Deccan Gold Mines announces gold discovery in Tanzania

Deccan Gold Mines Limited (DGML) has announced a significant gold discovery in Tanzania. The India’s sole listed gold exploration and mining company said their subsidiary, Deccan Gold Tanzania Private Limited (DGTPL), unveiled the gold the PL block 11524 located in the Nzega-Tabora Greenstone belt in Tanzania.

Nzega-Tabora Greenstone belt

All the 4 PL Blocks, located within the world class Nzega-Tabora Greenstone belt of Lake Victoria holds promise for potential gold reserves. The Belt also hosts the Buzwagi Gold Mines (3.5 Mil Ozs) and Golden Pride Gold Mines (2.6 Mil ozs). The Buzwagi Gold mine held by Barrick Gold is a single open pit mining operation and is located 20 Kms North West of DGTPL’s Licences. The Golden Pride Gold Mine is an open pit gold mine located 25 kms east of the Nzega PL cluster.

In addition the firm is in the process of impending acquisition of a Prospecting Licence (PL) for lithium and associated metals over an area of 100.49 sq.km signifies DGTPL’s strategic move towards diversification into critical minerals. This expansion aligns with DGML’s broader strategy to broaden its operational scope and bolster its global asset portfolio.

Hanuma Prasad Modali, the Managing Director of DGML, highlighted the company’s technical capabilities in exploring and prospecting within complex terrains. Modali emphasized that the lithium discovery represents a significant milestone, reinforcing DGML’s commitment to diversification and strengthening its presence in the global minerals market.

DGTPL’s existing portfolio includes Prospecting Licences for gold in the Nzega-Tabora and Geita-Sukumaland Greenstone Belts, acquired in 2021. The decision to pursue a lithium PL reflects DGML’s proactive approach in identifying and capitalizing on opportunities for exploration and resource development.