Centamin sees "encouraging" results from maiden EDX drilling

Gold miner Centamin on Tuesday reported "encouraging" results from its maiden drill programme on its Eastern Desert Exploration (EDX) in Egypt.

EDX, which comprises 3,000km2 of greenfield exploration tenements within Egypt's Nubian Shield, is a "highly prospective geological belt which has not been explored using modern exploration methods", Centamin said.

After completing 16,216-metre reverse circulation drilling across eight targets on the Nugrus block, located adjacent to the EDX's flagship Sukari gold mine, chief executive Martin Horgan said the results underpin Egypt's standing as an "attractive exploration jurisdiction which Centamin is uniquely positioned to leverage given our experience and long standing position in-country".

"Through the application of our systematic approach to assessing the geological potential of our Egyptian exploration portfolio, our team has delivered an encouraging set of maiden drill results across several targets within the Nugrus block," Horgan said.

"We have an exciting work programme budgeted for 2024 which includes delineating potential resources and further drill targets in Egypt as part of our growth strategy, which has already increased pre-depletion group reserves by 3.5Moz over the last three years."

The stock was up 0.3%% at 94.65p by 0845 GMT.