Triton Minerals has signed a binding memorandum of understanding to acquire up to 80% of the stake in the “Aucu Project,” which is dedicated to the exploration and production of gold and copper in the Tete province, central Mozambique.
Covering an area of 588 square kilometers, the project is located 45 kilometers from the provincial capital and includes several artisanal gold and copper extraction sites, which have recently demonstrated substantial exploration potential.
According to information released this Tuesday, October 1, by the Mining Journal, the area has not undergone any “modern exploration,” thus creating promising expectations.
The company’s CEO, Adrian Costello, stated that the partners are excited to have acquired the “Aucu Project,” emphasizing that it presents a favorable geological setting, historical evidence of copper and gold, and the complete absence of modern exploration represents a unique opportunity for exploration.
“Initial plans include field mapping, soil sampling, and rock chip studies, aeromagnetic studies, and a first-pass drilling program. These steps aim to identify and assess preliminary exploration targets within the broad area of the project,” he emphasized.
Triton Minerals is a mining exploration and development company focused on graphite projects. Through its wholly-owned subsidiaries, it holds a stake in Grafex Limited.
In July, the mining company agreed to divest 70% of its graphite assets in Mozambique to a subsidiary of China’s Shandong Yulong Gold for an estimated value of one billion meticais (17 million dollars). At that time, it was explained that the transaction included all of the miner’s interests in the flagship Ancuabe project, as well as the leases for Nicanda Hill, Nicanda West, and Cobra Plains.