Aton obtains a bridge loan for its drilling program at the Rodruin gold project in Egypt
For nearly three years, Egypt has become more attractive to mining investments, thanks to a change in its regulations. The objective of the authorities is to increase the contribution of the Mines to the economy, in particular thanks to gold. Only one gold mine is currently operated in the country.
In Egypt, the Canadian mining junior Aton Resources remains well funded to continue its exploration campaign at the Rodruin gold deposit. It obtained a bridge loan of 2 million Canadian dollars ($1.3 million) from Moonrider, with an annual interest rate of 12%.
At Rodruin, Aton has obtained promising drill results in recent months, intersecting several gold mineralizations with grades of 2.99 g/t gold over 53.4 m and 2.33 g/t gold over 54 m. .6 m. The medium-term objective is to provide an initial mineral resource estimate for this asset. The company is also working to obtain a mining permit for the Rodruin and Hamama West deposits, both located within the Abu Marawat mining concession.
As a reminder, only one industrial gold mine is in production in Egypt, despite the country’s large reserves. Since 2020, the government has relaxed the rules for investing in the local mining sector, in order to change the situation.
