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KEFI Minerals plc (KEFI)

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Thursday 23 January, 2020

KEFI Minerals plc

Drilling confirms massive sulphides at Hawiah

RNS Number : 6586A
KEFI Minerals plc
23 January 2020
 

23 January 2020

 

KEFI Minerals plc

("KEFI" or the "Company")

 

Drilling confirms large scale of massive sulphides at Hawiah VMS project in Saudi Arabia

Over 4km of consistent mineralisation encountered, remains open at depth and along strike

Intercepts of up to 5% Cu equivalent

Similar characteristics to the nearby Al Masane polymetallic VMS mine

Expanded drill programme underway for maiden resource

 

KEFI Minerals (AIM: KEFI), the gold exploration and development company with projects in the Federal Democratic Republic of Ethiopia and the Kingdom of Saudi Arabia, is pleased to announce that the initial drilling programme at the Company's Hawiah prospect in Saudi Arabia ("Hawiah" or the "Hawiah deposit") has demonstrated the continuous presence of massive sulphides directly below 4km of the gossanous Hawiah ridgeline.

 

Highlights

 

·    Copper-zinc-gold-silver sulphide mineralisation intercepted consistently over more than 4km

·    The sub-vertical mineralisation remains entirely open at depth as well as to the north and south within the Exploration Licence

·    Further drilling has already commenced to define an initial Mineral Resource estimate

 

Drilling to date has confirmed that Volcanic Massive Sulphide ("VMS") style of mineralisation is the source of the extensive and exceptionally strong geophysical anomalies under the ridgeline and that the mineralisation contains copper, zinc, gold and silver.  Further illustrative information is contained in Appendix One which may be accessed through the following link - http://www.rns-pdf.londonstockexchange.com/rns/6586A_1-2020-1-22.pdf

 

Executive Chairman of KEFI, Mr Harry Anagnostaras-Adams, commented:

 

"Hawiah drilling to date has consistently intercepted massive sulphides containing base and precious metals in the expected location below 4km of the gossanous ridgeline.

 

"This drilling has already confirmed that Hawiah is a large VMS system that appears analogous to and larger than the Al Masane VMS mine in southern Saudi Arabia.

 

"Excellent continuity over the 4km makes the Hawiah VMS mineralisation easy to drill out and ultimately to be amenable to straightforward underground mining.

 

"We have already commenced the next phase of drilling which is likely to lead to an initial Mineral Resource estimate."

 

The VMS mineralisation is proving to be continuous under the Hawiah ridgeline and is present from surface to a vertical depth of 275m.  Whilst many assay results are still being received, the following overwhelmingly positive conclusions can already be drawn:

 

·      Drilling has demonstrated the presence of massive sulphides directly below 4km of the Hawiah ridgeline, with estimate true thickness ("ETW") of the massive sulphide intervals ranging from 0.5m to 11.5m;

 

·      The mineralisation intercepted has been laterally continuous along strike and down dip with very limited apparent structural offsets or deformation;

 

·      Sufficient drilling has been completed to identify two particular zones with the following preliminary parameters for potentially mineable lodes:

The 'Camp Lode': 800m long, with an average width of 8m and confirmed to a depth of 275m below surface (Figures 1 and 2); and

The 'Crossroads Lode': 600m long, with an average width of 6m and confirmed to a depth of 135m below surface (Figures 1 and 3).

 

·      Both of these lodes remain open at depth and all geological indicators suggest that only the fringe/apron of this VMS system has been drilled to date; and

 

·    Geochemical analysis and volcaniclastic textures within the Camp and Crossroads Lodes indicate increasing proximity with depth beneath the core of these Lodes to a potential vent source where typically thicker massive sulphides and stockwork-style sulphide mineralisation is found.

 

Based on published literature, the Hawiah deposit appears analogous to the Al Masane polymetallic VMS mine in southern Saudi Arabia, with similar metal composition and structural and geological settings, (reported proven and probable reserves of 7.21mt at 1.42% Cu, 5.31% Zn, 1.19g/t Au and 40.2 g/t Ag which is approximately 400,000 tonnes contained copper-equivalent in situ).  To the north of Hawiah is another polymetallic VMS mine, Jabal Sayid, which is operated by Barrick Gold Corporation and Saudi Arabian Mining Company, Ma'aden, and is focused on the stockwork zone (reported proven and probable reserves of 27.11mt at 2.38% Cu being 650,000 tonnes contained copper in-situ).

 

The massive sulphides intercepted at Hawiah comprise a polymetallic blend of copper, zinc, gold and silver:

 

·      Best intercepts in the Camp Lode include:

 

Hole

From
(m)

Downhole
Interval
(m)

Estimated
True Width
(m)

Copper
(%)

Zinc
(%)

Gold
(g/t)

Silver
(g/t)

Copper
Equivalent
(%)

 

HWD-1

151.0

16.0

8.0

1.3

0.5

0.5

9.1

2.0

 

HWD-3

38.6

8.4

6.5

4.2

0.2

0.7

15.6

5.0

 

HWD-5

358.6

12.4

9.0

1.3

1.3

0.7

14.1

2.6

 

HWD-12

49.7

7.8

6.2

1.1

0.5

0.1

5.7

1.4

 

 

Note: Copper-equivalent grades have been estimated based on the following prices which approximate current spot prices: copper $6,000/tonne, zinc $2,500/tonne, gold $1,550/ounce and silver $18/ounce. Recoveries of 80% have been applied for each metal as metallurgical test work has not yet been undertaken.  It is the Company's opinion that all elements included in the copper-equivalent calculation have a reasonable potential to be recovered and sold.

