Large amount of Gold Reserve found in Makkah
2 min read
Saudi Arabia has announced that it has found big gold resources in the Makkah region, south of its largest and most advanced gold mine, the Mansourah Massarah.
The Public Investment Fund (PIF), the Kingdom’s sovereign wealth fund, owns 67 percent of the Saudi Arabian Mining Company (Maaden), which is the biggest miner in the Gulf. Maaden said it had found multiple gold deposits, which means that gold mining could be expanded in the area and a metal production line could be built.
The find was made at Uruq South, 100 km south of Mansourah Massarah. Samples taken showed high-grade gold deposits with 10.4 grammes per tonne (g/t) gold and 20.6 g/t gold in two random drilling sites 400 metres from and under Mansourah Massarah. This means that the ore tested from those locations had a high gold density.
In a statement, the mining giant said that this is the first find as part of its extensive research programme, which began in 2022 and aims to help the country become more diverse in line with Vision 2030 and make mining the third mainstay of the Saudi economy.
The results of the near-mine drilling around Mansourah Massarah show that the resource is open both at depth and along the strike. This means that there is a lot of possibility to increase resources at the mine and maybe even make the mine last longer by developing underground.
In 2022, Mansourah Massarah produced 11,982.84 ounces of gold. By the end of 2023, the mine had said it had gold resources of almost seven million ounces and a base production capacity of 250,000 ounces a year.
The Mansourah Massarah minerals are what the mine is made of, and they are being developed as normal open-pit mines. For making gold from rock, the plant uses the Carbon-In-Leach Process, the Pressure Oxidation Process, and autoclave technology. Cutting edge methods for mining, processing, and protecting the environment are used in this mine.
In the Jabal al-Ghadara and Bir al-Tawila prospects, 25 km north of Mansourah Massarah, Maaden has also continued to grow its exploring footprint. The company is sending 1.5 million ounces of inferred resources to be measured.
Together, these good drilling results have found a possible 125 km strike that has a lot of promise to become Saudi Arabia’s major world-class gold belt.
Chief Executive Officer of Maaden, Robert Wilt, said that these finds could be the start of the next gold rush and are a big part of the company’s plan to grow.
He also said that the finds are a big sign of how much mineral wealth Saudi Arabia still has that hasn’t been used.
In January 2023, Maaden announced that Manara Minerals, a joint venture with PIF, would invest in mining assets abroad. In 2024, Maaden hopes to increase the amount of drilling it does around Mansourah Massarah.
