Gold exploration and development company, KEFI Minerals (KEFI) , reported on Wednesday that drilling results at a 15.8 metre interval indicated “massive” levels of sulphide at the Hawiah exploration licence in Saudi Arabia.
The mineralisation encountered was mainly pyrite and chalcopyrite, with the latter being a major copper ore.
The initial intersection confirmed that mineralisation was the source of the previously reported 5.5km long geophysical anomaly and that the mineralisation is copper bearing, the company revealed.
Notably, previous exploration work had showed that the Hawiah Ridgeline is enriched in gold at surface with abundant secondary copper showings.
"We are very pleased with this result straightaway with our first drill hole at the large Hawiah target,” said Executive Chairman, Mr Harry Anagnostaras-Adams.
Shares in KEFI Minerals perked up over 7% following the news.
He added, “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."
Significantly, the intersection marks a successful start to the diamond drilling programme, adding further strength to the geological model as developed by the KEFI joint operation partner, Gold & Minerals.
This geological model represents the Hawiah ridge line as an extensive VMS system hosting enriched gold mineralisation within the oxide portion (upper 25-30m) alongside copper bearing massive sulphide mineralisation below this depth.
The diamond drilling programme is a critical method of testing both the model and the near surface oxide gold mineralisation and massive sulphide copper target at depth.
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