Saudi Arabia discovers a huge area rich in gold resources

Saudi Arabia has announced the discovery of a huge area stretching over a distance of 125 kilometers, rich in gold resources, in the first discovery of an intensive mineral exploration program launched in 2022.

Saudi Arabia’s mining company Ma’aden, listed on the kingdom’s main stock exchange, Tadawul, which is 67% owned by Saudi Arabia’s Public Investment Fund, said the new discovery has great potential for gold resources, with the region expected to become a world-class major gold belt.

“The results of exploration operations between the Mansoura mine (northeast of Jeddah) and the Masara mine (northeast of Taif) indicate that gold resources extend over a length of 100 kilometers,” Ma’aden said in a statement.

“We also continued to expand its exploration footprint in the horizons of Jabal Al-Ghadara and Bir Al-Taweelah, 25 kilometers north of Mansoura and Masara, where the company is transferring inferred resources of 1.5 million ounces to measure,” the company added.

“The volume of gold resources in Mansoura and Masara currently stands at about 7 million ounces, with a production capacity of 250,000 ounces per year,” Ma’aden said in its statement.