Shares of KEFI Gold and Copper Plc (LON: KEFI) today surged 6.53% after the gold exploration company released an update on the drilling programme at its Hawiah Project in Saudi Arabia.
The company reported more success in the ongoing 13,000 drilling programme having completed 6 holes representing 3,600m of drilling where they encountered mineralisation at an extra depth of 500m on HWD-073.
KEFI also extended the mineralisation down-dip by 260m in the Camp Lode on HWD-074. The firm also announced that the second rig was now on site and ready to accelerate the drilling process.
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The current drilling programme is aimed at significantly increasing the maiden Hawiah Mineral Resource Estimate (“MRE”) of 19.3 million tonnes at 0.9% copper, 0.8% zinc, 0.6g/t gold and 10.3g/t silver.
KEFI intends to double the potential resources on the project, which could see its estimated after-tax NPV rise from $96 million to $362 million.
The first phase of the current drilling programme is focused on resource expansion at the Camp Lode, due to elevated average copper grades in this area of the deposit. Drill holes have been stepped out to significant distances to quickly confirm that the deposit extends both along strike and at depth.
Exploratory drilling is also taking place within the Central Zone to follow up on geophysical targets highlighted during the 2019 IP/Rho survey and to expand on the previous shallow scout drilling results.
Kefi share price
Kefi shares today surged 6.53% to trade at 1.795p having rallied from Monday’s closing price of 1.685p.
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