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Friday, 30th March 2007 (3351 views)

An Australian-Bahraini conglomerate junior and exploring company has announced that its first drilling at a project in Saudi Arabia has been "particularly encouraging".

Sydney-based junior explorer ADV's drill at the Jabal Sayid deposit found two separate deposits of significant size, including an area of 49 metres of 3.75 grammes per tonne of gold, with another hole hitting 45 metres of gold and silver.

Ines Scotland, chief executive of AVD, said that the exploration and subsequent presence of ore highlighted the potential "to generate early cash flow from near-surface material in a future mining scenario".

Kris Knauer, director of ADV, also told Mineweb that several of its projects in Saudi Arabia need to be brought in line with JORC Code status.

ADV is also being strongly touted to make a bid to take over the Bahraini-based Vertex group.

 

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