Tinka Acquires Minority Stake in Gold Exploration Property in Saudi Arabia

Core Viewpoint - Tinka Resources Limited has acquired a 5% carried interest in a gold exploration property named Huwaymidan in Saudi Arabia, through its subsidiary Tinka Saudi Resources Corp, marking a strategic entry into the Middle Eastern mining sector [1][4][10] Acquisition Details - The Huwaymidan property covers an area of 34 km² and is located in the Jiddah Terrane of the Saudi Arabian Shield, with historical gold workings but no defined mineral resources [2][6] - The acquisition was part of a competitive tender process, with Tinka partnering with Midad Al Mona Mining Company, which holds a 94% stake [1][7] - Midad Al Mona will be fully funded by its Saudi partner for the first two years of exploration, estimated at up to C$2.3 million [10] Exploration Plans - Fieldwork is set to commence in September 2025, including mapping, rock sampling, and ground-based geophysics, with an initial shallow drill program planned for late 2025 [2][6] - Historical trench sampling results have shown gold grades of up to 10 g/t over 2.5 meters, indicating potential for further exploration [2][8] Strategic Importance - The partnership provides Tinka with access to capital market opportunities in the Middle East, which is diversifying investments beyond hydrocarbons into mining [4][6] - Tinka will provide exploration leadership and technical expertise while receiving consulting fees for its services, capped at US$250,000 over two years [10] Geological Context - The Huwaymidan property is situated in an underexplored region of the Arabian Shield, known for orogenic gold deposits associated with Precambrian volcanic and intrusive rocks [8][9] - Nearby significant gold deposits include Ar Rjum (approximately 3.9 million ounces) and Mansourrah-Masarah (approximately 7.5 million ounces), highlighting the area's potential [6][9]