Tinka Resources’ (TSX-V:TK) has acquired a minority stake in a gold exploration project in Saudi Arabia after winning a government tender as part of a consortium of companies.
In collaboration with its Saudi Arabian partner Kalimat Al Hikma, Tinka’s wholly owned subsidiary Tinka Saudi Resources now has a stake in the Huwaymidan concession, which was recently granted to the newly established Midad Al Mona Mining Company.
Tinka holds a 5% stake in Midad Al Mona Mining Company, which was granted the property by the Ministry of Industry and Mineral Resources of Saudi Arabia, while Kalimat Al Hikma has a 94% interest.
Midad Al Mona will start exploration over the newly acquired area with field work activities scheduled for next month, funded by Kalimat Al Hikma for the first two years of exploration for up to C$2.3 million ($2.57 million).
The program entails mapping, rock sampling, and ground-based geophysics, which is intended to be followed up by an initial shallow drilling program in late 2025.
Tinka will be required to provide exploration guidance and technical leadership and will be paid for its services, with CEO Graham Carman stepping on board as Midad Al Mona’s technical director.
Carman describes this new mineral claim as an exciting opportunity for Tinka to advance its footprint in the Middle East.
“Tinka gains critical access through this relationship to exploration and capital market opportunities in the Middle East,” Carman says.
“This is a huge capital market, which has started to diversify investments from hydrocarbon industries into new opportunities including in the mining sector.
“Importantly, the Saudi venture will not detract from our focus in Peru. On-ground activities in Saudi will largely be supervised by third party geological consultants and locally sourced personnel.”
Located in the Jiddah Terrane of the Saudi Arabian Shield, the newly acquired concession spans 34km2 with known gold workings.
Historical trench sampling returned 10 grams per tonne gold over 2.5m, hosted inside a clay-silica alteration zone striking 1km with gold anomalism.
Tinka Resources is an explorer focused on developing its flagship Ayawilca Project in central Peru and its nearby Silvia Project.
Write to Maddison Elliott at Mining.com.au
Images: Tinka Resources
