TIDMKEFI
KEFI Minerals plc
25 October 2017
25 October 2017
KEFI Minerals plc
("KEFI" or the "Company")
Arab Mining Conference
KEFI Minerals (AIM: KEFI), the gold exploration and development
company with projects in the Kingdom of Saudi Arabia and the
Federal Democratic Republic of Ethiopia, announces that it has
delivered a presentation, "KEFI: Emerging Leader in the
Arabian-Nubian Shield" at The Arab Mining International Conference
and Exhibition on Mining, Minerals and Materials in the Arab World,
held in London from 23-24 October 2017.
A full PDF version of the presentation will be made available on
the company's website http://www.kefi-minerals.com/
ENQUIRIES
KEFI Minerals plc
Harry Anagnostaras-Adams (Executive
Chairman) +357 99457843
John Leach (Finance Director) +357 99208130
SP Angel Corporate Finance
LLP (Nominated Adviser)
Ewan Leggat, Jeff Keating +44 20 3470 0470
Brandon Hill Capital Ltd (Joint
Broker)
Oliver Stansfield, Alex Walker,
Jonathan Evans +44 20 7936 5200
RFC Ambrian Ltd (Joint Broker)
Jonathan Williams +44 20 3440 6817
Beaufort Securities Ltd (Joint
Broker)
Elliot Hance +44 20 7382 8300
IFC Advisory Ltd (Financial
PR and IR)
Tim Metcalfe, Heather Armstrong +44 20 3053 8671
NOTES TO EDITORS
KEFI Minerals plc
KEFI is the operator of two advanced gold development projects
within the highly prospective Arabian-Nubian Shield, with an
attributable 1.93Moz (100% of Tulu Kapi's 1.72Moz and 40% of Jibal
Qutman's 0.73Moz) gold Mineral Resources (JORC 2012) plus
significant resource growth potential. KEFI targets that production
at these projects generates cash flows for further exploration and
expansion as warranted, recoupment of development costs and, when
appropriate, dividends to shareholders.
KEFI Minerals in Ethiopia
KEFI Minerals (Ethiopia) Limited, is wholly-owend by KEFI
Minerals plc
The Tulu Kapi Gold Project, is majority-owned by KEFI Minerals
(Ethiopia) Limited
The Tulu Kapi gold project in western Ethiopia is being
progressed towards development, following a grant of a Mining
Licence in April 2015.
Following completion of KEFI's Definitive Feasibility Study for
Tulu Kapi, the Company is now refining contractual terms for
project construction and operation. Latest estimates are that gold
production may be brought forward by increasing processing
capacity, as compared with the DFS estimates of c. 100,000oz pa for
a 10-year period. All-in Sustaining Cost estimates (including
operating, sustaining capital and closure but not including leasing
and other financing charges) remain <US$800/oz. Tulu Kapi's Ore
Reserve estimate totals 15.4Mt at 2.1g/t gold, containing 1.1Moz.
Ongoing refinements will be reported as they get finalised.
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. These plans now also
reflect the agreed construction and operating terms with project
contractors, and have been independently reviewed by experts
appointed for the project finance syndicate.
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.
Exploration Portfolio, wholly-owned by KEFI Minerals (Ethiopia)
Limited
Exploration of the Tulu Kapi District
Multi-million ounce gold potential has already been identified
around Tulu Kapi. The next stage is an exploration program with a
view to identifying deposits and formulating feasible development
plans. Further drilling is planned to commence once Tulu Kapi is in
development.
Some of the gold mineralisation intercepted by KEFI and previous
explorers is tabulated below.
