Gold mining company Resolute (Egypt) has secured two prospective large-scale exploration concessions from the Egyptian Mineral Resource Authority (EMRA).
Licences were awarded after the company submitted applications in April this year for the Bokari and Um Samra exploration concessions covering 1,583km² and 819km² respectively.
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The concessions are located between 70km and 100km north-west of Sukari Gold Mine, which is operated by British miner Centamin.
Concessions are understood to contain extensive artisanal workings, but have not been subject to enough modern exploration work.
Resolute intends to negotiate fiscal terms with the government regarding the development of future discoveries.
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Resolute Mining managing director and CEO John Welborn said: “We are eager to secure new high-quality exploration assets on the African continent that provide the opportunity to discover and develop future gold mines.
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By GlobalData"The Bokari and Um Samra concessions fit our criteria of exploration tenure within well-endowed gold belts that have potential to yield large mineable deposits."
Obtaining the permits is in line with the company’s strategy of building a portfolio of exploration and development assets in highly prospective regions.
The current exploration rights are in the Arabian-Nubian Shield, a Precambrian shield composed of granitoid-greenstone belt terranes and mid-crustal gneissic terranes.
Licences for the prospects were awarded in accordance with Egypt’s current production sharing agreement (PSA) approach, which involves a 5% royalty on gold production.
Resolute now looks to finalise detailed conditions for the operation of the concessions within six months.
Image: Resolute’s new exploration concessions relative to the 15 million ounce Sukari Mine. Photo: courtesy of Resolute Mining Limited.
