Big Gold Reserve Found In Makkah

MAKKAH – The discovery indicates the potential of gold resources in the South of the famous Mansourah Massarah gold mine in Saudi Arabia.

Saudi Arabia has revealed the discovery of large potential gold resources in the Makkah region, south of its existing Mansourah Massarah gold mine, which is the most advanced and largest gold mine in the country.

The Saudi Arabian Mining Company (Maaden), which is the largest miner in the Gulf and 67 percent owned by the Public Investment Fund (PIF), the Kingdom’s sovereign wealth fund, said that it had discovered multiple gold deposits, indicating the potential to expand gold mining in the area and build a metal production line.

The discovery was made at Uruq South, along a 100km stretch south of Mansourah Massarah, where samples taken indicated the presence of high-grade gold deposits of 10.4 grams per ton (g/t) gold and 20.6 g/t gold in two random drilling sites 400 meters from and under Mansourah Massarah, meaning a high density of gold was found in the ore tested from those locations.

The mining giant said in a statement that this is the first discovery under the company’s extensive exploration program launched in 2022, which aims to support the diversification of the country in line with Vision 2030 and establish mining as the third pillar of the Saudi economy.

The near-mine drilling results around Mansourah Massarah indicate that the resource is open both at depth and along the strike, offering significant potential to expand resources at the mine and, potentially, extend the mine life with underground development.

Mansourah Massarah, which produced 11,982.84 ounces of gold in 2022, had stated gold resources of almost seven million ounces at year-end 2023 and a nameplate production capacity of 250,000 ounces a year.

The mine consists of the Mansourah Massarah resources, which are being developed as conventional open-pit mines. The plant employs Carbon-In-Leach and Pressure Oxidation Processes and autoclave technologies for ore gold production. This mine is equipped with cutting-edge mining, processing, and environmental sustainability technologies.

Maaden has also continued to expand its exploration footprint in the Jabal al-Ghadara and Bir al-Tawila prospects, 25 km north of Mansourah Massarah, where the company is transferring inferred resources amounting to 1.5 million ounces for measurement.

In combination, these positive drilling results have identified a potential 125 km strike with significant potential to become a major world-class gold belt in Saudi Arabia.

Robert Wilt, CEO of Maaden, said that these discoveries have the potential to be the center of the world’s next gold rush and are a strong part of the company’s growth strategy.

He also stated that the discoveries are a significant demonstration of the untapped potential of mineral resources in Saudi Arabia.

Maaden, which announced Manara Minerals, a joint venture with PIF, to invest in mining assets abroad in January 2023, plans to escalate its drilling activities in 2024 around Mansourah Massarah.