CAIRO — Ankh Resources plans to invest about $20mn over the next two years to accelerate exploration and resource definition at its Wadi Dara gold-copper project in Egypt’s Eastern Desert, after spending roughly $10mn on drilling and exploration to date.
The Jersey-based explorer is working toward a maiden mineral-resource estimate after completing 6,402 metres of diamond drilling across 17 holes. Significant gold or copper mineralisation was reported in 14 holes, with drilling confirming mineralisation over more than 600 metres of strike.
Wadi Dara remains an exploration-stage project. Ankh has not yet declared a formal mineral resource or reserve, and any mine development will depend on further drilling, resource definition and subsequent economic studies.
Chief Executive Mostafa Talaat said a sizable commercial operation could ultimately require more than $100mn of development capital.
Ankh acquired its flagship Egyptian concession in 2022 and is assessing further exploration opportunities in the country.
If commercially proven, Wadi Dara could give Egypt a rare dual-commodity mining project, combining exposure to gold with copper demand linked to power networks, industrial expansion and electrification.
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