 

·      Whilst assay results are only currently becoming available for the Crossroad Lode copper mineralisation (chalcopyrite/chalcocite) has been visually identified in all drillholes with massive sulphide intersections and the following intercepts include:

 

Hole

From
(m)

Downhole
Interval
(m)

Estimated
True Width
(m)

Copper
(%)

Zinc
(%)

Gold
(g/t)

Silver
(g/t)

Copper
Equivalent
(%)

 

HWD-17

51.3

2.8

2.2

2.5

0.6

1.6

29.1

4.4

HWD-18

73.0

12.6

8.0

2.8

0.1

0.8

13.6

3.5

HWD-19

51.7

9.8

6.4

1.7

0.0

0.8

13.6

2.5

 

·      Massive sulphides were intersected in drillhole HWD-28 which is approximately 150m north of the Hawiah ridgeline, confirming the mineralised horizon continues at depth (named Crossroads Extension area) even beyond the northern surface exposure; and

 

·    Chalcopyrite continues to be frequently present as secondary mineralisation within veins and as disseminations within higher permeability areas, indicating that the primary feeder for mineralisation is yet to be identified.

 

Further Information

 

KEFI's initial Hawiah drilling programme was completed in Q4 2019.  Following positive results, the programme was extended from 2,500m to 3,000m of diamond drilling.

 

The Hawiah mineralised structure under a gossanous ridgeline and is orientated along an approximately north-south trending strike and the with a sub-vertical to westward dip.

 

Trenching by KEFI has demonstrated good gold grades occur along the strike length of this over a 5km-long gossanous horizon.  The upper gossan portion of the mineralised zone remains challenging to sample by drilling because of typical weathering patterns and the numerous cavity zones encountered. This oxidised portion of the deposit, which has demonstrated high levels of gold mineralisation (HWD-6: up to 3.1g/t gold) will be further investigated during the second phase of exploration.

 

G&M Joint Venture

 

In the Kingdom of Saudi Arabia, KEFI conducts all its activities through Gold and Minerals Co. Limited ("G&M"), a joint venture company with Abdul Rahman Saad Al Rashid and Sons Limited ("ARTAR"). KEFI is operator and is fortunate to have such a large and strong Saudi group as a partner.

 

Based on the Hawiah results to date, the Board of joint venture company Gold & Minerals Limited has approved a Stage 2 Hawiah drilling programme which is aimed at delineating an initial Mineral Resource over the next 6 months in accordance with the JORC Code.  A Preliminary Economic Assessment and the triggering of a development feasibility study will be undertaken, if warranted.

 

KEFI has recently diluted its interest in G&M to 37% (from 40%) in return for funding contributed by ARTAR during 2018 and 2019.  Given the highly encouraging results from the recent drilling campaign, KEFI does not intend to dilute further and believes it is now  in  a solid position to contribute its share of G&M costs going forward.

 

KEFI anticipates Hawiah can be advanced to a development decision at relatively low cost due to the continuous nature of the mineralisation and, in due course, development funding will be readily available.  For example, KEFI not only has a strong partner in G&M but also the Saudi Industrial Development Fund provides loans for up to 75% of the capital cost of mine development at attractive interest rates.

 

 

Market Abuse Regulation (MAR) Disclosure

 

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

 

 

Enquiries

KEFI Minerals plc

 

Harry Anagnostaras-Adams (Managing Director)

+357 99457843

John Leach (Finance Director)

+357 99208130

 

 

SP Angel Corporate Finance LLP (Nominated Adviser and Joint Broker)

+44 (0) 20 3470 0470

Jeff Keating, Soltan Tagiev

 

 

 

Brandon Hill Capital Ltd (Joint Broker)

+44 (0) 20 7936 5200

Oliver Stansfield, Jonathan Evans

 

 

 

IFC Advisory Ltd (Financial PR and IR)

 

Tim Metcalfe, Florence Chandler

+44 (0) 20 3934 6630

 

Detailed Assay Results

 

Table 1 - Summary table for assay results received for Hawiah drilling- sorted by area

Hole id

From
(m)

To
(m)

Downhole
interval
(m)

Estimated true width (m)

Cu

(%)

Zn
(%)

Au
(g/t)

Ag
(g/t)

Area

Mineralisation style

HWD-1

151

167

16

8

1.2

0.51

0.51

9.1

Camp Lode

Massive sulphide

HWD-2b

37.35

40

2.65

2

2.49

0.11

1.92

17.79

Camp Lode

Oxide/Transition

HWD-3

38.65

47

8.79

6

4.4

1.5

0.65

15.6

Camp Lode

Transition

HWD-4

263.3

264.3

1

 

0.63

0.92

0.25

26.4

Camp Lode

Massive sulphide

 

269

284

15

10.8

0.92

0.37

0.53

6.92

Camp Lode

Massive sulphide

 

277

284

7

 

1.5

 

 

 

Camp Lode

Massive sulphide

HWD-5

358.58

371

12.42

9

1.27

1.12

0.66

14.13

Camp Lode

Massive sulphide

HWD-11

58

72

14

11.5

0.66

2.48

0.7

11.2

Camp Lode

Massive sulphide

 

58

63

5

4.8

1.05

1.08

0.2

5.3

Camp Lode

Massive sulphide

 

