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.
Ready to put what you’ve learned into practice?
Try IG’s platform with £10,000 in virtual funds and practise trading
without putting your own money at risk.
Try IG with a demo account →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Learn the markets with IG Academy
Build your knowledge with IG Academy educational content, then use a
demo account to practise what you’ve learned on the IG platform.
Explore IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
See how trading works before risking real money
IG’s demo gives you access to thousands of markets and £10,000 in
virtual funds, so you can explore the platform and test your ideas first.
Open an IG demo →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Turn trading theory into practical experience
Learn with IG Academy, explore charts and market tools, and practise
strategies in a simulated trading environment before going live.
Start practising with IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Ready to take your learning further?
IG combines market education, analysis and an established trading platform,
giving you the tools to keep learning as you develop your trading skills.
Discover IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
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.
People who read this also read:
