AngloGold Ashanti Gold Farm-in Agreement

AngloGold Ashanti (Anglogold) signed a 5-year farm-in agreement for the exploration of gold at EcoGraf’s wholly owned Golden Eagle gold project (the Golden Eagle Project) in the Lake Victoria Goldfields of Tanzania. The project is located on the eastern margin of the world class +70 Moz gold Archean Lake Victoria Goldfields, which is in the same structural corridor as the historical 3.4 Moz Golden Pride gold mine operated by Resolute Mining Limited.

Under the Agreement, AngloGold has the right to earn 70% of the Golden Eagle Project by spending US$8.9m (approx. A$13.4m) over five years on the licences, with EcoGraf retaining 30%.

Project Highlights

  • Tanzania is Africa’s third largest gold producer
  • Project located in the world class +70 Moz gold Lake Victoria Goldfields
  • Area covers the direct interpreted northeast continuation of the Banded Iron Formation (BIF) that hosts the high-grade Winston gold deposit-16m @ 55.23g/t gold from 116m
  • AngloGold is one of the world’s largest gold miners and owner of Tanzania’s largest gold mine, the 9.9Moz Geita gold mine.
  • Several highly prospective untested gold prospects have been identified
  • EcoGraf holds further gold, nickel and lithium exploration assets in Tanzania
  • Provides upside exposure to the rising gold price

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