Multiple gold deposits have been discovered in Saudi Arabia’s Makkah region, the kingdom’s mining company announced on Thursday, hinting at the potential to expand the mining in the area.

Large potential gold resources were discovered along a 100km stretch south of its existing Mansourah Massarah gold mine in Al Khurmah governorate, Saudi Gazette reported.

In a statement, the Saudi Arabian Mining Company (Maaden) said that it was the first discovery under the company’s extensive exploration programme launched in 2022.

Maaden is 67% owned by the Public Investment Fund, the kingdom’s sovereign wealth fund, and the largest miner in the Gulf.

The company drill holes in multiple sites on Uruq South. Samples taken from sites showed the presence of high grade gold deposits of 10.4 grams per ton (g/t) gold and 20.6 g/t gold in two random drilling sites 400 meters from and under Mansourah Massarah. Maaden planned escalated drilling activities in 2024 around Mansourah Massarah in view of the results.

“Mansourah Massarah had stated gold resources of almost seven million ounces at year-end 2023 and a nameplate production capacity of 250,000 ounces a year,” it said.

Robert Wilt, the CEO of Maaden, said that such discoveries have the potential to be the centre of the world’s next gold rush.

“These discoveries are a significant demonstration of the untapped potential of mineral resources in Saudi Arabia, supporting the diversification of the country in line with Vision 2030 and establishing mining as the third pillar of the Saudi economy,” he said.