ANGKOR Gold Corp has entered into a definitive agreement with Blue River Resources to explore the Banlung tenement in Ratanakiri Province. The agreement initially gives Blue River the right to participate in up to a 50% interest of the Banlung licence after completion of a total investment of US$3.5 million in three portions of exploration expenditure over four years.
Once the first three options have been satisfied, Blue River may then exercise another option on an additional 20% interest of the Banlung tenement through the commission and completion of a bankable feasibility study on the property or portion thereof.
Blue River Resources is a mineral exploration and development company, focused on discovering and developing copper deposits in the Quesnel Trough Copper Belt of British Columbia, Canada, and Washington state, USA.
Angkor’s president Mike Weeks said, “I am pleased to announce this agreement with Blue River. The beauty of this anomaly is its close proximity to surface - making it easier to work on and quicker to move to a development strategy if warranted.
“Our plans are to advance exploration quickly and efficiently on the Banlung tenement with specific focus on the Okalla West prospect initially but to also capture and comprehend the Banlung intrusive structure. It is a large property with lots of potential.”
Blue River’s president Griffin Jones said, “There are great synergies here, and we are keen to get on the ground and build shareholder value for both companies moving forward.
“We have been looking for the right opportunity to explore outside of the traditional markets for Blue River. Angkor Gold and Cambodia are the perfect fit with the country’s growing infrastructure, and significant potential as a developing world-class mining sector.”
Angkor plans to continue its current work programs on two priority prospects on other licences - Peacock Prospect on the Koh Nheak licence and Halo Prospect on the Oyadao South licences.
Angkor’s VP of operations John Paul Dau said, “In addition to the gold anomaly at Okalla West, the discovery of olivine-pyroxenite rocks in the southwest of Okalla West prospect, coupled with the cobalt, copper, chrome, nickel and vanadium termite mound anomalism in the same area keeps the door open to the potential for economic base metals within the mafic complex. These early indications on Okalla West show the great potential of the area as a flagship project for both companies.”