Angkor Gold Corp has raised $1.25 million in an oversubscribed non-brokered private placement which will be used for exploration of the company’s properties in the Kingdom of Cambodia. The company intends to focus its near-term efforts on the Andong Meas licence.
Angkor’s six exploration licences in Cambodia cover 1273sqkm, which the company has been actively exploring over the past six years. The company has covered all tenements with stream sediment geochemical sampling and has flown low level aeromagnetic surveys over most of the ground.
As well as Andong Meas Angkor’s work will include programs with its partners Blue River Resources of Vancouver, Canada, and Japan Oil, Gas and Metals National Corporation (JOGMEC). Angkor is also expecting the final approval of Mesco Gold’s ESIA in the coming weeks.
The company’s vice president of operations JP Dau said, “We have seen an increased level of interest recently from various international players, and are hopeful that additional partnerships are on the horizon.”
Angkor recently announced two separate earn-in agreements – the first with Blue River and the second with JOGMEC. In both cases, Angkor will be operator on the projects for the upcoming work season in Cambodia.
Chairman and CEO Mike Weeks said, “Along with operational capital, this cash injection will allow Angkor to continue to build shareholder value as we begin the process of identification, and eventual acquisition, of new exploration licences in Cambodia.”
Angkor has drilled 21,855 metres of NQ core in 190 holes, and has collected in excess of 110,000 termite mound, ‘B’ and ‘C’ zone soil samples in over 20 centres of interest over a combined area of over 140sqkm, in addition to numerous trenches and detailed geological field mapping. Exploration on all tenements is ongoing.