Maaden announces discovery of potential gold resources

Saudi Arabian Mining Co. headquarters

Saudi Arabian Mining Co. (Maaden) announced a potential discovery of significant gold resources along 100 kilometers, south of Mansoura and Masara gold mine.

In a statement, the company said this will be the first discovery within the intensive exploration program, which was launched in 2022 to build a mineral production line.

Maaden added that the exploration around Mansoura and Masara focuses on identifying potential deposits on a similar geological scale, as the encouraging results after exploration in multiple sites south of Uruq and along 100 kilometers south of Mansoura and Masara revealed geological and chemical characteristics similar to the mine deposits.

The results include high-quality drill intersections, 400 meters away from Mansoura and Masra, with several high-quality deposits including core extracts that appear 61 meters at a grade of 10.4 g/t for gold and 20 meters at a grade of 20.6 g/t.

Maaden also continued to expand its exploration footprint in Jabal Ghadarah and Bir Tawil, 25 km north of Mansoura and Masara, as the firm is transferring resources of 1.5 million ounces for measurement.

According to the positive exploration results, the potential area was identified along 125 kilometers, with expectations to become a major gold belt of international standards in Saudi Arabia.

The exploration results near Mansoura and Masara indicate that resources are available at depth and along the area, which indicates an abundance of wealth in the area. The results also indicate the possibility of extending the life of the mine through underground development.

CEO Robert Wilt said Maaden led last year in one of the world's largest exploration programs, and these discoveries are evidence of the untapped potential of mineral resources in Saudi Arabia, and support of diversified sources of income in line with Vision 2030.