By: OrePulse

Jersey-based Ankh Resources plans to invest approximately $20 million over the next two years to advance exploration and resource definition at its Wadi Dara gold-copper project in Egypt's Eastern Desert, the company said, after already spending roughly $10 million on drilling and exploration work.

The explorer has drilled across 17 diamond-drill holes for a combined 6,402 metres at the project, with significant gold or copper mineralization identified in 14 of them. The company said the mineralization extended along more than 600 metres of strike length.

Ankh is working toward a maiden mineral-resource estimate for Wadi Dara, which remains in the exploration stage with no formal resource or reserve declared. Chief Executive Mostafa Talaat said a commercial-scale operation at the site could ultimately require more than $100 million in development capital.

The company acquired the Wadi Dara concession in 2022 and said it is also exploring additional opportunities elsewhere in Egypt. Further drilling, resource definition work and economic studies would be required before any decision on mine development.

If the project advances to production, it would give Egypt a rare dual-commodity mining operation combining both gold and copper exposure, in a country where copper deposits are scarce.