- Alara Resources’ (AUQ) joint venture (JV) with Al Tasnim enters the final auction round for the Khnaiguiyah exploration license in Saudi Arabia
- The JV is one of three bidders shortlisted to participate in the final auction round, which will be held in the first week of September
- The license covers a 353 square kilometre area and is prospective for zinc, copper, iron and manganese
- The company says there are four known mineralised bodies at the exploration block as well as favourable geology and several mineral occurrences
- Shares are trading 7.14 per cent in the green at six cents at 3:14 pm AEST
Alara Resources’ (AUQ) joint venture (JV) with Al Tasnim has entered the final auction round for the Khnaiguiyah exploration license in Saudi Arabia.
The JV is one of three bidders shortlisted to participate in the final auction round, which will be held in the first week of September.
The license covers a 353 square kilometre area and is prospective for zinc, copper, iron and manganese.
The company said there are four known mineralised bodies at the exploration block as well as favourable geology and several mineral occurrences.
Managing Director Atmavireshwar Sthapak said he is hoping to announce a positive outcome from the auction.
“The JV team is now working hard to ensure we deliver a quality submission in the final auction round,” he said
“The JV is well-positioned to develop the project should it win the license.”
Shares were trading 7.14 per cent in the green at six cents at 3:14 pm AEST.