Saudi Arabia discovers massive gold reserves in Makkah region


Saudi Arabia recently announced the discovery of a ‘significant gold resource’ within the Kingdom. As per the announcement, substantial gold resources were discovered along a 100 km stretch south of the existing Mansourah Massarah gold mine in Al Khurmah governorate, Makkah region.

The Saudi Arabian Mining Company (Maaden) announced the identification of several gold deposits, indicating the possibility of broadening gold mining activities in the area. This finding represents the first tangible result of Maaden’s comprehensive exploration initiative initiated in 2022 with the goal of establishing a metal production line.

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Positive drill results from Uruq South, spanning 100 km south of Mansourah Massarah, exhibited geological similarities to the Mansourah Massarah deposit. Samples from various sites indicated high-grade gold deposits of 10.4 grams per ton (g/t) gold and 20.6 g/t gold in two random drilling locations close to Mansourah Massarah.

In response to these findings, Maaden plans to intensify drilling activities in 2024 around Mansourah Massarah.

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Maaden’s exploration efforts extend to Jabal al-Ghadara and Bir al-Tawila prospects, 25 km north of Mansourah Massarah. Positive drilling results in these areas indicate a potential 125 km strike, presenting a significant opportunity to develop a major world-class gold belt in Saudi Arabia.

Findings from drilling activities around Mansourah Massarah suggest that the resource exhibits openness not only at depth but also along the strike. This offers substantial possibilities for expanding the resource within the mine and potentially extending the mine’s lifespan through underground development.

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As of the end of 2023, Mansourah Massarah reported gold resources of nearly seven million ounces and a production capacity of 250,000 ounces per year.

CEO of Maaden Robert Wil, added that the potential of these discoveries to become the focal point of the world’s next gold rush, forming a crucial part of their growth strategy. He highlighted the significance of these discoveries in tapping into the untapped mineral resources of Saudi Arabia, aligning with Vision 2030 and establishing mining as a key pillar of the Saudi economy.

Maaden, with a 67% ownership by the Public Investment Fund (PIF), the Kingdom’s sovereign wealth fund, plays a pivotal role in Saudi Arabia’s mining sector. The Mansourah Massarah gold mine, the newest and most technologically advanced in the country, produced 11,982.84 ounces of gold in 2022.

The mine utilises cutting-edge mining, processing, and environmental sustainability technologies, positioning it at the forefront of the nation’s mining endeavours.





This article was originally published by a timesofindia.indiatimes.com . Read the Original article here. .