Due diligence involving the collection of more than 200 stream sediment samples on the Persada tenement in Indonesia’s Central Sulawesi has been completed by Western Mining with the company moving to proceed with acquisition of the site from PT Persada Bumi Rawas (PBR). The Share Subscription Agreement to acquire 80% of PT PBR, which holds 100% of the 5000 hectare Persada tenement, is being finalized. Western Mining plans to focus on two blocks that have indicated potential gold anomalies.
The company’s executive chairman Christopher J Clower says, “This acquisition is a progression of the company’s strategy to acquire a diverse range of highly prospective and scalable exploration targets in under-explored regions in Indonesia, through new applications and low-risk acquisition deal structuring.”
The Persada tenement is northeast of Palu in Central Sulawesi, between Toli-Toli and Buol. There is an existing access road to the tenement which is primarily covered by secondary forest and some clove and cocoa plantations.
The Buol region recently gained international attention through the Bulagidun copper-gold prospect in a remote area of north Sulawesi. Soil geochemistry and drilling outlined areas of disseminated and controlled copper-gold mineralization in the area, with three separate bodies at the Bulagidun prospect containing an exploration target of between 13.5 million tonnes to 14.4 million tonnes at a grade range from 0.6 to 0.68ppm gold and from 0.55% to 0.61% copper. This target is based on results from previous soil and stream sampling anomalous results.
Two discrete anomalous areas are identified by the gold-in-stream sediment anomalies. These prospect areas, identified as Block A and Block B, are priority prospect areas for gold mineralization associated with either igneous rocks or sedimentary units located in the southern part of the tenement.