Saudis grows gold resource by ~8M oz

Saudi Arabia’s Maaden says it has added nearly 8 million oz. of gold resources across four sites as a result of drilling in the Kingdom. The added resources span operating mines, early-stage prospects and new discoveries across the Arabian Shield, the state-owned miner confirmed in a press release Monday.

These include its primary Mansourah Massarah mine, which delivered a 3-million-oz. net increase. The Uruq 20/21 and Umm As Salam areas added a further 1.67 million oz., while Wadi Al Jaww contributed 3.08 million oz. in initial resources, Maaden said.

The addition underscores speed and discipline in building a leading gold growth pipeline, it added.

“The results leave no doubt that the company’s long-term strategy is working on the ground,” Maaden CEO Bob Wilt said. “This is exactly why we continue to invest heavily in Saudi Arabia’s gold endowment.

“The addition of more than 7 million oz. through drilling across the four areas demonstrates the scale and ongoing potential of Maaden’s gold portfolio, and it continues to deliver as we advance exploration and mine development.”

Further upside

According to Maaden’s latest estimates, the Mansourah Massarah mine now holds 116 million tonnes in resources at a grade of 2.8 grams per tonne, containing 10.4 million oz. of gold.

The increase follows the result of extension and conversion drilling, which defined an additional 4.2 million oz. Adjustments for annual resource reporting factors, such as increased cost and commodity prices, led to the reported net increase of 3 million oz.

The deposit and resource additions demonstrate the scale and grade needed to support a long-life operation with further open pit and underground potential, the miner said, adding that drilling to date confirms that mineralization remains open at depth at both the Mansourah and Massarah deposits.

Drilling will continue through 2026, with further growth expected as the system becomes better understood, it noted in the press release.

Base metals

In addition to gold, Maaden also pointed to the “promising” base metals potential of its properties. Initial drilling at Jabal Shayban and Jabal Al Wakil has highlighted copper, nickel and platinum group element mineralization consistent with large mineral systems, it said.

“These early copper and nickel results show the same signals we saw first in gold and that the Arabian Shield has real scale to continue developing,” Wilt said. “What we’re seeing at Shayban and Jabal Al Wakil points to a much bigger opportunity across the Kingdom and reinforces our ambition to build a strong multi-commodity portfolio alongside our growing gold business.”