61.2

72

10.8

9

0.68

3.16

0.9

13.8

Camp Lode

Massive sulphide

HWD-12

49.74

57.5

7.8

6.2

1.13

0.45

0.1

5.7

Camp Lode

Massive sulphide

HWD-15

129.4

133.85

4.45

4.04

1.24

0.47

0.19

5.83

Camp Lode

Massive sulphide

HWD-16

 

 

 

 

-

-

-

-

Camp Lode

Exploration hole

HWD-6

14.2

19.9

5.7

4

0.06

0.09

3.09

5.7

Central Zone

Oxide*

 

25.55

26.3

0.75

 

1.8

0.14

0.02

0.5

Central Zone

Oxide

HWD-7

16.3

21.25

4.95

3.5

0.09

0.1

0.08

2.74

Central Zone

Oxide*

 

39.55

44.3

4.75

3

1.03

0.02

0.03

0

Central Zone

Oxide

HWD-8

12.15

16.05

3.9

3

0.18

0.25

3.9

5.9

Central Zone

Oxide*

 

18.05

20.05

2

1.5

0.07

0.07

0.42

10

Central Zone

Oxide*

HWD-9

100

102.38

2.38

2

0.58

3.6

0.7

18.1

Central Zone

Massive sulphide

 

109.65

111.85

2.2

2

1.71

2.55

0.6

12.2

Central Zone

Massive sulphide

HWD-10

88

90

2

 

0.17

0.01

0.1

0.6

Central Zone

 

HWD-13

 

 

 

 

-

-

-

-

Central Zone

 No Mineralisation

HWD-14

 

 

 

 

-

-

-

-

Central Zone

 No Mineralisation

HWD-17

51.32

54.15

2.83

2.2

2.52

0.58

1.57

29.17

Central Zone

Transition

HWD-29

67.7

68.4

0.7

0.5

-

-

-

-

Central Zone

Massive sulphide

HWD-27

79.7

87.5

7.8

5.5

-

-

-

-

Crossroads Ext

Massive sulphide

HWD-28

60.6

62.2

1.6

1.2

-

-

-

-

Crossroads Ext

Massive sulphide

HWD-18

73

85.65

12.65

8

2.77

0.14

0.83

13.62

Crossroads Lode

Massive sulphide

HWD-19

51.72

61.55

9.83

6.4

1.69

0.04

0.82

13.57

Crossroads Lode

Massive sulphide

HWD-20

50.95

51.52

0.57

0.5

-

-

-

-

Crossroads Lode

Transition/Massive sulphide

HWD-21

18.75

28.1

9.35

7

-

-

-

-

Crossroads Lode

Oxide/Transition

HWD-22

22.05

31.4

9.35

7

-

-

-

-

Crossroads Lode

Oxide/Transition

HWD-23

23.5

29.55

6.05

4.5

-

-

-

-

Crossroads Lode

Oxide/Transition

HWD-24

55.65

60.45

4.8

4

-

-

-

-

Crossroads Lode

Massive sulphide

HWD-25

137.15

147.65

10.5

6

-

-

-

-

Crossroads Lode

Massive sulphide

HWD-26

134.2

138.4

4.2

4

-

-

-

-

Crossroads Lode

Massive sulphide

                       

* Oxide zones with poor core recovery of <40%.

 

 

 

Table 2 - Assay results and simplified geology for the mineralised and surrounding intervals

Hole id

Geology

From (m)

To (m)

Interval (m)

Cu (ppm)

Zn (ppm)

Au (g/t)

Ag  (g/t)

