Deccan gold mines subsidiary strikes gold in Tanzania, awaits lithium licence, ET EnergyWorld

New Delhi: Deccan Gold Mines Limited (DGML), India’s sole listed gold exploration and mining company, announced a significant gold discovery by its subsidiary, Deccan Gold Tanzania Private Limited (DGTPL), in the PL block 11524 located in the Nzega-Tabora Greenstone belt in Tanzania.

Additionally, DGTPL is on the verge of securing a Prospecting Licence (PL) for lithium and associated metals over an area of 100.49, with the grant order anticipated shortly.

Hanuma Prasad Modali, Managing Director, DGML, expressed the discovery as a testament to the company’s technical prowess in navigating complex terrains for exploration and prospecting.

“The lithium discovery aligns with our strategy to diversify into Critical Minerals, marking a significant milestone in augmenting our operational strengths and global asset portfolio,” Modali aded.

DGTPL currently holds four Prospecting Licences for gold in the Nzega-Tabora and one in the Geita-Sukumaland Greenstone Belts, all awarded at the end of 2021. The move to apply for a lithium PL is part of DGML’s broader strategy to expand into critical minerals, spurred by comprehensive desktop studies identifying potential areas in Tanzania for exploration.

The imminent grant of the lithium PL underscores DGML’s commitment to diversifying its exploration activities and enhancing its contribution to the global minerals market.

  • Published On Mar 21, 2024 at 09:05 AM IST

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