The Saudi Arabian mining company ”Maaden” announced on Thursday the discovery of significant gold reserve potential extending along a 100-kilometer strip from the existing Mansourah Massarah gold mine in the Makkah region.
The results from drilling multiple sites in Uruq South are the first significant finds from the company’s extensive exploration program, launched in 2022, aimed at building Maaden’s production pipeline.
The new discovery is similar in geological characteristics and chemistry to the Mansourah Massarah deposit, where there are known gold reserves of almost 7 million ounces as of the end of 2023 and a nameplate production capacity of 250,000 ounces a year.
The company said the drilling results have identified a potential strike of 125 kilometers with significant potential to become a major world-class gold belt in Saudi Arabia.
Robert Wilt, the CEO of Maaden, described the discoveries as having the potential to be the center of the world’s next gold rush and as a strong part of the company’s growth strategy.
The new discovery also supports the company’s ambition to transform mining into the third pillar of the Saudi economy.