Aton provides corporate update on its Abu Marawat Concession Agreement
Vancouver, British Columbia, December 5, 2022: Aton Resources Inc. (AAN: TSX-V) (“Aton” or the “Company”) is pleased to update investors on the current exploration licence at the Abu Marawat Concession (“Abu Marawat” or the “Concession”), in the Eastern Desert of Egypt.
The Company announces that it has requested and has been granted a six month force majeure compensation period, under the provisions of the Abu Marawat Concession Agreement (”CAAM”), which will be added to the final exploration period of its current exploration licence at Abu Marawat. This will allow Aton to complete the maiden mineral resource estimate (“MRE”) at the Rodruin deposit, as well as updating the existing Hamama West MRE, as it works towards the submission of Commercial Discoveries at both the Rodruin and Hamama West deposits, in support of the transition to an exploitation licence at the Concession.
“We are very pleased to announce that this extra time has been added to the term of the Abu Marawat exploration licence, primarily to make up for time unavoidably lost during the Covid-19 pandemic. We wish to thank the Egyptian Mineral Resources Authority and the Ministry of Petroleum in Egypt for their continuous support and their assistance in making this happen” said Tonno Vahk, Interim CEO. “We will complete the diamond drilling at Rodruin within the next fortnight, where we have now drilled well over double the originally planned number of metres. Work is already well underway on the revision of the Hamama West MRE, following the completion of the RC drilling there at the end of August, and we will start working on the Rodruin maiden MRE immediately on receiving the final assays from the drilling programme in early 2023. The new MRE’s at both Rodruin and Hamama West will provide the basis for the definition of Commercial Discoveries at both projects, which under the provisions of the CAAM, will allow us to transition to the exploitation licence at Abu Marawat. We continue to work closely with EMRA and the MoP, and plan to submit the application for the exploitation licence in Q3-2023. The extra time we have been granted will also allow us to continue our ongoing exploration on the Concession as a whole, and we plan to start drilling several of our highly prospective regional targets during 2023, including Abu Gaharish, Semna and our recent new discovery at West Garida. Next year is really shaping up to be a very significant year for Aton Resources, and also for our partners at EMRA and the MoP, as we plan to move forwards to the Abu Marawat mining licence, and advancing the development of the first gold mine on the Abu Marawat Concession at Hamama West. Exciting times lie ahead!”
About Aton Resources Inc.
Aton Resources Inc. (AAN: TSX-V) is focused on its 100% owned Abu Marawat Concession (“Abu Marawat”), located in Egypt’s Arabian-Nubian Shield, approximately 200 km north of Centamin’s world-class Sukari gold mine. Aton has identified numerous gold and base metal exploration targets at Abu Marawat, including the Hamama deposit in the west, the Abu Marawat deposit in the northeast, and the advanced Rodruin exploration prospect in the south of the Concession. Two historic British gold mines are also located on the Concession at Sir Bakis and Semna. Aton has identified several distinct geological trends within Abu Marawat, which display potential for the development of a variety of styles of precious and base metal mineralisation. Abu Marawat is 447.7 km2 in size and is located in an area of excellent infrastructure; a four-lane highway, a 220kV power line, and a water pipeline are in close proximity, as are the international airports at Hurghada and Luxor.
For further information regarding Aton Resources Inc., please visit us at www.atonresources.com or contact:
Tel: +1 604 318 0390
Note Regarding Forward-Looking Statements
Some of the statements contained in this release are forward-looking statements. Since forward-looking statements address future events and conditions; by their very nature they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
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