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AIM: KEFI
21 November 2011
KEFI Minerals Plc
("KEFI Minerals" or the "Company")
ENCOURAGING EARLY PROGRESS AT THE SELIB NORTH PROJECT, SAUDI ARABIA
The recogntion of a gold bearing shear zone and quartz veins at inaugral Saudi
Arabian Licence
KEFI Minerals, an AIM-quoted gold and copper exploration company is pleased to
provide a progress report on the Selib North Exploration Licence ("Selib
North") in the Kingdom of Saudi Arabia ("KSA"). The early results provide
encouragement that more carefully targeted exploration work is warranted.
KSA has in recent years taken a number of steps to encourage development of its
minerals sector, including revisions to policy and regulation. KEFI Minerals
was an early mover into KSA in forming a strategic alliance with leading
construction and investment group ARTAR, with whom the Company has established
the Gold & Minerals Joint Venture ("G&M"). G&M , operated by KEFI Minerals, has
been for three years prospecting and assembling a carefully selected portfolio
of applications for exploration licences. KEFI Minerals is pleased that its
early field work for G&M helps to demonstrate the value to KSA of its new
policies and of teams which combine international and local technical
specialists.
HIGHLIGHTS
* completed first phase mapping, ASTER satellite imagery processing, and soil
and rock chip sampling;
* confirmed gold mineralisation associated with extensive eluvial workings;
and
* identified 10 areas of iron oxide, carbonate and silica ASTER satellite
remote sensing anomalies, leading to newly identified mineralised
stuctures, including high grade gold, up to 28.3 ppm in shear zones and
14.3 ppm Au in quartz veins. Three of these target zones have already been
followed up with field investigation in the current phase of field work.
The Selib North EL is located in between the ancient mine workings at both the
Selib prospect to the south and the Fawarah prospect to the north. Previous
BRGM (mid1980's) sampling at the Selib Prospect, reported up to 17 ppm Au in
ancient eluvial dumps and large widths (in excess of 40m) of 0.5 ppm Au and up
to 6 ppm Au were intersected in shallow RC drillng at Fawarah.
The style of mineralisation in the Selib North area is thought to be in
mylonitic and listwaenite altered shear zones and in quartz veins.
The anomalous zones are up to 5km in strike length and coincident with shear
and fault zones.
Reconnaissance field mapping of ASTER anomaly 3 at 1:10,000 scale has led to
the identification of a new gossanous shear zone in the eastern part of the
licence area. The mylonitic shear zone is approximately 20m wide and iron oxide
box-works are developed after sulphides in the shear zone. Initial limited rock
chip sampling in November returned up to 28.3 ppm Au, results from
multi-elemement analyses are pending.
This a new discovery, there are no historic workings in the area and it has not
been previously sampled by the BRGM. The mylonitic gold zone can be traced for
at least 4km in satellite imagery, follow up mapping and soil sampling is
underway.
Follow up reconnaissance mapping of ASTER anomaly 1 in the south east of the
Selib North licence has led to the new discovery of gold bearing quartz veins.
Preliminary rock chip sampling returned best results of 14.3 ppm Au and 5.84
ppm Au in veins over 1m in width. Visible gold is present in the veins, which
can be traced for 60m before shallow sand cover. The host structure is visible
in satellite imagery for over 2km strike. Follow up mapping and sampling is
currently underway.
New veins 1km east of the main eluvial workings at Selib North have returned
5.98 ppm Au and 1.26 ppm Au from reconnaissance rock chip sampling. No previous
work or historic mining has been documented in this region. The structure is
visible over a 4km strike length in a north south direction.
Soil sampling to the south of the Fawarah mine workings at the northern limit
of the Selib North EL has returned over 20 ppb Au soil anomalies in the eastern
side of the grid. The soil grid is currently bing extended 1.5 km along strike
to the south east to test the extent of the gold in soils.
Follow up sampling on all of the targets, including the remaining 7 ASTER
anomalies is underway. Pending future results, trenching and shallow RC
drilling may be planned.
Mr Jeffrey Rayner, KEFI Mineral's Managing Director, said:
"We are pleased with the initial results from our early-stage programme of
field exploration in the Selib North Licence in Saudi Arabia. Our work has led
to the observation of new high grade gold bearing veins and mylonitic shear
zones. But much work remains to be done to establish if these zones of
mineralisation are potentially economic.
"We are fully focused on further growing our presence in the Kingdom of Saudi
Arabia and these encouraging results for gold potential in the area. Careful
exploration is certainly warranted at the Selib North EL and, in that respect,
it provides a good example of the merit of the patient and focused efforts of
KSA, G&M and KEFI Minerals itself."
Enquiries:
KEFI Minerals Fox-Davies Capital Bishopsgate Communications
Jeffrey Rayner Simon Leathers Nick Rome/Shabnam Bashir
+90 533 928 19 13 +44 203 463 5022 +44 207 562 3366
www.kefi-minerals.com
References in this announcement to exploration results and potential have been
approved for release by Mr Jeffrey Rayner (BSc.Hons). Mr Rayner is a geologist
and has more than 20 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.
END
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