Investors looking for fresh natural resources struck deals in Tanzania and Uganda to exploit gold and oil respectively.

A $3 million joint venture deal between US-based Ruby Creek Resources and Canadian miner, Douglas Lake Minerals could see Tanzania becoming a big gold producer. Ruby Creek will take a 70% interest in Douglas Lake’s gold project to begin explorations at the Mkuvia mine next year.

Existence of gold in Mkuvia came as a surprise for Ruby explorers who dug deeper to reveal coarser deposits after observing artisanal miners recovering the precious stones using only hand tools.

Analysts estimate Tanzania holds reserves of more than 1,000 tonnes, making the country Africa’s third largest gold producer after South Africa and Ghana.

Across the border in Uganda there are reports Italian energy firm Eni wants to buy British oil explorer Heritage Oil assets.

The $1.5 billion deal, if successful will see Eni expanding interests following decreased output at its Nigerian operation.

Heritage operates with two licenses in Uganda in a joint venture with Ireland’s Tullow Oil, and is seeking investors to help develop infrastructure in Uganda.

The fields in Uganda are estimated to contain more than 700 million barrels of gross resources.