EcoGraf signed a US$9 million ($13.6 million) five-year farm-in deal with AngloGold Ashanti Holdings for gold exploration at its Golden Eagle Project in Tanzania.
The project, located in the prolific Lake Victoria Goldfields, holds potential for large gold deposits.
EcoGraf's Managing Director Andrew Spinks highlighted the agreement as a testament to the quality of their assets and a boost for Tanzania's mining industry.
The deal allows AngloGold to earn a 70% interest by investing US$8.9 million ($13.4 million) over five years, with EcoGraf retaining a 30% stake.