TSX-V-listed Aton Resources has partially relinquished a further 25% of the land area of the Abu Marawat concession, in Egypt, but says it is a good thing as the relinquishment is in exchange for an extension of a further three years on the exploration licence.
The western Hamama block remains unchanged, while the larger eastern block has been reduced to 423.2 km2 in size. The company does not consider the ground relinquished to be prospective for the discovery of economic gold mineralisation.
CEO Mark Campbell says the confirmed security of tenure will now allow the company to “actively” pursue its programmes.
“I have no doubt that investors are frustrated by what appears to be on the surface a lack of activity, but much of this has been the result of the Covid-19 pandemic hitting everyone. However, this impression could not be further from the truth, as we have developed an aggressive 18-month exploration programme for Rodruin and our other prospective regional targets, such as Abu Gaharish, as well as a plan for further work at our Hamama West development project,” he says.
Campbell also notes that there is renewed global interest in the exploration potential of the Eastern Desert of Egypt and that it has opened the door to discussions with strategic investors which are seeking to enter the Egyptian mineral exploration and mining sector.
“We have the most advanced exploration concession and gold projects in the country, and the only ones operated to international standards.”
Aton’s Abu Marawat Concession is located in Egypt’s Arabian-Nubian Shield, about 200 km north of Centamin’s Sukari gold mine.
Aton has identified numerous gold and base metal exploration targets at Abu Marawat, including the Hamama deposit in the west, the Abu Marawat deposit in the northeast, and the advanced Rodruin exploration prospect in the south of the concession.
Two historic British gold mines are also located on the concession at Sir Bakis and Semna.