Saudi Arabian Mining Company (Ma’aden) has announced the discovery of significant gold resource potential within 100 kilometers of strike of the existing Mansourah Massarah gold mine.
This is the first discovery in the company’s extensive exploration program to launch in 2022 to build the Ma’aden production pipeline.
Exploration around the Mansourah Massarah is focused on finding potential deposits of similar size and geology. Drilling results from Uruk South at multiple sites along a 100km strike south of Mansourah Massarah are encouraging, showing similar geological characteristics and chemical composition to the Mansourah Massarah deposit. These results include high-grade drilling intercepts encountered at and 400 m below the Mansourah Massarah, with multiple high-grade intercepts including core intercepts returning 61 m of 10.4 g/t Au and 20 m of 20.6 g/t Au Au. Additionally, Ma’aden continues to expand its exploration footprint at the Jabal Ghadarah and Bir Tawilah properties, 25 kilometers north of Mansourah Massarah, where the company is converting 1.5 million ounces of inferred resources to indicated and measured status.
Collectively, these positive drill results identify a 125-kilometre potential mineral zone with significant potential to develop a significant world-class gold belt in Saudi Arabia. Results from near-mine drilling around the Mansourah Massarah indicate the resource is open at depth and strike, providing significant potential to expand the mine resource and potentially extend mine life through underground development. Mansourah Massarah reported gold resources of nearly 7 million ounces by the end of 2023, with annual production capacity of 250,000 ounces.
The results are the first significant learnings from the company’s extensive exploration program due to launch in 2022 to build Ma’aden’s production pipeline, develop Saudi Arabia’s resource base and support the company’s transformation of the mining industry into a Saudi Ambition for the third pillar of the economy.
Robert Wilt, CEO of Ma’aden, said: “Last year, Ma’aden launched one of the largest exploration programs in the world. These discoveries are important evidence of the untapped potential of Saudi Arabia’s mineral resources. They support The country diversifies in line with Vision 2030 and establishes mining as the third pillar of the Saudi economy.
“These discoveries have the potential to be at the center of the next global gold rush and are an important part of our growth strategy. “The Arabian Shield has huge potential for further world-class discoveries and this is the first of many we will make in the future A few years to look forward to a few years. As the largest mining company in Saudi Arabia, we are at the forefront of the development of this industry in the Kingdom and will continue to support its growth and development. “
