EcoGraf (ASX:EGR) has received prospecting licences for its Golden Eagle Project in Tanzania, clearing the way for the commencement of a US$9 million farm-in agreement with AngloGold Ashanti Holdings, a subsidiary of global gold producer AngloGold Ashanti (NYSE:AU).
The three licences, covering 575.23km2 and granted on Dec. 16, position the project on the eastern margin of the world-class +70 Moz Lake Victoria Goldfields, within the same structural corridor as the historic 3.4 Moz Golden Pride mine.
The project encompasses highly prospective Banded Iron Formation units, including the northeast extension of the high-grade Winston gold deposit.
Under the farm-in terms, AngloGold Ashanti can earn a 70% interest by investing US$9 million over five years, while EcoGraf retains 30%.
The project marks AngloGold Ashanti's first collaborative venture under its renewed Tanzanian Greenfields exploration program, supported by a new exploration office in Dodoma.
EcoGraf expects the partnership to leverage AngloGold Ashanti's expertise in gold exploration while it continues to focus on the development of its Epanko graphite project and vertically integrated battery anode materials business.
At the time of reporting, EcoGraf's share price was $0.37.