More good news! Kefi Gold & Copper (KEFI) has announced that a current Hawiah project drilling programme is nearing completion with approximately 14,000 metres of the 15,500 metre programme having now been drilled and “results indicate we will within a few months be in a position to report a larger resource at higher grade”.
That follows work after a maiden mineral resource a year ago of 19.3Mt at 0.9% Cu, 0.8% Zn, 0.6g/t Au and 10.3g/t Ag 'Inferred', including drilling which doubled the strike and plunge extension of the Camp Lode structure from the 2020 mineral resource estimate area with copper grades increasing down-plunge. This is with already the mineral resource estimate indicating a net cash surplus of over $200 million before financing costs and tax and it emphasised “the ore lodes drilled to date remain open and we have yet to locate the 'feeder zone' to the massive sulphide lodes, which represents a separate and potentially much larger-scale target”.
These interests in Saudi Arabia are part of a Kefi operated and 34%-owned venture and with the current Kefi market cap below £40 million. Even a target sees development at Hawiah not commencing until late 2023 but there is upcoming news flow including the updated mineral resource expected in the next quarter and enabling mine design and an initial Ore Reserve Statement as part of a pre-feasibility study.
This follows a recent Tulu Kapi project funding update – which included, at an 8% discount rate, “the NPV of KEFI’s beneficial ownership in the two main projects is estimated at £274 million (US$376 million) or 12.6 pence per KEFI share in issue”. The shares are currently at 1.8p to buy and as clear further progress is made at Tulu Kapi and in Saudi Arabia, we look for them to move closer to the noted NPV. Tulu Kapi funding finalisation currently remains the near-term key, but confident on that and with the upside potential from Saudi Arabia - including “an encouraging case is emerging for a potential +30,000 oz gold heap-leach open-cut operation of oxide material whilst the main Hawiah Project is being developed” - we continue to look for a 4p+ share price here by the year-end for these shares which also Tom Winnifrith owns. Our stance remains Buy.
Filed under: Kefi Gold & Copper, [email protected] Capital, Tom Winnifrith, Chill Brands, HotStockRockets
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