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Saudi Arabian Mining Company (Maaden) has announced mineral resource additions of 7.8 million ounces across four areas spanning operating mines, early stage prospects and new discoveries within Saudi Arabia.

The increase in mineral reserves has been driven by drilling activities defining more than 9 million ounces of additions prior to adjustments for annual resource reporting factors, such as increased cost and increased commodity price assumptions.

Maaden attributed the growth in mineral resources to targeted drilling at four locations:

• Mansourah Massarah delivered a net increase of 3 million ounces year-on-year
• Uruq 20/21 and Umm Al-Salam added 1.67 million ounces
• Wadi Al-Jaww contributed a maiden 3.08 million ounces

Advanced drilling in the Central Arabian Gold Region identified new mineralised zones, while near mine drilling at the historic Mahd gold mine has extended the potential resource envelope, which will be evaluated for mine life extension, Maaden said.

In addition, early-stage exploration drilling across base metals has identified promising exploration targets. Initial drilling at Jabal Shayban and Jabal Al-Wakil has highlighted copper, nickel and platinum group element mineralisation consistent with large mineral systems.

“These results underscore Maaden’s speed and discipline in building a leading gold growth pipeline in the Kingdom of Saudi Arabia,” the state miner said.

Joint venture agreement

In late December, Maaden also announced entering into a shareholders’ agreement with Australia-headquartered Midana Exploration (Hancock Prospecting) to establish a joint venture to undertake exploration work in Saudi Arabia.

Maaden will own 50.1% of the joint venture, which will conduct exploration, development, mining, sales and marketing of minerals in licensed areas in the kingdom. The closure of the joint venture agreement is subject to the parties meeting regulatory conditions.

The joint venture agreement with Hancock Prospecting follows Maaden winning exploration licences from the Industry & Mineral Resources Ministry for three new mineral belts in the Nabita Al-Duwayhi gold belt in Saudi Arabia, covering a total area of over 24,000 square kilometres.

ALSO READ: Maaden awards $152m contract for Saudi gold project

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