HWD-1

Greenschist

148

149

1

64

95

0.01

0.2

HWD-1

Greenschist

149

150

1

49

81

0.01

0.2

HWD-1

Greenschist/Massive Sulphide

150

151

1

818

133

0.17

2.9

HWD-1

Massive Sulphide

151

152

1

1760

2980

0.92

5.9

HWD-1

Massive Sulphide

152

153

1

1990

3000

1.01

6.7

HWD-1

Massive Sulphide

153

154

1

941

10000

0.96

5.1

HWD-1

Massive Sulphide

154

155

1

2770

10000

0.47

5.1

HWD-1

Massive Sulphide

155

156

1

12300

10000

0.55

13.7

HWD-1

Massive Sulphide

156

157

1

9870

6300

0.8

15.6

HWD-1

Massive Sulphide

157

158

1

4950

8720

0.74

17.2

HWD-1

Massive Sulphide

158

158.7

0.7

11150

9970

0.53

14.2

HWD-1

Granodiorite Dyke

158.7

159.2

0.5

741

647

0.07

2

HWD-1

Massive Sulphide

159.2

160

0.8

19700

9430

0.41

9

HWD-1

Massive Sulphide

160

161

1

30700

7280

0.41

15.5

HWD-1

Massive Sulphide

161

162

1

21800

3340

0.33

11.5

HWD-1

Massive Sulphide

162

163

1

20500

3890

0.44

9.7

HWD-1

Massive Sulphide

163

164

1

8300

585

0.42

4

HWD-1

Massive Sulphide

164

165

1

21000

192

0.17

6.3

HWD-1

Massive Sulphide

165

166

1

28100

155

0.17

7.8

HWD-1

Greenschist with pyrite/Chalcopyrite stringers

166

167

1

13600

383

0.04

3.3

HWD-1

Greenschist

167

168

1

126

82

0.01

0.2

HWD-1

Greenschist

168

169

1

180

83

0.01

0.2

HWD-1

Greenschist

169

170

1

104

66

0.01

0.2

HWD-1

Greenschist

170

171

1

37

85

0.01

0.2

HWD-2B

Greenschist

16.85

18

1.15

76

83

0.01

0.5

HWD-2B

Greenschist

18

19

1

69

84

0.01

0.5

HWD-2B

Greenschist

19

20

1

238

123

0.01

0.9

HWD-2B

Greenschist with Fault Gouge

20

21.25

1.25

378

338

0.01

0.5

HWD-2B

Unconsolidated Sediment

21.25

23.25

2

9640

1325

0.01

0.5

HWD-2B

Unconsolidated Sediment

23.25

26.75

3.5

2010

395

0.01

5.9

HWD-2B

Gossan

26.75

27.45

0.7

1180

597

0.09

0.6

HWD-2B

Gossan

29.45

30.15

0.7

550

640

0.11

0.6

HWD-2B

Gossan

32.55

33.15

0.6

540

633

0.14

0.8

HWD-2B

Chert

33.15

34

0.85

111

115

1.05

6.1

HWD-2B

Quartz Rich Argillite

35

36

1

271

115

0.03

0.5

HWD-2B

Kaolinised Schist

36

37.35

1.35

764

278

0.02

3.5

HWD-2B

Massive Sulphide

37.35

38.15

0.8

37800

1240

2.1

38.2

HWD-2B

Gossan

38.15

39

0.85

21600

1360

0.53

10.8

HWD-2B

Gossan

39

40

1

17350

817

0.32

7.4

HWD-2B

Gossan

40

41

1

1890

194

0.02

2.3

HWD-2B

Fractured Schist

41

43

2

3240

190

0.01

0.5

HWD-2B

Greenschist

43

44

1

277

649

0.01

0.5

HWD-2B

Greenschist

44

45

1

55

760

0.01

0.5

HWD-2B

Greenschist

45

48

3

75

412

0.01

0.5

HWD-2B

Greenschist

48

51

3

51

622

0.01

0.5

HWD-3

Greenschist

30.7

32

1.3

287

1030

0.01

0.5

HWD-3

Greenschist

32

32.75

0.75

610

1190

0.01

0.5

HWD-3

Greenschist

32.75

33.15

0.4

757

2220

0.01

0.5

HWD-3

Gossan

35.95

36.4

0.45

425

911

0.21

1.8

HWD-3

Massive Sulphide

38.65

39.75

1.1

17600

290

0.6

12.3

HWD-3

Massive Sulphide

39.75

40.5

0.75

21900

296

0.67

19.3

HWD-3

Massive Sulphide

40.5

41

0.5

23500

581

0.61

12.8

HWD-3

Massive Sulphide

41

42

1

45500

517

0.64

16.5

HWD-3

Massive Sulphide

42

43

1

83200

222

0.56

23.7

HWD-3

Massive Sulphide

43

44

1

66100

412

0.61

21.5

HWD-3

Massive Sulphide

44

45

1

54100

2320

0.61

15.3

HWD-3

Massive Sulphide

45

46

1

41200

1670

0.72

14.3

HWD-3

Massive Sulphide

46

47

1

30100

5760

0.72

7.7

HWD-3

Massive Sulphide

47

47.44

0.44

12050

3350

0.79

8.4

HWD-3

Kaolinised Schist

48.65

49.25

0.6

1530

359

0.11

1.2

HWD-3

Greenschist

49.25

50

0.75

582

876

0.01

0.5

HWD-3

 Greenschist

50

53

3

92

80

0.01

0.5

HWD-4

 Greenschist

258

261

3

99

171

0.07

0.5

HWD-4

 Greenschist

261

262

1

4

92

0.01

<0.5

HWD-4

 Greenschist

262

263.3

1.3

14

98

0.02

<0.5

HWD-4

Semi Massive Sulphide in Greenschist

263.3

264.3

1

6320

9260

0.25

26.4

HWD-4

Greenschist with Sulphide Stringers

264.3

265

0.7

1310

2880

1.38

4.6

HWD-4

Greenschist with Sulphide Stringers

265

266

1

123

186

<0.01

<0.5

HWD-4

Greenschist with Sulphide Stringers

266

267

1

67

130

<0.01

<0.5

HWD-4

Semi Massive Sulphide

267

268

1

1030

273

0.2

2.9

HWD-4

Massive Sulphide

268

