KEFI Gold and Copper (AIM: KEFI) has announced an upgrade to the mineral resource estimates (MRE) at the Hawiah Copper-Gold Project, part of the Saudi Arabian joint-venture Gold and Minerals Company Limited (GMCO).
There have been substantial increases and upgrading for both the main Hawiah deposit and the nearby Al Godeyer deposit.
KEFI executive chairman, Harry Anagnostaras-Adams, commented, “The updated mineral resource estimate for the Hawiah Copper-Gold Project has provided the firm basis for a long-life mine with potential for lower cost open-pit development during the early years of the project. With 85% (32Mt) of the project’s mineral resources now in the indicated resource category, further work is likely to define substantial ore reserves for a robust operation.”
The Hawiah mineral resource estimate has increased by 25% or 7.3Mt to 36.2Mt at 0.82% copper, 0.85% zinc, 0.64g/t gold and 10.0g/t silver, representing a tonnage increase of 25%. Total contained metal is now:
- 297,000t of copper (up 16% from 258,000t)
- 310,000t of zinc (up 14% from 272,000t)
- 745,000oz of gold (up 20% from 620,000oz)
- 11.6Moz of silver (up 23% from 9.4Moz)
Hawiah indicated resource increased to 30.5Mt (up 146% from 12.4Mt) and upgraded to 85% of the total Hawiah resource, and Hawiah resources reporting to the open-pit scenario have increased to 12.7Mt (up 14% from 11.1Mt) and all in the indicated category, reaffirming the potential for an initial open-pit mining operation and a lower start-up capital requirement.
Also, the Al Godeyer mineral resource estimate has increased by 0.65Mt to 2.0Mt at 0.93% copper, 0.53% zinc, 1.21g/t gold, and 7.4g/t silver, representing a tonnage increase of 48% and all in the indicated category.
Resources for the Hawiah Copper-Gold Project now total 38.2Mt, of which 14.7Mt report to open-pit scenarios.
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