Saudi Arabia’s Maaden Mining Company Unearths New Gold Reserves: A Significant Discovery
Saudi Arabia has recently struck gold, announcing a major discovery of precious resources within its borders. The revelation highlights extensive gold findings spanning a 100 km stretch in the southern region of the Mansourah Massarah gold mine, situated in the Al Khurmah governorate of the Makkah region.
The Saudi Arabian Mining Company, commonly known as Maaden, uncovered a series of promising gold deposits, signifying a potential expansion of gold mining operations in the area. This significant finding marks the first tangible outcome of Maaden’s far-re aching exploration venture, initiated back in 2022 with the aim of establishing a robust metal production pipeline.
Encouraging drilling outcomes from Uruq South, extending southward from Mansourah Massarah, displayed geological resemblances to the gold deposits at the main mine. Samples extracted from various sites revealed substantial high-grade gold deposits, boasting 10.4 grams per ton (g/t) gold and 20.6 g/t gold in two different drilling spots close to Mansourah Massarah.
In light of these promising discoveries, Maaden has outlined plans to escalate drilling operations in 2024, particularly around the Mansourah Massarah vicinity. Their exploration initiatives have also extended to Jabal al-Ghadara and Bir al-Tawila prospects, positioned 25 km north of Mansourah Massarah. Positive drilling outcomes in these regions suggest a potential 125 km strike, presenting an immense opportunity to develop a significant gold belt within Saudi Arabia.
Further drillings around the Mansourah Massarah area reveal that the resource remains open both in depth and along the strike. This offers substantial prospects for expanding the existing mine’s resource and potentially extending its operational lifespan through underground development.
The Mansourah Massarah mine, boasting nearly seven million ounces in gold resources and a production capacity of 250,000 ounces annually as of 2023, holds substantial promise for Maaden’s growth strategy. CEO Robert Wil expressed confidence in these discoveries, highlighting their potential to become a focal point for the global gold industry and contribute significantly to Saudi Arabia’s Vision 2030 goals by tapping into the nation’s untapped mineral resources
Maaden, holding a 67% ownership by the Public Investment Fund (PIF), a key component of the Kingdom’s sovereign wealth fund, plays a pivotal role in Saudi Arabia’s mining sector. Renowned as the country’s newest and most technologically advanced gold mine, Mansourah Massarah showcased impressive results, producing 11,982.84 ounces of gold in 2022. The mine is known for its cutting-edge mining practices, advanced processing techniques, and a strong commitment to environmental sustainability, establishing itself as a frontrunner in the nation’s mining landscape.