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Aton Resources cuts Egyptian land package by 25 per cent

Mining
TSXV:AAN
04 June 2020 12:46 (EDT)

Aton Resources (TSXV:AAN) is relinquishing 25 per cent of its Marawat Concessions in Egypt’s Eastern Desert.

Aton Resources previously owned 100 per cent of the Marawat concessions project but is now only renewing 75 per cent of the project with the Egyptian authorities.

Aton relinquished 25 per cent of the parcel to the Egyptian authorities for a further three years of exploration licenses at Abu Marawat. 

The company stated it does not consider the ground relinquished from the project to be prospective for the discovery of economic gold mineralization.

Aton now holds 447.7 square kilometres of exploration concession in the region. 

The western block of the site has remained unchanged, but the much larger eastern block has shrunk to 423.2 square kilometres in size.

Aton’s CEO and President, Mark Campbell attempted to assuage investors’ fears regarding the news.

“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 program for Rodruin and our other prospective regional targets, such as Abu Gaharish, as well as a plan for further work at Hamama West development project.

“We have the most advanced exploration concession and gold projects in this country, and the only ones operated to international standards,” he said. 

Aton Resources (AAN) is in the grey and is trading at C$0.025 per share at 12:00 pm EDT. 

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