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AIM: KEFI
12th April 2013
KEFI Minerals Plc
("KEFI Minerals" or the "Company")
Exploration Update
KEFI Minerals, the AIM-quoted gold and copper exploration company with projects
in the Kingdom of Saudi Arabia, is pleased to announce additional trench
channel sampling and drilling results from the second drilling programme at the
Jibal Qutman Licence and the second phase drilling at the Selib North Licence.
Kefi Minerals is the operator for both projects under the Company's 40%-owned
Gold & Minerals Joint Venture ("G&M").
HIGHLIGHTS
* Reverse Circulation (RC) drilling, targeted to extend the resource at Jibal
Qutman, returned encouraging intersections, including: 13m at 4.08g/t Au,
32m at 1.14g/t Au, 8m at 2.71g/t Au, 9m at 1.98g/t Au and 27m at 0.86g/t
Au.
* Trench channel sampling results at Jibal Qutman returned impressive
intersections, including 95m at 1.69g/t Au, 44m at 1.56g/t Au and 5m at
3.33g/t Au.
* New "shear zone hosted" gold mineralisation discovered in the Western Zone
at Jibal Qutman.
Jeff Rayner, Managing Director of KEFI Minerals, commented:
"The results of the on-going RC drilling and trenching at Jibal Qutman continue
to increase the size of the mineralised system. We are very excited about the
potential to develop a significant resource in the region and once more the
drilling results have vindicated our team's efforts.
"Our drilling is continuing to find more gold and we have yet to close off the
mineralisation along strike of any of the drilled areas. Additional drilling
capacity is being sought to step up the work rate at Jibal Qutman with the
continued focus on moving towards a pre-feasibility study. We look forward to
further developing our drilling programme and updating the market in due
course. "
JIBAL QUTMAN
Following the initial phase of 50 diamond drill holes in late 2012, RC drilling
commenced in mid January 2013 and trenching commenced in February, to expand
the newly defined gold resource, which should be amenable to shallow open cut
mining.
The gold mineralisation is primarily hosted in vein sets that dip approximately
20-45° to the East. The vein sets are comprised of massive quartz veins up to
6m wide with a halo of lower grade parallel stringer veins in zones up to
15-30m wide either side of the main vein.
In addition to the vein style mineralisation, drilling has intersected new,
wide zones of low grade gold associated with shearing and fine fracturing.
These zones dip shallowly to the East and range from 10m to 50m in width.
Both trenching and RC drilling are ongoing and all of the three zones, the
Main, South and West remain open along strike.
The best results from the first 18 RC drill holes include:
Hole No From (m) To (m) Interval Au g/t Zone
(m)
JQRC 1 41 62 21 0.82 West Structure
JQRC 4 18 51 33 0.51 West Structure
JQRC 8 45 69 24 0.57 West Structure
JQRC 9 3 10 7 1.25 South Zone
42 45 3 2.17
JQRC 10 39 66 27 0.86 West Structure
JQRC 12 48 57 9 1.98 West Structure
78 105 27 0.59
JQRC 13 15 39 24 0.71 South Zone
JQRC 14 65 77 12 1.06 West Structure
JQRC 16 35 37 2 1.13 West Structure
48 56 8 2.71
JQRC 17 11 43 32 1.14 South Zone
JQRC 18 1 14 13 4.08 West Structure
87 90 3 1.31
RC drilling is being carried out on 50m x 40m grid on the South and West zones.
Mineralisation at the West Zone has extended by trenching and drilling to over
300m to the North and 300m to the South of the previous work completed in Phase
1. Exploration work is ongoing and the mineralisation remains open both to the
North and South.
In addition to the quartz vein style mineralisation, a new zone of low grade
gold (0.5-1.5g/t Au) in a shear zone up to 50m wide has been discovered in this
phase of trenching and RC drilling. The shear zone was not mined by the ancient
miners and is "listric" in shape, dipping shallowly (10-20°) to the East.
In the South Zone, trenching and RC drilling has extended the quartz vein
mineralisation to over 400m to the South. Mineralisation is masked by shallow
sand cover (1-2m) going Northwards and further RC drilling is planned.
Further RC drilling and trenching to extend the Main Zone is also planned.
Currently, two RC rigs are operating on single shift.
Trenching is continuing along sections spaced 50m apart in the Main, Western
and Southern Zones and most samples are still being processed in the
laboratory. A list of best intersections received to date includes;
Trench Number Sample interval Au g/t Zone
(m)
38 6 1.19 South
41 15 0.66 South
43 2 5.55 West
20 14 0.64 Main
21 12 0.55 Main
88 5 3.33 West
89 95 1.69 West
90 44 1.56 West
The lengthy intercepts in trenches 89 and 90 are due to a series of stacked
quartz veins which dip shallowly to both the East and West. RC drilling under
this area is underway and trench results further to the North of these two
trenches are awaited.