Targets Best Trench Result Best Drill Result Remarks
(g/t Au) (g/t Au) unless stated otherwise
---------- ------------------------- ---------------------------------- -------------------------------------------
Guji 19m @ 4.4g/t 10m @2.8 g/t Significant intersections at shallow
32m @ 0.8g/t 44m @ 1.7 g/t depth, quartz vein and pyrite zone
(including 7m @ 1.2g/t) 10m@2.2g/t (inc 2m @ 6.2g/t)
10m @ 2.3 g/t;
---------- ------------------------- ---------------------------------- -------------------------------------------
Komto I 7m @ 7.3 g/t 10m @ 1.6g/t
Komto II 13m @1.1g/t
6m @1.2g/t
5m@1.1g/t
---------- ------------------------- ---------------------------------- -------------------------------------------
Soyoma 14m @ 8.2g/t Au in soil, mineralized quartz vein & Au
3m @ 4.2g/t old working sites indicates a possible
2m @2.7g/t strike continuity
5m @ 2g/t of > 1km
---------- ------------------------- ---------------------------------- -------------------------------------------
Dina 9m @ 1.2g/t 7m @30.3g/t Strong geochemical anomaly (Au+ As) > 3km,
Chago 4m @2.4g/t Old primary Au workings
---------- ------------------------- ---------------------------------- -------------------------------------------
Kata 14m at 3.2% Cu Several VHMS systems with recorded gold
Gold intercepts unrecorded and copper mineralization.
---------- ------------------------- ---------------------------------- -------------------------------------------
All of these prospects have the potential to complement ore feed
from the gold orebodies at Tulu Kapi or to scale-up to stand-alone
operations.
One of these shear zones lies only a few kilometres to the west
of Tulu Kapi where shallow gold mineralisation has been identified
over +9km along the Guji-Komto Belt. Trenching and drilling results
already indicate the potential for oxide gold mineralisation
exceeding 300-500,000 ounces at c.1.5g/t gold in a series of
shallow open pits (c.40m depth).
Subject to being drilled out to reserve stage, this gold
mineralisation may be treated by either trucking to the Tulu Kapi
processing plant or perhaps as stand-alone heap-leach
operations.
Preliminary work indicates initial heap-leach operations could
produce c.50,000 ounces of gold p.a. with low stripping ratios and
high gold recoveries. This approach is likely to result in low
operating and capital costs as most infrastructure would be
provided by the planned Tulu Kapi mine.
The Kata area in the northern portion of KME's ELA, is not only
prospective for gold but also for base metals in mapped VHMS
systems.
High-grade primary gold mining in the area dates from 1889. A
number of mine adits, shafts and pits are found in the area and the
reported (in historical archives) gold grade reaches up to 80g/t
gold in the oxidised zone and 5g/t to 8g/t gold in sulphide zone.
Modern exploration programs have been undertaken in the area since
1967.
High-grade copper has also been intercepted by diamond drilling
undertaken by the United Nations in the 1970's to test a gossan
that extends over a 600m strike. The Kata mineralisation style is
volcanically hosted massive sulphide ("VHMS"). The best intercept
was 14m at 3.2% copper in the oxidised zone and gold was not
assayed for. Soil geochemistry defines a +2km copper anomaly around
this gossan.
Based on soil geochemistry and mapping, there are at least six
VHMS prospects in the Kata area. Some of these may yield
gold-bearing ore for processing at Tulu Kapi, whilst others may
warrant stand-alone development. In the latter case, the existence
of a profitable Tulu Kapi Gold Mine would serve to assist a second
start-up in many ways and the co-existence of two standalone
operations would then serve to strengthen the mining district for
all stakeholders.
KEFI Minerals in the Kingdom of Saudi Arabia
In 2009, KEFI formed G&M in Saudi Arabia with local Saudi
partner, Abdul Rahman Saad Al Rashid & Sons Company Limited
("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. To date, G&M has conducted preliminary
regional reconnaissance and has had five exploration licences
("ELs") granted, including Jibal Qutman and the more recently
granted Hawiah EL that contains over 6km strike length of
outcropping gossans developed on altered and mineralised rocks with
all the hallmarks of a copper-gold-zinc VHMS deposit.
At Jibal Qutman, G&M's flagship project, Mineral Resources
are estimated to total 28.4Mt at 0.80g/t gold for 733,045 contained
ounces. The shallow oxide portion of this resource is being
evaluated as a low capital expenditure heap-leach mine
development.
ARTAR, on behalf of G&M, holds over 20 EL applications. 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 instituted, and is
further overhauling, 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.
-end-
This information is provided by RNS
The company news service from the London Stock Exchange
END
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