Jibal Qutman Gold Project

The Jabal Qutman Exploration area is formed of three adjoining licences covering a 270Km2 portion the highly prospective Nabitah-Tathlith Fault Zone, a 300km-long structure with numerous gold occurrences and ancient and recent gold workings.

GMCO began exploration on this greenfields orogenic gold target in 2012 and rapidly defined a low-grade gold resource.

As a result of this exploration success and subsequent technical studies undertaken by our shareholder KEFI Gold and Copper, a Mining Licence application was made in 2016, to mine the oxide resource and process this ore through a Heap Leach Open-Pit operation.

Following licence renewal in 2022, these studies were reviewed with an aim of developing a larger project targeting both the oxide and fresh Mineral Resources and bringing the studies and testwork up to a Detailed Feasibility level. These GMCO reviews included an additional 40,000m of resource infill, expansion and exploration drilling as well as geotechnical and metallurgical drilling programmes, which will result in an updated Mineral Resource Estimation in 2024.

A fully operational 50-man field camp has also been established at the site which acts as the base of operations for the field work activities.

These studies are now largely complete, and the team is focused on resolving issues highlighted during this process, working hand-in-hand with the Saudi Government on topics including, infrastructure, power and water.

The mineralised structures remain open both along strike to the north, south and down-dip and ongoing exploration including UAV geophysics, RC drilling as well as mapping, sampling and trenching is expected to define further resources in the area.