The licensing spherical for exploration licences was launched by Saudi Arabia’s Ministry of Trade and Mineral Assets (MIMR) in early 2023. In August, Royal Street established a 50/50 partnership with Saudi Arabian funding holding firm MIDU to bid on these exploration rights.
The brand new Al-Miyah licences cowl roughly 234 km2 of historic recognized copper and gold occurrences, hosted in higher Proterozoic age meta-volcanic and intrusive rocks throughout the potential Nabitah-Tathlith belt.
Historic exploration
Historic exploration work was targeted on volcanic huge sulphide deposits and was performed by the French geological survey in 1969. This work, which comprised geological mapping, trenching and sampling, recognized mineralized gossans at two prospect areas often called Al Miyah and Hishashat-al Hawi.
In 1979, Riofinex (a subsidiary of Rio Tinto Zinc) performed floor geophysics on the Al Miyah prospect and recognized a 1.5-km-long and 200-metre-wide magnetic anomaly similar to a hall of mineralized gossan. Historic samples returned as much as 2.4% copper and three.2 grams per tonne gold.
Throughout discipline reconnaissance, Royal Street revisited the recognized potential at Al Miyah and Hishashat-al Hawi and recognized new gossans, shear-zone and vein-hosted occurrences. Seize samples returned 5.9% copper and 1.3 g/t gold from gossan, and 1.2% copper and 1.1 g/t gold from a vein-hosted prevalence.
The group additionally accomplished a pXRF soil survey alongside a newly recognized mineralized shear zone that was traced for about 1 km in strike size on the Hishashat-al Hawi prospect.
Drilling dedication
The corporate believes the exploration licences might host intrusion-related and structurally managed copper and gold mineralization, with speedy exploration goals evident alongside strike extensions to the Al Miyah magnetic hall and alongside the newly recognized shear zone at Hishashat-al Hawi.
Because of this, it intends to conduct detailed discipline mapping and grid-based auger soil sampling throughout each recognized prospect areas and new goal areas, in addition to using its drone-borne hyperspectral scanner, magnetometer and radiometer, with a view to figuring out drill targets earlier than the top of 2024.
“It’s been 45 years since exploration work was performed at Al-Miyah. Commodity focus and our understanding of exploration geology has modified profoundly since then,” Royal Street CEO Dr. Tim Coughlin stated in a information launch. “Our group have recognized speedy copper and gold potential at recognized historic occurrences and at new prospects all through the licence areas.”
The tender was a merit-based course of, topic to a proposed exploration program, minimal expenditure commitments and the supply of a efficiency monetary assure, to be offered by a acknowledged Saudi Arabian monetary establishment, Royal Street stated.
The corporate added that it has dedicated $3.9 million in exploration actions for the primary two years, which can be outcomes dependent, topic to give up of the efficiency monetary assure. It is going to be eligible for MIMR reimbursements of as much as $1.1 million per exploration licence.
