, the Wadi Shwas Mineral Belt (WSMB) is highly prospective for VMS and orogenic gold deposits, comprising similar rock units and formational environments.
Additionally, through a review of historical and more recent exploration works across the Wadi Shwas Mineral Belt, the GMCO exploration team have identified 26 mineral occurrences within the Al Hajar North EL which will form the primary focus of GMCO’s initial exploration programme.
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