EcoGraf (ASX: EGR; FSE: FMK) has presented the results of an initial exploration program on the company’s own gold properties in Tanzania and at the same time outlined the further procedure for the newly bundled activities under the name “Golden Frontiers.” The focus of the announcement is on high-grade individual values from rock and stream sediment samples, including a rock chip result of 4.45 g/t gold from the Hazina prospect. In parallel, EcoGraf refers to the start of a farm-in agreement with AngloGold Ashanti on the Golden Eagle project as well as newly defined target areas in northern and western Tanzania.
EcoGraf emphasizes that the company has large-scale, historical property positions in Tanzania in Archaean and Proterozoic terranes, which are considered gold prospective. Based on a prospectivity study and the now completed initial program, prioritized targets have been identified in the northern, southern and western parts of the country. These areas are grouped together under the umbrella strategy “Golden Frontiers” and, according to the company, include the Golden Eagle Gold Project and three other frontier projects with a total of over 3,000 square kilometers.
EcoGraf: First field program confirms gold anomaly at the Hazina prospect
EcoGraf reports concrete sample results primarily from the Southern Frontier Gold Project, which is located only about 15 kilometers south of the Epanko graphite project in the Ulanga district. There, five prioritized prospects have been delineated: Hazina, Johari North, Jahari South, Tunu North and Tuna South. The first exploration program on site initially focused on Hazina and combined stream sediment samples with selected rock samples from outcrops.
According to EcoGraf, a geochemical anomaly up to three kilometers long was defined, which remains open in both directions. A maximum stream sediment value of 8,820 ppb gold (equivalent to 8.82 g/t) in the fine grain fraction is particularly emphasized, while a rock chip sample delivered 4,450 ppb gold (converted 4.42 g/t); in the short overview, EcoGraf also mentions a value of 4.45 g/t gold from rock. The company states that the best results spatially coincide with a large geophysical anomaly, meaning that two independent data sets – geochemistry and geophysics – point to the same target corridor.
In this context, EcoGraf also points to observations of visible gold in five of the sediment samples taken. At the same time, the company emphasizes that the illustrated concentrates obtained from river gravel are “panned” samples that were not analyzed in the laboratory. Visual impressions should therefore not be understood as a substitute for analytics and do not allow any reliable statements to be made about content, impurities or economic significance. In the vicinity of Hazina, there are also small artisanal extraction sites that are geared towards alluvial gold in river gravel – a hint that, from EcoGraf’s point of view, may indicate potential primary gold mineralization in the bedrock in the wider area.
Golden Eagle: Farm-in with AngloGold Ashanti has started
EcoGraf is setting a second focus with the Golden Eagle Gold Project, for which AngloGold Ashanti has started a farm-in totaling US$9.0 million. The start of the agreement in December 2025 was scheduled so that the entire 2026 field season could be used. According to the company, the basis was three granted Prospecting Licenses (PL 13700/2025, PL 13701/2025, PL 13702/2025) with a total of 575.23 square kilometers.
EcoGraf describes Golden Eagle as located on the eastern edge of the Lake Victoria Goldfields, which are described as “world class”, and in the same structural corridor as the historical Golden Pride Mine with 3.4 million ounces. In addition, the project covers the interpreted northeastern continuation of a Banded Iron Formation (BIF), which in the region is associated with the high-grade Winston mineralization; for this, EcoGraf mentions a historical drill example of 16 meters with 55.23 g/t gold from a depth of 116 meters. According to the farm-in conditions, AngloGold Ashanti can acquire 70% of the project by investing US$9.0 million in the licenses over five years; EcoGraf retains 30%. According to its own information, EcoGraf received a payment of AUD 491.6 thousand as part of the start of the agreement, which also included reimbursement of costs.
Northern and Western Frontier: 16 target areas and new models
For the Northern and Western Frontier projects, EcoGraf reports on new geological and exploratory models and a total of 16 prioritized prospects, including historical gold and copper deposits. Accordingly, the Western Frontier Gold Project covers around 1,150 square kilometers and is located near the Mpanda gold district, where the Katavi Gold Mine is also located. Several deposits have been recorded by the Geological Survey of Tanzania (GST); modern exploration in the region has so far only taken place to a limited extent, while small-scale, artisanal extraction is widespread. EcoGraf names six prioritized gold prospects for Western Frontier, which are being prepared for an initial on-site review by means of mapping and geochemical sampling; in addition, the company refers to a total of eight historical gold and copper deposits in the northern and southern concession areas.
According to EcoGraf, the Northern Frontier Gold Project is located in northwestern Tanzania in the Kagera region. Although geochemical programs and drilling have been carried out there in the past by larger companies, precious metals have not always been systematically investigated. EcoGraf derives from this an approach that includes shear zones, gossans, quartz vein formation and paleochannels as target features. In the north, ten prioritized gold prospects have been delineated, which are also ready for field mapping and sampling.
EcoGraf also points out that the government of Tanzania supports the mining sector and proactively cooperates with international companies and partners. In our view, the timing for the start of exploration of the gold properties and the agreement with AngloGold could hardly be better given the persistently high gold prices. We are excited about further developments.
