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(An item published July 14 incorrectly stated that the Jibal Qutman site is in Ethiopia rather than Saudi Arabia. The correct version is as follows.)
LONDON (Alliance News) - KEFI Minerals PLC Monday said ongoing drilling at its Jibal Qutman's South Zone and 4K Hill region in Saudi Arabia continues to find strong gold mineralisation following further drilling.
The gold and copper exploration and development company, with operations in Saudi Arabia and Ethiopia, said best results from its further drilling include a 17 metre region at 3.72 grammes per tonne of gold and a 3 metre space at 7.21 grammes per tonne of gold.
The company said drilling continues to extend the resource 450 metres further south from its South Zone and remains in progress to extend and upgrade the site's mineral resource.
KEFI said that a total of 16 new trenches have been dug over 1970 metres in the South Zone's south-eastern extension and 4K Hill zone at Jibal Qutman, with results to be released shortly.
In March, the company said it has upgraded the gold resource at the site to 495,194 ounces of gold, based on 16.7 million tonnes of ore at 0.92 grams per tonne of gold, up from its previous total resource of 480,000 ounces of gold.
"The preliminary feasibility study for Jibal Qutman that we completed in March 2014 is currently being reviewed with our partner ARTAR and by the Saudi authorities, and we are working towards submitting a mining licence application," Managing Director Jeff Rayner said in a statement. "With this progress, combined with our latest drilling results, we are excited about the future prospects of this project and look forward to reporting further milestones in due course."
KEFI Minerals shares were up 5.0% to 1.58, putting them in the top AIM-All Share risers during early trading on Monday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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