Saudi Arabia Unveils Extensive Gold Reserves
Saudi Arabia has been declared with the disclosure of a huge gold store tracked down inside the Kingdom. The discoveries, which were made public by the Saudi Arabian Mining Company (Maaden), indicated the existence of many gold reserves in the Al Khurmah governorate, Makkah area, over a 100-kilometer length south of the Mansourah Massarah gold mine.
This revelation stems from Maaden‘s extensive exploration initiative launched in 2022, aiming to establish a robust metal production line. Positive drill results from the Uruq South area, 100 km south of Mansourah Massarah, have shown geological similarities to the existing gold mine. Notably, samples from various sites indicate high-grade gold deposits, reaching 10.4 grams per ton (g/t) and 20.6 g/t gold in two random drilling locations near Mansourah Massarah.
Buoyed by these promising findings, Maaden plans to escalate drilling activities in 2024 around Mansourah Massarah, with an eye on potential expansion.
The exploration efforts extend to Jabal al-Ghadara and Bir al-Tawila prospects, 25 km north of Mansourah Massarah, showing positive drilling results and indicating a potential 125 km strike. This hints at the possibility of developing a major world-class gold belt in Saudi Arabia.
Results from drilling around Mansourah Massarah suggest that the resource displays openness both at depth and along the strike, offering significant opportunities for resource expansion and potentially prolonging the mine’s lifespan through underground development.
Mansourah Massarah reported over seven million ounces of gold resources as of the end of 2023, with a capacity to produce two hundred fifty thousand ounces of gold per year.
Robert Wilt, CEO of Maaden, expressed excitement about the finds and emphasized how they may serve as the center of attention for the next global gold rush. In Vision 2030, the need to use Saudi Arabia’s unexplored mineral riches and make mining a fundamental part of the country’s economy.
Maaden is a top company in Saudi Arabia’s mining industry, Works under the Kingdom’s sovereign wealth fund. The Public Venture Asset (PIF) has 67% of the organization.
Mansourah Massarah, the freshest and most mechanically progressed gold mine in the nation, created 11,982.84 ounces of gold in 2022. Since the mine utilizes cutting-edge advancements for natural supportability, handling, and mining, it is at the top front of mining activities in the country.
Maaden has demonstrated that it is devoted to reinforcing Saudi Arabia’s economy and broadening its mineral possessions. laying out helpful work to research metals like copper, gold, silver, and electric metals with Ivanhoe Electric.
The Arabian Shield has a great deal of potential for further finds. Paving the way for a bright future for Saudi Arabia’s mining industry.
