ANGKOR Gold Corp has renewed five exploration licences for an initial three year term with the option to extend a further four years. The Cambodian Ministry of Mines renewed the licences, which total 983sqkm and cover the Andong Meas, Banlung, Koan Nheak, Oyadao and Oyadao South prospects.
Andong Meas licence totals 187sqkm, Banlung 150sqkm, Koan Nheak 189sqkm, Oyadao 222sqkm and Oyadao South 235sqkm. The company chose not to renew the Banlung North and Trapeang Kraham licences as part of its policy to pursue only areas showing the best mineral potential.
At Oyadao South the company has entered into a joint exploration agreement (JEA) with Japan Oil, Gas and Metals National Corporation (JOGMEC). This gives JOGMEC the option to acquire 51% of the licence for an investment of US$3 million in exploration expenditures over a three year period with Angkor as operator.
Angkor recently received notification of the effective date of the JEA with the two parties establishing a management committee.
“The Angkor team had been working towards renewing the Oyadao South licence, and with that completed, we are focused on initiating our first work program with JOGMEC,” said Angkor CEO and chairman Mike Weeks.
“The Halo prospect represents a cornerstone asset for the company and we worked very hard to find a world-class partner to help build our understanding of its potential. JOGMEC’s extensive experience in working with large porphyry systems globally will be extremely valuable to us moving forward.”
Angkor’s VP of Operations JP Dau said, “Planning is under way to initiate a first-round Induced Polarisation (IP) program followed by plans for drilling once targets are identified. Angkor has initiated a Request For Proposals process for the IP work, and the management committee will review the responses.”
Angkor’s previous exploration at Halo identified the potential of copper-molybdenum-gold mineralisation as expressed by hydrothermal alteration covering approximately 7.25sqkm.
Meantime, recent trenching work by Angkor at the Okalla West prospect revealed visible gold, prompting the company to expand the trenching program.
This prospect is within the Banlung exploration licence and work there is done under an agreement with Blue River Resources, which has the right to participate in up to a 50% interest after completion of an investment of US$3.5 million in exploration expenditures over four years.