The new discovery is said to be the first in an exploration program launched by the company last year.
The program was launched last year to improve Ma’aden’s production pipeline and contribute to the development of Saudi Arabia’s resource base.
The discovery, located along the Mansourah Massarah gold mine, is expected to strengthen Ma’aden’s production pipeline and further develop Saudi Arabia’s mining industry.
Ma’aden said his exploration around the Mansourah Massarah is focused on finding potential deposits of similar size and geology.
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The company conducted the exercise in Uruknam, 100 kilometers south of Mansoura Masala. Drilling results revealed similar geological features and mineral chemistry to the Mansourah Massarah deposit.
Ma’aden’s exploration team reported several high-grade drill intercepts, one of which was discovered 400 m off Mansourah Massarah. Several high-grade intercepts, including a core intercept, returned 61 m at 10.4 g/t (gold) Au and 20 m at 20.6 g/t Au.
In addition, the company will expand exploration at Jabal Ghadarah and Bir Tawilah, 25 kilometers north of Mansourah Massarah. The target is to upgrade 1.5 million ounces of inferred resources to indicated and measured status.
The combination of these positive drill results indicates that the 125km-long mineral zone has the potential to become a significant gold belt in the country.
Near-mine drilling results around the existing mine also indicate that the resource extends both at depth and along strike, providing a significant opportunity to increase the mine resource and potentially extend its life through underground development.
At year-end, Mansourah Massarah reported gold resources of nearly 7 million ounces and annual production capacity of 250,000 ounces.
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, looking forward to a few years. “
Earlier this year, the company agreed to form a joint venture with Ivanhoe Electric to explore for metals including copper, gold, silver and electrical metals in Saudi Arabia.
