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KEFI Gold Share Price Rises Following Hawiah Project Update

Updated: 10 Nov 2021

Shares of KEFI Gold and Copper are up Wednesday after the company provided an update on the status of the Hawiah Copper-Gold VMS Project in Saudi Arabia.

The company said it has completed a Phase 4 drilling campaign with 16,306m drilled, and the final assay results received.

Also Read: The Best Copper Stocks to Buy

An update to the 2020 Mineral Resource Estimate (MRE) is expected in December, with early statistical analysis confirming mineralisation is of a higher grade.

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KEFI said the exploration team was very pleased with the progress made during the Phase 4 programme, with the geological model performing as predicted and returning assay results indicating an overall increase in the resource grades for copper, zinc, gold, and silver is to be expected.

Harry Anagnostaras-Adams, Executive Chairman of KEFI, said: “In August 2020, KEFI reported a maiden Mineral Resource Estimate of 19.3 million tonnes at 1.9% copper-equivalent in-situ for Hawiah. The 2021 drilling results indicate we will soon be in a position to report a larger resource at higher grade. Drilling has also better defined the ore lodes and will upgrade a substantial portion of the near-surface Inferred Resources to the Indicated category.

“At current market prices the 2020 Mineral Resource Estimate represents an in-situ value of over US$3 billion worth of metal. Drilling during 2021 extended the Camp Lode mineralisation c. 670m down plunge from the 2020 MRE and remains open down plunge.”

KEFI shares are currently up 1.47% at 0.975p.

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