Gold in Egypt

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Porphyry granite, part of the Neoproterozoic (1000-542Ma) Arabian-Nubian Shield, hosts the gold mineralization at Sukari Hill.
  • Centamin Egypt Limited (AIM:CEY; ASX:CNT) is developing the Sukari Hill gold deposit (Sukari Hill gold project, 25 km south-west of Marsa Alam) which had a resource of 167,18 million t @ 1,43 g/t Au or 7,70 million oz of gold, at a 0,5 g/t cut-off grade, based on data from 771 diamond and RC holes or approximately 156 000 meters of drilling. In May, 2007, the estimate increased to 194,42 million t at 1,44 g/t gold, using a 0,5 g/t cut-off grade or 9,01 million contained oz of gold. There were 10 drills on the site, with 9 working to expand resources. Discovery cost is low at about $4/oz, as energy costs come in around 0,14 cents per litre of diesel fuel. The company moved to the development stage without a bankable feasibility study, but plans to secure project financing early this year. Producing is forecast to commence in Q3 of 2008 at a rate of 4 million tonnes per annum – 200,000 oz per annum. A feasibility study to upgrade the project to a 4-5 million tonne per year operation is currently in progress. Centamin announced in August, 2007, that it had intersected a further high-grade zone of gold during its drilling programme at the Sukari project. This mineralized intersection sits outside the current optimized pit shell and also outside the upgraded 9,79-million oz JORC compliant resource of 2,5-million oz measured, four-million oz indicated and 3,3-million oz inferred, which was announced earlier that month. The drilling intersected a wide high grade zone of mineralisation of 65 m at 18,31 g/t gold and within this was a higher grade zone of 5 m at 209,43 g/t gold. In September, 2007, the resource stood at at 212,83 million tonnes grading 1.53 g/t Au which included 2.6 million oz in the measured category. Further drilling upgraded the mineral resource to 7.46 million oz measured and indicated, plus 3.7 million oz inferred by December, 2007. Geological sampling and mapping at several other regional prospects close to the main Sukari gold mine also returned strongly gold anomalous results requiring follow up.
  • Gippsland Ltd (Australian) is exploring the ancient gold workings of the Wadi Allaqi area, located to the south-east of Aswan, south-eastern Egypt.

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