THE Cambodian Ministry of Mines has not renewed a third extension application for the exploration licences of Indochine Mining’s Ratanakiri parcel of tenements. This means that no further exploratory work can be undertaken on the tenement with Indochine subsequently determining that the licences be treated as ‘abandoned areas’ or ‘impaired assets’.
The licences expired on July 7, 2013, and applications to extend them were lodged prior to expiry. Indochine has now ascribed the costs of acquiring the licences as well as all subsequent costs as impairment expenses for expired licences.
Last year Indochine entered into negotiations to transfer its Cambodian projects to Capital Mining. However, in early September Capital advised Indochine of its withdrawal from the agreement. In addition Capital withdrew from the joint venture agreement to acquire 90% of Cambodian-based Ratanakiri Consultancy Group which also holds tenements in Cambodia.
The Ratanakiri project lies in the far northeast of the country. Intrusive centres, potentially associated with copper and gold mineralization, were mapped within a deeply eroded zone of typically Permo-Triassic meta-sediments and volcanics exposed in a high standing mountainous block on the Cambodian-Laos-Vietnamese borders.
Alluvial gold workings and favourable host rocks for large tonnage deposits make this area prospective for delineating economic gold and copper deposits.
Exploration by Indochine included acquisition of high definition satellite imagery, and completion of an airborne magnetic and radiometric survey. Regional scale structural, geological and alteration interpretations identified initial high priority targets for follow-up exploration.
Field based exploration activities followed including mapping, geochemical sampling of streams and soils, and diamond drilling. This led to identification of three projects requiring further detailed ground work.
Stream sediment sampling indicated significant anomalies over a 3km x 4km area. Reconnaissance sampling west of Poung Peay in early 2008 located some float rock samples with significant assay results. One sample assayed 2.05% molybdenum, 0.146 % copper and 0.28 grams/tonne gold while another returned 1.04% copper and 8 grams/tonne silver.
Stream sediment samples collected along Ou Kampin returned anomalous gold values ranging from 54ppb to 1.2 grams/tonne. These values increase in the upper tributary of Ou Kampin. The stream coincides with a projected regional fault structure that runs across Bor Kham and Poung Peay generally trending in an east-west direction.
Stream sediment samples were also collected along the tributaries of Ou Kray, Ou Pang and Ou Lulu. However, only one sample from Ou Pang returned an anomalous value for gold of 0.56 grams/tonne.