269

1

2410

285

0.46

4.6

HWD-4

Massive Sulphide

269

270

1

7860

250

0.99

11.9

HWD-4

Massive Sulphide

270

271

1

5570

6030

1.06

8.6

HWD-4

Massive Sulphide

271

272

1

5510

4960

0.65

7.5

HWD-4

Massive Sulphide

272

273

1

9880

3410

0.46

7.4

HWD-4

Massive Sulphide

273

274

1

1460

2140

0.52

4.1

HWD-4

Massive Sulphide

274

275

1

1270

940

0.55

4.3

HWD-4

Massive Sulphide

275

276

1

739

864

0.47

3.4

HWD-4

Massive Sulphide

276

277

1

787

4170

0.54

3.3

HWD-4

Massive Sulphide

277

278

1

3010

6240

0.4

3.4

HWD-4

Massive Sulphide

278

279

1

9830

8970

0.32

7

HWD-4

Massive Sulphide

279

280

1

14650

5910

0.31

9

HWD-4

Massive Sulphide

280

281

1

15850

6710

0.36

7.7

HWD-4

Massive Sulphide

281

282

1

23700

2030

0.43

8.6

HWD-4

Massive Sulphide

282

283

1

30800

1740

0.53

13.9

HWD-4

Massive Sulphide

283

284

1

7150

679

0.38

3.7

HWD-4

Greenschist

284

285

1

98

451

0.01

<0.5

HWD-4

Greenschist

285

286

1

329

140

0.01

<0.5

HWD-4

Greenschist

286

287

1

522

114

0.01

<0.5

HWD-5

Greenschist

350

353

3

136

85

0.01

<0.5

HWD-5

Greenschist

353

356

3

75

81

0.01

<0.5

HWD-5

Greenschist

356

357

1

22

55

0.01

<0.5

HWD-5

Greenschist

357

358

1

177

82

0.01

<0.5

HWD-5

Greenschist

358

358.58

0.58

102

102

0.02

<0.5

HWD-5

Massive Sulphide

358.58

359

0.42

4210

54200

2.67

26.5

HWD-5

Massive Sulphide

359

360

1

3140

25700

1.56

15.5

HWD-5

Massive Sulphide

360

361

1

6980

17700

0.77

15.7

HWD-5

Massive Sulphide

361

362

1

25900

19750

0.6

17.3

HWD-5

Massive Sulphide

362

362.5

0.5

22300

6930

0.5

19.9

HWD-5

Massive Sulphide

362.5

363.4

0.9

6990

2750

0.21

6.8

HWD-5

Greenschist

363.4

363.9

0.5

4360

13900

0.19

4.3

HWD-5

Massive Sulphide

363.9

365

1.1

21900

14450

0.41

26.4

HWD-5

Massive Sulphide

365

366

1

9560

1250

0.61

15.9

HWD-5

Massive Sulphide

366

367

1

20600

9540

0.76

18.1

HWD-5

Massive Sulphide

367

368

1

27900

7450

0.53

21.1

HWD-5

Massive Sulphide

368

369

1

2640

23

0.01

<0.5

HWD-5

Massive Sulphide

369

369.35

0.35

2730

7030

0.33

5.2

HWD-5

Greenschist

369.35

370

0.65

8850

385

0.09

4.9

HWD-5

Greenschist

370

371

1

10800

3540

0.26

8.5

HWD-6

Greenschist

9

10

1

332

115

0.01

<0.5

HWD-6

Greenschist

10

11

1

1010

565

0.01

<0.5

HWD-6

Greenschist

11

12.2

1.2

2850

843

0.01

<0.5

HWD-6

Hematitic Argillite

12.2

14.2

2

1390

472

0.02

<0.5

HWD-6

Very little recovery cavity horizon, gossan

14.2

17.55

3.35

544

826

3.18

8

HWD-6

Gossan

17.55

19.9

2.35

903

1060

2.95

2.4

HWD-6

Gossan

19.9

21.3

1.4

510

307

0.05

<0.5

HWD-6

Hematitic Argillite

21.3

23

1.7

559

192

0.01

<0.5

HWD-6

Hematitic Argillite

23

25.55

2.55

1940

433

0.02

<0.5

HWD-6

Hematitic Greenschist with malachite

25.55

26.3

0.75

18050

1460

0.02

0.5

HWD-6

Hematitic Greenschist

26.3

27

0.7

3310

3050

0.02

<0.5

HWD-6

Hematitic Greenschist

27

28

1

968

1820

0.01

<0.5

HWD-6

Greenschist

28

29

1

1310

1700

0.02

<0.5

HWD-6

Greenschist

29

31

2

710

2100

0.01

<0.5

HWD-6

 Greenschist

31

34

3

68

1880

0.01

<0.5

HWD-7

Kaolinite Mudstone

35.15

35.55

0.4

520

272

<0.01

0.7

HWD-7

Kaolinite Mudstone

35.55

36.55

1

1080

225

<0.01

<0.5

HWD-7

Kaolinite Mudstone

36.55

37.55

1

775

216

0.01

<0.5

HWD-7

Kaolinite Mudstone

37.55

38.55

1

677

230

<0.01

<0.5

HWD-7

Kaolinite Mudstone

38.55

39.55

1

955

183

<0.01

0.5

HWD-7

Chloritic Mudstone

39.55

40.55

1

3390

140

<0.01

<0.5

HWD-7

Chloritic Mudstone

40.55

41.55

1

13500

193

<0.01

<0.5

HWD-7

Chloritic Mudstone

41.55

42.3

0.75

12850

247

<0.01

<0.5

HWD-7

Fractured Gossan

42.3

43.3

1

14900

227

0.02

<0.5

HWD-7

Fractured Gossan

43.3

44.3

1

7570

174

0.01

<0.5

HWD-7

Greenschist

44.3

45

0.7

162

100

<0.01

<0.5

HWD-7

Greenschist

45

46

1

487

1040

<0.01

<0.5

HWD-8

Fractured Saprolite

9

11.55

2.55

348

642

0.01

<0.5

HWD-8

Gossan

11.55

12.15

0.6

89

151

0.03

<0.5

HWD-8

Gossan

12.15

14.55

2.4

193

304

0.72

2.1

HWD-8

Gossan

14.55

16.05

1.5

904

1190

5.5

1.9

HWD-8

Hematitic Mudstone

