Royal Road Minerals’ Saudi joint venture Royal Road Arabia has won the bid for the Al-Miyah copper and gold tender area in Asir Province, Saudi Arabia.
The company secured the exploration rights for the Al-Miyah area, which consists of three contiguous exploration licences spanning around 234km².
This region is historically significant for its copper and gold deposits, with exploration work by BRGM dating back to 1969.
The area's potential for intrusion-related and structurally controlled mineralisation has been reaffirmed by recent field reconnaissance and soil surveys.
Royal Road president and CEO Dr Tim Coughlin said: “It has been 45-years since exploration work was conducted at Al-Miyah. Commodity focus and our understanding of exploration geology has changed profoundly since then. Our team have identified immediate copper and gold potential at known historic occurrences and at new prospects throughout the licence areas.
“Saudi Arabia's vision and proactive support for the mining sector is unparalleled as clearly evidenced by its innovative financial assistance schemes. It is a privilege for our organisation to be at the forefront of mineral exploration in the kingdom at this exciting transformative time.”
Recent fieldwork by Royal Road Arabia has also uncovered new occurrences, suggesting the potential for significant mineral deposits.
The company plans to conduct comprehensive field mapping and soil sampling, along with advanced drone-borne scanning, to identify drilling targets.
With a commitment to fund $3.9m (SR14.63m) in exploration activities over the next two years, Royal Road Arabia is poised to advance the understanding of the Al-Miyah area's mineral wealth.
The exploration strategy is results-dependent and includes the provision of a performance financial guarantee.
Royal Road Arabia chairman and MIDU CEO Tareq Telmesani said: “We are grateful to the MIMR [Ministry of Industry and Mineral Resources] for granting us this opportunity and eager to commence work at Al-Miyah. We will continue to utilise all of our resources and expertise to support Saudi Arabia's Vision 2030 and ensure we are an integral part of the mining sector in the kingdom.”
Royal Road Arabia is a 50-50 joint venture between Royal Road Minerals and Saudi Arabian investment holding company MIDU.
