EQS-News

AngloGold Ashanti US$9.0m (A$13.5m) Gold Farm-in Agreement

EQS-News: EcoGraf Limited / Key word(s): Agreement AngloGold Ashanti US$9.0m (A$13.5m) Gold Farm-in Agreement 23.05.2024 / 17:45 CET/CEST The issuer is solely responsible for the content of this announcement. 5-Year Gold Exploration Farm-In on Innogy’s Golden Eagle Project

EcoGraf Limited (EcoGraf or the Company) (ASX: EGR; FSE: FMK; OTCQB: ECGFF) is pleased to announce that it has signed a binding agreement with AngloGold Ashanti Holdings plc (AngloGold), a subsidiary of AngloGold Ashanti Plc (NYSE: AU; JSE: ANG) to enter into a US$9.0m (A$13.5m) 5-year farm-in agreement for the exploration of gold at EcoGraf’s wholly owned subsidiary Innogy Limited’s (Innogy) Golden Eagle gold project (the Golden Eagle Project) in the Lake Victoria Goldfields of Tanzania (Farm-in Agreement).

AngloGold is one of the world’s largest gold miners and owner of Tanzania’s largest gold mine, the 9.9Moz Geita gold mine.¹

Key highlights of the project:

• The Golden Eagle Project has been the subject of detailed technical and corporate due diligence by AngloGold, commencing in May last year.  The Golden Eagle Project is located in the Singida and Manyara regions of Tanzania and is a high-quality gold asset that has significant potential to discover world class multi-million-ounce gold deposits.
• The project is located on the eastern margin of the world class +70 Moz gold Archean Lake Victoria Goldfields² in the same structural corridor as the historical 3.4 Moz Golden Pride ² gold mine which was operated by Resolute Mining Limited.
• The project covers the direct interpreted northeast continuation of the Banded Iron Formation (BIF) that hosts the high-grade Winston gold deposit, which has returned drill intercepts of 16m @ 55.23g/t gold from 116m².
• Geologically, the area is characterised by very favourable Archean greenstone belts, set within a granitic complex.
• Gold in the area is predominantly hosted within veined shear zones within the BIF units within the greenstone belts.
• Several highly prospective untested gold prospects and shear zones and faults crosscut the BIF units of the Golden Eagle Project.
• Previous exploration efforts involved significant prospect generation activities within the Golden Eagle Project licences, providing a significant number of gold targets and exploration upside.
• The Golden Eagle Project comprises two pending Prospecting Licences, which total 578 km².

EcoGraf Managing Director, Andrew Spinks, commented: “The Golden Eagle farm-in agreement with AngloGold Ashanti, the fourth largest gold miner in the world, demonstrates the strong technical quality of the Innogy assets and is a further vote of confidence in the mining industry of Tanzania. We look forward to AngloGold’s expertise in gold exploration being applied to Golden Eagle, as it hunts for another Tier-1 gold deposit to complement its existing Geita operation in Tanzania.”