Deccan Gold Mines Arm Discovers Gold, Lithium Reserves In Tanzania

Deccan Gold Mines Ltd on Tuesday said its arm has discovered gold and lithium reserves in Tanzania, a significant step towards the company's strategy to diversify into critical minerals.

Deccan Gold Tanzania Pvt, a wholly-owned arm of Deccan Gold Mines, has discovered gold in the PL block 11524 in the Nzega - Tabora Greenstone belt, Tanzania, a statement said.

Lithium is the key component in manufacturing batteries for electric vehicles.

'The discovery in the Nzega - Tabora Greenstone belt in Tanzania, highlights our technical expertise in exploration and prospecting, across some of the most complex terrains globally.

'Our ongoing efforts to scale up our global assets complements the core business, and augments our operational strengths. The lithium discovery is a significant step towards our strategy to diversify into critical minerals,' Deccan Gold Mines Ltd Managing Director Hanuma Prasad Modali said in a statement.

Also, a prospecting licence (PL) for lithium and associated metals was recommended in favour of the subsidiary and grant order is awaited.

PL means a licence granted for undertaking 'prospecting operations' with a view to explore, locate or prove mineral deposits.

The company recently applied for lithium PL that has been recommended for grant.

Deccan Gold Mines Ltd (DGML), as a part of its strategy to diversify into critical minerals, has carried out a significant amount of desktop studies on potential areas in Tanzania.

Based on these studies the company has identified a potential area of 100.49 sq.km, on which it has applied for PL.

The PL has already been recommended and grant order is awaited, the statement said.

Deccan Gold Mines is the country's only listed gold exploration and mining company.

The company currently has five advanced-stage gold mine projects, and is actively foraying into the exploration and mining of critical minerals and Rare Earth Elements (REE).