Altus Strategy announced that it has obtained 4 licenses for gold exploration, including permitting exploration in 9 areas with a total area of 1.586 thousand square kilometers, all of which are located in the eastern desert of Egypt.
The company, which owns La Mancha of Naguib Sawiris, more than a third of its shares, said that the first site is in Wadi Jundi, with an area of 696 kilometers, which is 40 km south of the Fawakheer mine, which was historically reported to have contributed about 45% of Egypt’s gold production during the twentieth century. It is also 115 kilometers northwest of the Al-Sukari mine.
She explained that Bakria is the second project, and it includes two exploration areas with an area of 348 km, 60 km south of Fawakheer and 115 km northwest of Sukkari.
It mentioned that the third license for the Abu Diwan project has two exploration areas with a total area of 346 kilometers and is located 30 kilometers from Al-Fawakheer and 160 kilometers northwest of Al-Sukari.
The fourth license is for the Dabour Valley, with a total area of 175 km, 5 km from the historic Atoud mine, and 40 km from the northwest of Sukkari.
She explained that the licenses were obtained by the wholly-owned subsidiary, AKH, and expected a signing ceremony with the Ministry of Mineral Resources soon.
The company added in a statement that the locations of the licenses were chosen based on systematic maps prepared by the company, and included analysis of satellite images, historical exploration data, and all four licenses host several priority targets.
She explained that winning the licenses came after a competitive bidding in which a number of gold mining companies participated.
She added that the decision to expand in Egypt, within the framework of the strategy of the Egyptian Company, which acquired 35% of Tousses last February, and also stimulated by amendments in the Egyptian Mining Law, “also reflects our belief in investment opportunities in Egypt, and is in line with our vision to diversify our portfolio of projects.”
The article “Altus” obtains 4 gold prospecting licenses in Egypt. It was written in the Al-Borsa newspaper.