Gold and copper exploration and development company KEFI Minerals is set to complete a pre-feasibility study (PFS) for the Jibal Qutman gold project in Saudi Arabia, by the end of the month.
Following the study, the company will hold a review and discussion with the regulatory authorities in respect of the intended application for a mining licence.
KEFI Minerals operates the project under its 40%-owned Gold & Minerals joint venture.
It is estimated that KEFI has a JORC-compliant total resource of 495,194oz, which is up from the previously reported total of 480,000oz.
KEFI Minerals managing director Jeff Rayner said that the company is now reporting more ounces from fewer tonnes at a higher-grade, with increased confidence from an expanding zone of mineralisation.
"Open pit optimisation studies are also producing encouraging results and we are on schedule to complete the PFS this quarter," Rayner said.
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After witnessing positive results from the on-going exploration RC drilling campaign at Jibal Qutman, the company noted that it will further expand the zone of mineralisation on three deposits at Jibal Qutman with RC drill results of 17m at 1.92g per tonne (g/t) of gold, 16m at 1.24g/t of gold, 18m at 1.07g/t of gold and 7m at 1.33g/t of gold.
"In Ethiopia, we are in the process of completing a new JORC resource estimate at Tulu Kapi, which is being similarly independently reviewed, and an appropriate update will be issued to shareholders later in this quarter."