Triton Minerals (ASX:TON) has entered into a binding memorandum of understanding to acquire up to an 80% stake in the highly prospective Aucu Gold and Copper Project in Tete, Mozambique.
Covering 588km2, the project is situated close to the provincial capital and existing mining infrastructure.
The Aucu Project, located approximately 45km from Tete City, includes multiple artisanal gold and copper sites and has shown substantial exploratory potential.
Despite these promising factors, the project has seen minimal modern exploration to date.
Triton's Executive Director and COO, Adrian Costello, commented, "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."
"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," Costello added.
Initial project plans include field mapping, soil and rock chip sampling, aeromagnetic studies, and a first-pass drilling program.
The steps will aim to identify and evaluate preliminary exploration targets within the expansive project area.
The transaction, once completed, will see Triton acquire and maintain 80% of the capital in Zambeze Metals created specifically for the project.
Further terms include milestone-based expenditures and necessary approvals from the Government of Mozambique.
Triton Minerals is a mining exploration and development company focused on graphite projects.
The company, through its wholly-owned subsidiaries, has an interest in Grafex Limitada.
Its flagship Ancuabe Project is located approximately 45km due west from the northern Mozambique coastal port of Pemba on the Indian Ocean shoreline.