Within the area drilled up to end 2012 and also within a conceptual shallow
open cut pit shell to 40-60m below surface, a preliminary first pass estimate
of a combined mineralised zone of approximately 90,000oz Au was calculated at
an average grade of 1.25g/t Au, using a 0.2g/t Au cut-off. This is a very
preliminary estimate only and does not represent a JORC compliant resource at
this stage.
As announced on 23 January 2013, there is very good potential to significantly
increase the above drilled resource, which was estimated at the conclusion of
Phase 1 diamond drilling to a target resource in excess of 200,000oz Au and the
results from the first batch of RC drill holes and trench sampling are
continuing to support this.
SELIB NORTH
The second phase of diamond and RC drilling aimed at testing several IP
(Induced Polarisation and resistivity) and SP (Self Potential) anomalies
identified in the geophysical survey completed in December 2012 and the gold
mineralisation intersected in the first phase diamond drilling at the Camel
Hill prospect has been completed.
Results from the drilling showed that the IP anomalies were mostly attributed
to graphitic shales and pyrite mineralisation, not associated with the gold
mineralising event.
A limited number of diamond and RC drill holes were drilled into the Camel Hill
Prospect, best results being SND 18, 23-31m, 8m at 1.40g/t Au and SNRC 6,
25-30m, 5m at 2.50g/t Au.
KEFI Minerals' Strategic Plan in the Kingdom of Saudi Arabia
İn 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
has been completed and any 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 / Susan Walker +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
KEFI Minerals Plc
Doğu Akdeniz Mineralleri
San. Tic. Ltd. Şti.
Cemal Gürsel Cad.
Yalı Apt. No:304
K:4 D:9 Karşıyaka İZMİR
Tel: +90 232 381 9431
Fax: +90 232 381 9071
Email: jnfo@kefi-minerals.com
END
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AIM: KEFI
23rd January 2013
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
commencement of second phase drilling at the Selib North Licence, both projects
as operator of the Company's 40%-owned Gold & Minerals Joint Venture ("G&M")
HIGHLIGHTS
* Diamond Drilling at Jibal Qutman returns encouraging intersections,
including 4.5m at 17g/t Au, 12.75m at 3.78g/t Au and 13m at 2.35g/t Au.
* Positive results obtained from an initial internal scoping study for an
open cut heap leach operation at Jibal Qutman.
* Diamond and RC drilling commenced at Selib North to follow up geophysical
(IP and SP) and geochemical anomalies.
JIBAL QUTMAN
An initial phase of 50 diamond drill holes for 4,569m has been completed at the
Jibal Qutman prospect. Drilling was designed to test the shallow open cut
potential of the gold mineralisation, which is hosted in a series of quartz
veins over a 3km zone.
Gold is hosted in vein sets that dip approximately 20-45° to the east. The vein
sets are comprised of massive quartz veins up to 6m width with a halo of lower
grade parallel stringer veins in zones up to 15-30m width either side of the
main vein. To date, three separate zones have been trenched and drilled at the
Jibal Qutman prospect, the Main, South and West Zones.
The best results not reported previously, include:
Hole No From (m) To (m) Interval Au g/t Zone
(m)
JQD 30 36.00 48.75 12.75 3.78 West
Structure
JQD 31 71.00 85.00 14.00 0.81 West
Structure
JQD 37 20.20 29.00 8.80 1.46 South Zone
JQD 40 32.00 50.00 18.00 0.70 South Zone
JQD 41 17.00 27.00 10.00 3.43 South Zone
JQD 42 21.00 23.00 2.00 2.71 South Zone
JQD 43 8.50 23.00 14.5 5.45 South Zone
Including 8.50 13.00 4.50 17.00 South Zone
JQD 45 62.00 75.00 13.00 2.35 South Zone
JQD 46 54.00 58.00 4.00 1.35 South Zone
JQD 48 90.00 117.00 27.00 0.62 South Zone
JQD 49 72.00 77.00 5.00 1.07 South Zone
and 111.00 116.00 5.00 1.11 South Zone
Drilling has been performed on initial 100m x 50m and 50m x 25m grids over a
600m strike length of the Main Zone and 200m strike lengths of the West and
South Zones. Drilling has focused on the open cut potential and hence holes
have been drilled to shallow depths, testing the mineralisation to a maximum of
80-100m below surface.
The continuity of mineralisation in each zone is excellent and grade
distribution does not display a high nugget effect, and along with mapping and
trench sampling this currently suggests that a drill spacing of 100m x 50m is
considered sufficient for the estimation of an Inferred Resource, 50m x 50m for
an Indicated Resource and 25m x 25m for a Measured Resource.