18.05

20.05

2

676

670

0.42

10

HWD-8

Massive Hematite

20.05

21.65

1.6

151

171

0.07

<0.5

HWD-8

Massive Hematite

27.15

27.85

0.7

67

121

0.11

0.6

HWD-9

Greenschist

95

96

1

97

109

0.01

<0.5

HWD-9

Greenschist

96

97

1

140

100

0.01

<0.5

HWD-9

Greenschist

97

98

1

93

106

0.01

<0.5

HWD-9

Greenschist

98

99

1

91

160

0.02

<0.5

HWD-9

Greenschist

99

100

1

96

487

0.03

<0.5

HWD-9

Massive Sulphide

100

101

1

4590

49600

0.87

18.3

HWD-9

Massive Sulphide

101

102

1

7320

23300

0.54

18.7

HWD-9

Massive Sulphide

102

102.38

0.38

5330

32900

0.43

15.8

HWD-9

Greenschist

102.38

104

1.62

55

290

0.01

<0.5

HWD-9

Greenschist

104

105

1

115

3700

0.14

1.8

HWD-9

Greenschist

105

106

1

54

113

<0.01

0.5

HWD-9

Greenschist

106

107

1

6

375

<0.01

<0.5

HWD-9

Greenschist

107

108

1

5

476

<0.01

<0.5

HWD-9

Felsic Dyke

108

109.65

1.65

115

2050

0.01

0.5

HWD-9

Massive Sulphide

109.65

110.55

0.9

12900

34500

0.5

11.1

HWD-9

Massive Sulphide

110.55

111.85

1.3

20000

19250

0.74

12.9

HWD-9

Greenschist

111.85

113

1.15

204

574

0.01

0.5

HWD-9

Greenschist

113

114

1

104

94

0.01

<0.5

HWD-9

Greenschist

114

115

1

20

138

0.01

<0.5

HWD-10

Banded Greenschist

85

86

1

285

88

<0.01

<0.5

HWD-10

Greenschist

86

87

1

141

77

<0.01

<0.5

HWD-10

Greenschist

87

88

1

123

78

<0.01

<0.5

HWD-10

Silicified Greenschist with Chalcopyrite stringers

88

89

1

1610

104

0.09

0.6

HWD-10

Greenschist

89

90

1

1750

158

0.06

0.5

HWD-10

Felsic Dyke

90

91

1

260

108

<0.01

<0.5

HWD-10

Greenschist

91

92

1

63

96

<0.01

<0.5

HWD-10

Greenschist

92

93

1

83

80

<0.01

<0.5

HWD-10

Greenschist

93

94

1

90

89

<0.01

<0.5

HWD-10

Greenschist

94

95

1

74

79

0.01

<0.5

HWD-10

Greenschist

95

96

1

91

86

<0.01

0.6

HWD-11

Fractured Greenschist

54

55

1

102

1110

0.01

<0.5

HWD-11

Fractured Greenschist

55

56

1

78

2030

0.02

<0.5

HWD-11

Fractured Greenschist

56

57

1

132

1360

0.01

<0.5

HWD-11

Fractured Greenschist

57

58

1

177

662

0.01

<0.5

HWD-11

Massive Sulphide

58

59

1

7850

1320

0.17

3.2

HWD-11

Massive Sulphide

59

60

1

8450

1590

0.17

3.6

HWD-11

Semi Massive Sulphide

60

60.73

0.73

3780

1510

0.13

2.1

HWD-11

Greenschist

60.73

61.2

0.47

41

4280

0.01

<0.5

HWD-11

Massive Sulphide

61.2

62

0.8

18250

20700

0.34

9.4

HWD-11

Massive Sulphide

62

63

1

18950

31400

0.37

10.8

HWD-11

Massive Sulphide

63

64

1

1740

59400

0.53

9.1

HWD-11

Massive Sulphide

64

65

1

6710

20700

0.61

12.7

HWD-11

Massive Sulphide

65

66

1

4400

16000

0.63

9.5

HWD-11

Massive Sulphide

66

67

1

4470

42900

0.68

10

HWD-11

Massive Sulphide

67

68

1

5410

30500

1.78

20

HWD-11

Massive Sulphide

68

69

1

3450

47200

2.29

20.9

HWD-11

Massive Sulphide

69

70

1

3800

25300

0.79

11.4

HWD-11

Massive Sulphide

70

71

1

4580

24000

0.96

21.4

HWD-11

Massive Sulphide

71

72

1

5120

27100

0.54

15.3

HWD-11

Greenschist / Massive Sulphide

72

73

1

598

9340

0.21

5.7

HWD-11

Banded Greenschist

73

74

1

97

2140

0.01

<0.5

HWD-11

Greenschist

74

75

1

109

152

0.01

<0.5

HWD-11

Greenschist

75

78

3

161

121

0.01

<0.5

HWD-11

Greenschist

78

81

3

111

125

0.01

<0.5

HWD-12

Greenschist

45

47

2

86

134

0.01

<0.5

HWD-12

Greenschist

47

48

1

89

237

0.01

<0.5

HWD-12

Greenschist

48

49

1

114

189

0.01

<0.5

HWD-12

Greenschist

49

49.74

0.74

132

263

0.01

<0.5

HWD-12

Greenschist

49.74

50.32

0.58

17850

415

0.09

5.2

HWD-12

Massive Sulphide

50.32

51

0.68

11850

706

0.15

5.8

HWD-12

Massive Sulphide

51

52

1

14050

4800

0.21

6.4

HWD-12

Massive Sulphide

52

53

1

12050

1050

0.16

5.6

HWD-12

Massive Sulphide

53

54

1

9660

3130

0.19

5.7

HWD-12

Massive Sulphide

54

55

1

11850

12800

0.12

6.4

HWD-12

Massive Sulphide

55

55.65

0.65

19600

1150

0.12

9.5

HWD-12

Greenschist / Quartz vein

55.65

56.75

1.1

3210

2880

0.05

2

HWD-12

Massive Sulphide

56.75

57.5

0.75

7540

11350

0.22

6.9

HWD-12

Sheared Greenschist

57.5

58

0.5

164

1080

0.02

<0.5

HWD-12

Sheared Greenschist

58

61

3

185

118

0.02

