egolinews.com

Beach Energy Limited (BPT) said it has secured the right to explore the Great Rift Valley in western Tanzania after reaching a deal with the Government of Tanzania. The company said the concession is considered highly prospective for oil. Beach said the specific terms of the agreement are confidential, however its’ subsidiary Beach Petroleum (Tanzania) Limited has executed a Production Sharing Agreement (“PSA”) for a 100% interest in the Lake Tanganyika South concession. The company said due to specific requirements related to operating in the remote region of Tanzania, they are more favorable than the standard terms. Beach said the exploration program would target plays analogous to those which are yielding significant success in the Rift system in Uganda. The PSA’s are structured into three exploration phases totalling 11 years.

Augur Resources Limited (AUK) said the results from the first diamond drill hole in the Lipi zone within the Central Jampang Gold project in Java indicate that the mineralised zone is more extensive than first reported. The company said the near surface mineralised interval in the hole is 36m at 1.74 g/t gold, 0.89% copper and 7.95 g/t silver from 28.6m compared to the 20m at 2.79 g/t gold from 34.6m reported yesterday. Augur said the latest results include 3m at 10 g/t gold, 2.47% copper and 14.2 g/t silver from 41.6m and a further 7m of 0.44 g/t gold, 1.4% copper and 16.6 g/t silver from 57.6m. A second mineralised zone returned 4.7m at 1.48% copper, 0.34 g/t gold and 11.22g/t silver from 84m depth.

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