Saudi Arabian Mining Company (Ma'aden) has discovered significant gold extending along a 125km strike from an existing gold mine in the country.
The new discovery is said to be the first find from the company's exploration programme, launched last year.
Launched last year, the programme was designed to enhance Ma'aden's production pipeline and contribute towards the development of Saudi Arabia's resource base.
Located along the strike from the Mansourah Massarah gold mine, this discovery is expected to strengthen Ma'aden's production pipeline and develop Saudi Arabia's mining sector.
Ma'aden stated that the focus of its exploration was centred around Mansourah Massarah on finding potential deposits of a similar scale and geological makeup.
The company conducted drills at Uruq South, a 100km stretch to the south of Mansourah Massarah.
The drill results revealed geological characteristics and mineral chemistry similar to the Mansourah Massarah deposit.
Ma'aden’s exploration team reported several high-grade drill intercepts with one found 400m from Mansourah Massarah. Some high-grade intercepts including core intercepts revealed 61m at 10.4g/t (gold) Au and 20m at 20.6g/t Au.
Besides, the company will expand its exploration at Jabal Ghadarah and Bir Tawilah, located 25km north of Mansourah Massarah. The aim is to upgrade an inferred resource of 1.5 million ounces to indicated and measured status.
The combination of these positive drilling results suggest that the 125km strike can become a major gold belt in the country.
The near-mine drilling results around the existing mine also suggest that the resource extends both at depth and along the strike, offering substantial opportunities to increase the mine's resources and potentially extend its operational life through underground development.
As of this year-end, Mansourah Massarah reported gold resources of nearly seven million ounces with a production capacity of 250,000 ounces per year.
Ma’aden CEO Robert Wilt said: “Last year, Ma’aden embarked on one of the largest exploration programmes in the world. These discoveries are a significant demonstration of the untapped potential of mineral resources in Saudi Arabia, supporting the diversification of the country in line with Vision 2030 and establishing mining as the third pillar of the Saudi economy.
“These discoveries have the potential to be the centre of the world’s next gold rush and are a strong part of our growth strategy. The Arabian Shield has enormous potential for more world class discoveries, and this is the first of many we expect to make in the coming years.”
Earlier this year, the company agreed to establish a joint venture with Ivanhoe Electric to undertake exploration for metals such as copper, gold, silver and electric metals in Saudi Arabia.
