Riyadh: Saudi Arabia has announced the discovery of a “significant gold resource potential” in the Kingdom.
In a X post, on Thursday, December 28, Saudi Arabian Mining Company (Ma’aden) informed that the new discovery extends along a 100 kilometre (km) stretch from the existing Mansourah Massarah gold mine.
This is the first discovery within the Ma’aden intensive exploration programme, which was launched in 2022 and aims to build a mineral production line.
“These discoveries are a significant demonstration of the untapped potential of mineral resources in Saudi Arabia, supporting the diversification of the country in line with Vision 2030 and establishing mining as the third pillar of the Saudi economy,” Robert Wilt, chief executive of Ma’aden, said.
“These have the potential to be the centre of the world’s next gold rush and are a strong part of our growth strategy.
He stressed that “the Arabian Shield has enormous potential, requiring more world-class discoveries, and this discovery is the first of many discoveries that we expect to make in the coming years.”
The exploration around Mansourah Massarah aims to identify similar-sized deposits with similar geology.
Drill results from multiple sites in Uruq South, 100 km south of Mansourah Massarah, reveal similar geological characteristics and chemistry.
Ma’aden is expanding its exploration presence at the Jabal Ghadarah and Bir Tawilah prospects, located 25km north of Mansourah Massarah.
Positive drilling results have identified a 125km strike with significant potential to become a major world-class gold belt in Saudi Arabia.
As of 2023, Mansourah and Massarah had an estimated 7 million ounces of gold resources, with a production capacity of 250,000 ounces annually.
In September 2022, Geological Survey of the Kingdom of Saudi Arabia announced the discovery of new gold and copper ore sites in the Al-Madinah Al-Munawwarah region.
It is noteworthy that Saudi Arabia is ranked 18th in the world as the largest holder of gold, and leads the Arab countries in terms of its reserves, according to the World Gold Council.
