ALBAWABA - In a significant development, the Saudi Arabian Mining Company (Ma'aden) has revealed the discovery of substantial gold reserves within a 100-kilometer region in the western part of Riyadh, south of an existing gold mine.
This breakthrough comes as a result of exploration efforts initiated in 2022, and the newfound gold deposits are expected to increase the total volume from 250,000 ounces to an impressive 7 million ounces.
In a formal statement released by Ma'aden, it's highlighted that this marks the company's maiden discovery under an extensive drilling initiative launched in 2022.
The statement underscores the positive outcomes achieved through multiple drilling efforts along the 100-kilometer stretch to the south of the Mansura-Massara mine. The statement reads:
"This marks a groundbreaking achievement, with high expectations for the region to emerge as a significant gold belt on the international stage. The results from the drilling underscore the abundance of wealth in the mine and the potential for extending its lifespan through underground development."
Furthermore, the statement indicates, "The Mansura-Massara gold resource volume, which had an annual production capacity of 250,000 ounces before this discovery, is projected to reach around 7 million ounces by the conclusion of 2023." Saudi Arabia, already possessing an estimated $1.3 trillion worth of untapped minerals according to previous government statements, is actively seeking avenues to attract foreign investors.
