Join our daily newsletter At The Bell to receive exclusive market insights
Triton Minerals Ltd (ASX:TON) is set to acquire a gold and copper project in Mozambique, whose location – close to major infrastructure and already-producing gold and coal mines – complements the presence of multiple artisanal workings for exploration targeting.
Triton has entered into a binding Memorandum of Understanding (MOU) to take on up to 80% of the Aucu project in Mozambique’s central-west Tete province, with the play stretching across 588 square kilometres in one contiguous tenement, approximately 45 kilometres from the provincial capital – also named Tete.
It is also only 200 kilometres south of Africa Lion Gold’s Chifunde Gold project.
As well as the having the regional centre of Tete close by, Triton is attracted by the availability of mining infrastructure in the area, such as that associated with Vulcan International Moatize Coal Mine and Benga Mine.
In terms of mineralisation and prospectivity, the Aucu project hosts many artisanal copper and gold workings, although it has experienced virtually no modern exploration to date.
Subject to the necessary approvals, Triton aims to begin exploration work, with field mapping, rock chip and soil sampling, an aeromagnetic study over the exploration license and first-pass drilling all on the cards in the following months.
Executive Director and COO Adrian Costello said Aucu was an important investment for the company.
“We are excited to be acquiring the Aucu Project located in a highly prospective and prolific part of the Tete province in central west Mozambique,” he said.
“The scale of the project area, favourable geological setting, historic copper and gold showings and the complete lack of modern exploration presents the company with a unique exploration opportunity upon closure of this potential acquisition.
“We are look forward to completing the transaction and commencing field work and generating drilling targets in the near term.”
Triton has been trading flat at 1.1 cents.
Join the discussion: See what HotCopper users are saying about Triton and be part of the conversations that move the markets.
-1200x645-380x200.jpg)