Within the area drilled to date and also within a conceptual shallow open cut
pit shell to 40-60m below surface, a preliminary first pass estimate of a
combined mineralised zone of approximately >90,000oz Au can be calculated at an
average grade of 1.25g/t Au, using a 0.2g/t Au cut-off. This is a very
preliminary estimate only and is not a JORC compliant resource at this stage.
There is very good potential to significantly increase the current drilled
resources, as the mineralisation is open along strike, to the north and south
in all three zones. Given the aerial extent of the mapped veins in the Licence
area, a target in excess of 200,000oz Au is considered to be a plausible
estimate.
Drilling has been paused to evaluate the potential of the drilled area and to
perform further investigations whether a "pilot" heap leach mining operation
would be beneficial at this stage.
Initial internal scoping studies using local labour, power and mining costs,
suggest that a "minimum pilot" deposit size, amenable to gold extraction by
heap leach, of 80,000oz to 100,000oz at 1.2g/t to 1.3g/t Au would have a cash
operating cost of $640/oz Au, require an estimated $12-14 million of capital
expenditure and generate a cash operating profit of $80 million over a 4 year
mine life.
Samples of pulverised drill core have been despatched to an external laboratory
for preliminary metallurgical gold recovery by cyanide leach.
Gold recoveries from four composite pulp samples of quartz vein style
mineralisation attained 54%, 74%, 76% and 90% gold recovery using a 250ppm
cyanide solution over a one hour period. These are encouraging results given
the dilute cyanide and short extraction time. The sample with 54% recovery was
obtained from a high grade sample of 8.9g/t Au and the lower recovery was
probably due to coarse gold particles, which require a longer extraction time
to be fully recovered in the leaching process.
More extensive metallurgical testwork for Heap Leach processing, including
column leach, to establish optimum grind size and leach times, is currently
being designed and will be initiated in H1 2013.
Should the metallurgical testwork attain gold recoveries of 70% or more, a heap
leach could be the optimum processing method. Should the gold recovery fall
below 70%, it may be more economic to extract gold by CIL processes, which on
current results, indicates a possible recovery around 75-90% of the gold.
Further drilling to extend the open cut potential along strike, both to the
north and south in each of the three zones and to infill drill to a minimum of
50m x 25m spacings is planned for H1 2013, at which point an Inferred and
Indicated Resource is targeted to be announced.
SELIB NORTH
A second phase diamond and RC drilling programme of 2,400m and 1,700m
respectively, is underway. It will test several IP (Induced Polarisation and
resistivity) and SP (Self Potential) anomalies identified in the geophysical
survey completed in December 2012 and the gold mineralisation intersected in
the first phase diamond drilling at the Camel Hill prospect.
Jeff Rayner, Managing Director of KEFI Minerals, commented:
"The initial phase of diamond drilling at Jibal Qutman has been completed with
encouraging early results for an open cut heap leach mining operation. These
results have been achieved in just four months since drilling started in mid
September 2012. Further drilling is planned to extend the gold potential along
strike in all three zones and to further define the gold recoveries with
detailed metallurgical testwork, in H1 2013 and to possibly commence a
pre-feasibility study in H2 of 2013."
KEFI Minerals' Strategic Plan in the Kingdom of Saudi Arabia
İn 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
has been completed and any 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
END
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AIM: KEFI
19th December 2012
KEFI Minerals Plc
("KEFI Minerals" or the "Company")
AMENDMENT TO OPTION AGREEMENTS
KEFI Minerals, the AIM-quoted gold and copper exploration company with projects
in the Kingdom of Saudi Arabia, today announces that certain option agreements
(relating to options over Ordinary Shares granted to Directors), dated 18
December 2006 ("Option Agreements"), have been amended. The option exercise
price has been revised upwards from 3p per share to 4p per share, the expiry
date extended until 18 December 2014 and the number of options increased from
an aggregate of 12 million to 14 million as set out in the table below. No
other changes have been made to the Option Agreements.
The following Directors are parties to the amended Option Agreements and have
had the number of options granted to them pursuant to such Option Agreements
increased as set out below:
Name Position Increase in the number of
ordinary Shares subject to
Option
(`000)
Harry Anagnostaras-Adams Chairman From 4,000,000 to
4,500,000
Ian Plimer Non-executive Director From 2,000,000 to
2,417,000
Jeff Rayner Managing Director From 5,000,000 to
5,833,000
John Leach Finance Director From 1,000,000 to
1,250,000
Total From 12,000,000 to
14,000,000
-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
Further information on KEFI Minerals is available at www.kefi-minerals.com
KEFI Minerals Plc
Doğu Akdeniz Mineralleri
San. Tic. Ltd. Şti.
Cemal Gürsel Cad.
Yalı Apt. No:304
K:4 D:9 Karşıyaka İZMİR
Tel: +90 232 381 9431
Fax: +90 232 381 9071
Email: jnfo@kefi-minerals.com
END
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