EcoGraf (ASX:EGR) has been granted prospecting licences for the Golden Eagle Project from the Tanzanian Ministry of Minerals, beginning the US$9 million ($13.58 million) farm-in agreement with AngloGold Ashanti’s (NYSE:AU) subsidiary.
The company has obtained three prospecting licences spanning an area of 575.23km2 for the project located on the eastern margin of the Archean Lake Victoria Goldfields.
AngloGold Ashanti will be eligible to earn-in a 70% stake by spending US$9 million across a five-year period on the licences while EcoGraf retains a 30% stake.
The Golden Eagle Project is located within the northeast continuation of the banded iron formation that hosts the Winston deposit. Winston has returned intercepts of 16m @ 55.23 grams per tonne gold from 116m historically.
AngloGold Ashanti is the owner of the Geita Gold Mine, which is described as “Tanzania’s largest gold mine”, producing 484,000 ounces of gold in 2024.
EcoGraf is focused on building a vertically integrated battery anode materials company to produce graphite products needed for lithium-ion batteries and manufacturing markets.
Write to Maddison Elliott at Mining.com.au
Images: EcoGraf
