Gold mining company AngloGold Ashanti has signed a $9-million, five-year farm-in agreement with ASX-listed junior EcoGraf for the exploration of gold at the Golden Eagle project, in Tanzania.
Located on the easter-margin of the Archean Lake Victoria goldfields, the Golden Eagle project is in the same structural corridor as the historical 3.4-million-ounce Golden Pride mine that Resolute Mining operated.
EcoGraf MD Andrew Spinks commented that the agreement with AngloGold, which was the world’s fourth-biggest gold miner, underscored the strong technical quality of the asset and was a vote of confidence in the Tanzania mining industry.
“We look forward to AngloGold’s expertise in gold exploration being applied to Golden Eagle, as it hunts for another tier-one gold deposit to complement its existing Geita operation, in Tanzania,” he added.
AngloGold has established a dedicated Tanzania exploration office in Dodoma.
EcoGraf’s gold assets are considered noncore, as the company’s focus is mostly on the development of its battery anode materials business for the lithium-ion battery market.