AIM: KEFI
4th December 2012
KEFI Minerals Plc
("KEFI Minerals" or the "Company")
Exploration Update
KEFI Minerals, an AIM-listed gold and copper exploration company with projects
in the Kingdom of Saudi Arabia, is pleased to announce additional diamond drill
results from the initial drilling programme at the Jibal Qutman Licence and the
completion of the geophysical IP survey at the Selib North Licence for the
Company's 40%-owned Gold & Minerals Joint Venture ("G&M").
HIGHLIGHTS
* Diamond Drilling at Jibal Qutman returns encouraging intersections,
including 7m at 6.13g/t Au and 3.8m at 5.46g/t Au
* Trench sampling at Jibal Qutman returns 15m at 4.67g/t Au, 3m at 6.59g/t Au
and 20m at 1.89g/t Au
* IP and SP Survey complete at Selib North and preliminary interpretation
identified 3 target zones for drill testing
JIBAL QUTMAN
The Jibal Qutman Licence was granted in July 2012 and exploration work has
progressed rapidly from surface mapping and trenching to commencement of the
first phase of diamond drilling.
A total of 35 diamond drill holes have been completed testing the shallow open
cut potential of the gold mineralisation, which is hosted in a series of quartz
veins over a 3km zone. Five holes are to be re-drilled due to low drill core
recoveries (as low as 10% over several metres) in the mineralised zones. It is
observed from trench mapping that higher gold grades are associated with the
highly fractured parts of the quartz veins, which are often lost in the
drilling process, and that there is supergene enrichment.
The main vein dips at 45° to the east and parallel veins form stringer zones
around the Main Vein ("MV"). In addition, sets of flat lying veins have been
recently recognised in a separate area in the Western Zone ("WZ") and Southern
Zone ("SZ") of the prospect area.
Diamond drilling is being performed on initial 100m x 25m and 50m x 25m grids.
The best results not reported previously, include:
HoleNo. From Interval g/tAu g/tAg(>20) Zone
JDQ 7 25.4m 1.6m 9.01* 200.5 [MV]
42.4m 7.1m 5.85* 59.61
JDQ 12 74.0m 3.4m 1.69 - MV
JDQ 13 (Pending) MV
JDQ 15 56.0m 6.0m 1.00 - WZ
JDQ 16 17.0m 1.0m 2.01 - WZ
31.2m 1.0m 1.10 -
40.0m 13.0m 1.17 -
JDQ 17 15.5m 3.2m 1.08 - MV
JDQ 18 34.4m 13.0m 1.29 - MV
58.5m 2.2m 4.77 -
JDQ 19 20.0m 4.0m 2.69 38.5 WZ
JQD 21 18.5m 6.2m 2.57 25.5 MV
JQD 23 20.0m 1.3m 7.17 100.2 MV
JQD 24 33.9m 7.0m 6.13 - MV
JQD 26 29.2m 3.8m 5.46 - MV
JQD 27 45.0m 30.00m 0.60 - MV
* Au grades previously reported
TRENCHES
Trench No. Interval g/t Au Zone
JQT 57 13.0m 1.07 MV
JQT 58 15.0m 4.67 MV
JQT 59 16.0m 0.77 MV
JQT 60 3.0m 6.59 SZ
JQT 69 3.0m 3.67 SZ
JQT 84 1.7m 4.25 SZ
JQT 87 20.6m 1.89 WZ
JQT 89 11.3m 1.34 WZ
Drilling is continuing over all 3 zones. The latest drill holes completed have
extended the Main Vein a further 75-100m south of previous drilling.
A dyke unit with disseminated and fractures filled with pyrite has been
intersected in the Western and Main Vein zones, with low grade of 0.3 to 1.0g/t
Au in up to 30m widths. This is an unexpected style of mineralisation and is
different from quartz vein style.
Drilling is underway in the Southern Zone, testing the encouranging trench
results included above.
SELIB NORTH
IP (induced polarisation and resistivity) and SP (Self Potential) survey was
completed around the Camel Hill prospect at Selib North and surrounding area. A
total of 11 sections spaced 100m apart, for a total of 12.7km line over a
1.2km2 area has been acquired.
The IP and SP survey was designed to identify sulphide-bearing (pyrite)
north-south, southeast dykes, which host the gold mineralisation identified by
recent trenching, with a best result of 17m at 3.43g/t Au, and diamond drilling
best intersection of 11m at 3.11g/t Au.
Interpretation of IP and SP data was carried out in conjunction with other data
sets, which included multi-element geochemistry of rock chip samples, Landsat
ETM+, ASTER, Cluster Analysis of the IP data and direct measurements of the IP
and resistivity parameters of mineralised and unmineralised drill core.
The resulting model of the physical properties has been successful and allowed
to reconstruct the three-dimensional geometry and distribution of several
lithological and alteration types.
A further 2 new target zones have been identified from preliminary processing
and interpretation of the geophysical data. The 3 target zones are: i) beneath
the previous shallow drilling at Camel Hill; ii) coincident with major North
South trending faults in the centre of the survey area; and iii) in a high
chargeability zone in the Southeast of the survey area.
A follow-up RC/diamond drill programme is being designed to test both the IP
anomalies and zones along strike intersected by previous drilling. Drilling is
expected to start in late December 2012.
Jeff Rayner , Managing Director of KEFI Minerals, commented:
"Drill results from Jibal Qutman continue to support high grade gold in quartz
veins, surrounded by lower grade quartz stringer zone and in separate zones of
stacked flat lying veins in the west and south of the prospsect. At Selib
North, drilling will test the targets already identified from ongoing
interpretation of recently acquired geophysical surveys."
KEFI Minerals' Strategic Plan in the Kingdom of Saudi Arabia
Ä°n 2009, KEFI Minerals formed the Gold and Minerals Joint Venture ("G&M") in
Saudi Arabia with local Saudi partner Abdul Rahman Saad Al-Rashid & Sons
Company Limited ("ARTAR"), to explore for gold and associated metals in the
Arabian Shield. To date, the G&M has conducted preliminary regional
reconnaissance and lodged 23 Exploration Licence Applications (ELAs), of which
4 have been granted.
The ELAs were initially applied for and granted to ARTAR. Incorporation of G&M
is now complete and granted Licences will be transferred into G&M in due
course.
The Kingdom of Saudi Arabia has instituted policies to encourage minerals
exploration and development and KEFI Minerals supports this priority by serving
as the technical partner within G&M. ARTAR also serves this Government policy
as the major partner in G&M, which is one of the early movers in the modern
resurgence of the Kingdom's minerals sector.
-Ends-
Enquiries
KEFI Minerals
Jeffrey Rayner +90 533 928 1913
Fox-Davies Capital
Simon Leathers +44 203 463 5010
Bishopsgate Communications
Nick Rome +44 20 7562 3395
References in this announcement to exploration results and potential have been
approved for release by Mr. Jeffrey Rayner. Mr Rayner is a geologist and has
more than 25 years' relevant experience in the field of activity concerned. He
is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM) and
has consented to the inclusion of the material in the form and context in which
it appears.
Further information on KEFI Minerals is available at www.kefi-minerals.com
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.