<0.5

HWD-12

Sheared Greenschist

61

64

3

109

86

0.01

<0.5

HWD-12

Sheared Greenschist

64

67

3

101

80

0.01

<0.5

HWD-12

Sheared Greenschist

67

70

3

154

78

<0.01

<0.5

HWD-15

Greenschist

117

120

3

83

83

<0.01

<0.5

HWD-15

Greenschist

120

123

3

95

81

<0.01

<0.5

HWD-15

Greenschist

123

125

2

114

90

<0.01

<0.5

HWD-15

Greenschist

125

127

2

81

86

<0.01

<0.5

HWD-15

Greenschist

127

128

1

86

81

<0.01

<0.5

HWD-15

Greenschist

128

129.4

1.4

1770

497

0.06

0.5

HWD-15

Massive sulphide

129.4

129.73

0.33

4260

510

0.1

2.5

HWD-15

Massive sulphide

129.73

131

1.27

4070

1740

0.03

1.6

HWD-15

Massive sulphide

131

132

1

16750

662

0.22

7

HWD-15

Massive sulphide

132

133

1

22500

626

0.29

11.6

HWD-15

Massive sulphide

133

133.85

0.85

10900

20500

0.32

5.3

HWD-15

Greenschist

133.85

135

1.15

114

105

<0.01

<0.5

HWD-15

Greenschist

135

136

1

119

93

<0.01

<0.5

HWD-15

Greenschist

136

137

1

139

78

<0.01

<0.5

HWD-15

Greenschist

137

138

1

94

84

<0.01

<0.5

HWD-15

Greenschist

138

140

2

110

89

0.01

<0.5

HWD-15

Greenschist

140

143

3

67

94

0.01

<0.5

HWD-15

Greenschist

143

146

3

142

90

<0.01

<0.5

HWD-17

Greenschist

46

47

1

7

148

<0.01

<0.5

HWD-17

Greenschist

47

48

1

2

673

<0.01

<0.5

HWD-17

Greenschist

48

49

1

9

709

<0.01

<0.5

HWD-17

Greenschist

49

50

1

57

1780

0.01

<0.5

HWD-17

Kaolinite

50

51

1

27

1060

0.02

<0.5

HWD-17

Kaolinite

51

51.32

0.32

1350

284

0.1

2.7

HWD-17

Massive sulphide

51.32

52.05

0.73

10900

1290

1.2

15.4

HWD-17

Massive sulphide

52.05

53

0.95

38600

11450

1.56

35.1

HWD-17

Massive sulphide

53

54.15

1.15

23200

4030

1.81

33

HWD-17

Greenschist

54.15

55

0.85

144

249

0.15

0.7

HWD-17

Greenschist

55

56

1

33

2360

<0.01

<0.5

HWD-17

Greenschist

56

57

1

62

3020

<0.01

<0.5

HWD-18

Greenschist

63

64

1

63

81

0.01

<0.5

HWD-18

Sheared greenschist

64

65

1

63

88

0.01

<0.5

HWD-18

Sheared greenschist

65

66

1

60

80

<0.01

<0.5

HWD-18

Sheared greenschist

66

67

1

42

290

<0.01

<0.5

HWD-18

Greenschist

67

68

1

423

1330

0.02

<0.5

HWD-18

Greenschist

68

69

1

76

7520

0.01

<0.5

HWD-18

Greenschist

69

70

1

84

4050

<0.01

<0.5

HWD-18

Greenschist

70

71

1

83

2860

<0.01

<0.5

HWD-18

Kaolinite

71

72

1

22

710

<0.01

<0.5

HWD-18

Kaolinite

72

73

1

18

252

<0.01

<0.5

HWD-18

Kaolinite / Massive Sulphide

73

74

1

7660

286

0.41

7.7

HWD-18

Massive Sulphide

74

75

1

51300

1350

0.58

16.5

HWD-18

Massive Sulphide

75

76

1

60700

1620

0.48

14.2

HWD-18

Massive Sulphide

76

77

1

47200

1030

0.54

10.2

HWD-18

Massive Sulphide

77

78

1

29900

1300

0.78

8.1

HWD-18

Massive Sulphide

78

79

1

50000

2350

0.84

7.6

HWD-18

Massive Sulphide

79

80

1

23600

1050

1.31

14.3

HWD-18

Massive Sulphide

80

81

1

26600

861

0.98

17

HWD-18

Massive Sulphide

81

82

1

34200

1620

0.97

17.4

HWD-18

Massive Sulphide

82

83

1

4270

1180

1.76

23.3

HWD-18

Massive Sulphide

83

84

1

11850

1790

0

12.8

HWD-18

Massive Sulphide

84

85

1

1920

2160

0.99

15.4

HWD-18

Massive Sulphide

85

85.65

0.65

1850

1640

1.27

12

HWD-18

Quartz Vein

85.65

87.65

2

74

392

0.08

1

HWD-18

Kaolinite

87.65

88.65

1

30

502

0.01

<0.5

HWD-18

Kaolinite

88.65

89.65

1

40

1140

0.02

<0.5

HWD-18

Greenschist

89.65

90.65

1

14

5790

0.01

<0.5

HWD-18

Greenschist

90.65

91.3

0.65

10

4780

<0.01

<0.5

HWD-18

Greenschist

91.3

92

0.7

41

140

0.01

<0.5

HWD-18

Greenschist

92

93

1

58

111

0.01

<0.5

HWD-18

Greenschist

93

94

1

77

86

0.02

<0.5

HWD-18

Greenschist

94

94.35

0.35

77

152

0.01

<0.5

HWD-18

Greenschist

94.35

95

0.65

76

88

0.02

<0.5

HWD-18

Greenschist

95

98

3

107

86

0.02

<0.5

HWD-19

Greenschist

40

42

2

89

79

0.01

<0.5

HWD-19

Greenschist

42

43

1

95

85

0.01

<0.5

HWD-19

Fault zone

43

45

2

87

2610

0.01

<0.5

HWD-19

Greenschist

45

47

2

91

4000

0.01

<0.5

HWD-19

Kaolinite

47

50

3

1180

2050

0.01

<0.5

HWD-19

Kaolinite

50

51.72

1.72

445

313

0.04

1.6

HWD-19

Massive Sulphide

51.72

52.97

1.25

677

266

1.2

9.4

HWD-19

Clay/Massive Sulphide

52.97

53.93

0.96

3300

312

0.34

5.5

HWD-19

Massive Sulphide

53.93

55

1.07

57300

342

0.95

28.3

HWD-19

Massive Sulphide

55

56

1

16250

107

0.64

14.1

HWD-19

Massive Sulphide

56

57

1

16400

192

0.59

11.5

HWD-19

Massive Sulphide

57

58

1

23400

181

0.71

14.2

HWD-19

Massive Sulphide

58

59

1

21600

336

0.79

14.8

HWD-19

Massive Sulphide

59

60

1

15650

1030

0.91

13.2

HWD-19

Massive Sulphide

60

60.85

0.85

4800

551

1

11.7

HWD-19

Massive Sulphide

60.85

61.55

0.7

5230

623

0.98

11.9

HWD-19

Massive Sulphide/Kaolinite

61.55

63

1.45

2230

310

0.19

1.9

HWD-19

Kaolinite

63

63.95

0.95

1030

363

0.03

<0.5

HWD-19

Kaolinite

63.95

67

3.05

580

5520

0.01

<0.5

HWD-19

Greenschist

67

68

1

322

2480

0.01

<0.5

HWD-19

Fault Zone

68

69.55

1.55

90

129

0.01

<0.5

HWD-19

Greenschist

69.55

71

1.45

126

85

0.01

<0.5

HWD-19

Greenschist

71

74

3

100

78

0.02

<0.5

 

Competent Person Statement

 

The information in this announcement that relates to exploration results is based on information compiled by Mr Jeffrey Rayner. He is exploration adviser to KEFI, the Company's former Managing Director and a Member of the Australian Institute of Geoscientists ("AIG"). Mr Rayner is a geologist with sufficient relevant experience for Group reporting to qualify as a Competent Person as defined in the JORC Code 2012. Mr Rayner consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

 

 

Notes to Editor

 

KEFI Minerals plc

 

KEFI is focused primarily on the advanced Tulu Kapi Gold Project development project in Ethiopia, along with its pipeline of other projects within the highly prospective Arabian-Nubian Shield. KEFI targets that production at Tulu Kapi generates cash flows for capital repayments, further exploration and expansion as warranted and, when appropriate, dividends to shareholders.

 

KEFI Minerals in Ethiopia

 

Ethiopia is currently undergoing a remarkable transformation both politically and economically.

 

The Tulu Kapi gold project in western Ethiopia is being progressed towards development, following a grant of a Mining Licence in April 2015.

 

The Company has now refined contractual terms for project construction and operation. Estimates include open pit gold production of c. 140,000oz pa for a 7-year period. All-in Sustaining Costs (including operating, sustaining capital and closure but not including leasing and other financing charges) remain c. US$800/oz. Tulu Kapi's Ore Reserve estimate totals 15.4Mt at 2.1g/t gold, containing 1.1Moz.

 

All aspects of the Tulu Kapi (open pit) gold project have been reported in compliance with the JORC Code (2012) and subjected to reviews by appropriate independent experts.

 

A Preliminary Economic Assessment has been published that indicates the economic attractiveness of mining the underground deposit adjacent to the Tulu Kapi open pit, after the start-up of the open pit and after positive cash flows have begun to repay project debts. An area of over 1,000 square kilometres adjacent to Tulu Kapi has been reserved for exploration by KEFI upon commencement of development, with a view to adding satellite deposits to development and production plans.

 

KEFI Minerals in the Kingdom of Saudi Arabia

 

In 2009, KEFI formed Gold & Minerals Limited ("G&M") in Saudi Arabia with local Saudi partner, ARTAR, to explore for gold and associated metals in the Arabian-Nubian Shield. KEFI has a 40% interest in G&M and is the operating partner.

 

ARTAR, on behalf of G&M, holds over 16 Exploration Licence (EL) applications pending the introduction of the new Mining Law. ELs are renewable for up to three years and bestow the exclusive right to explore and to obtain a 30-year exploitation (mining) lease within the area.

 

The Kingdom of Saudi Arabia has announced policies to encourage minerals exploration and development, and KEFI Minerals supports this priority by serving as the technical partner within G&M. ARTAR also serves this government policy as the major partner in G&M, which is one of the early movers in the modern resurgence of the Kingdom's minerals sector.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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