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Nusantara Resources Ltd.
Summary
| Project: | Awak Mas | |
|---|---|---|
| Deposit: | Awak Mas | |
| Location: | Indonesia | |
| Commodities: | Gold-Silver | |
| Date: | 9/13/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 13-9-2018: Nusantara Resources Ltd. announces a Resource Estimation report for its Awak Mas deposit at the Awak Mas project. Updated ore reserve estimate at Awak Mas. Asia‐Pacific gold development company Nusantara Resources Limited (‘Nusantara’, ASX: NUS | |
| Resources: | (Reserve, P+P): 26.9Mt @ 1.32g/t Au for 1.14Moz Au contained | |
| CP/QP: | [Resources]: Adrian Shepard (Cube Consulting Pty Ltd.) | |
| ABSTRACT: | Asia‐Pacific gold development company Nusantara Resources Limited (‘Nusantara’, ASX: NUS), is pleased to announce an upgrade to the Ore Reserve of 1.1 million ounces contained gold for its 100%- owned Awak Mas Gold Project located in South Sulawesi, Indonesia. The Awak Mas Gold Project Probable Reserve at 0.5 g/t Au cut-off using a US$1250/oz gold price is 26.9 Mt at 1.32 g/t Au for 1.14M contained ounces. The Ore Reserve estimate (Table 1) is based on the Mineral Resource estimate reported for the Awak Mas and Salu Bulo deposits in May 20181 (Figure 1). The upgraded Ore Reserve represents an 11% increase in contained gold from the previous Ore Reserve and incorporates all drilling and mine planning completed as part of the Definitive Feasibility Study (DFS)2 . Planning is underway for a program of further drilling to lift the resource category to ‘Measured’ status in the initial mining areas. This closer spaced drilling has the potential for an uplift in grade through the intersection of additional higher grade vertical zones that are pervasive through the Awak Mas and Salu Bulo deposits. In addition, extensions to the proposed Awak Mas, and Salu Bulo pits, and the possible inclusion of the Tarra deposit into the mine plan, represents a near term opportunity to extend the mine life by a further three years.3 “The 11% increase in the Ore Reserve will be incorporated in the Awak Mas Gold Project Definitive Feasibility Study, representing further value improvement in the project. The new Ore Reserve was based on the results of the completed resource drilling program, highlighting the potential upside in the project as exploration continues”, commented Nusantara’s Managing Director and CEO, Mike Spreadborough. “This Ore Reserve, combined with the exploration potential of the project, underpins the Company’s confidence in delivering the proposed long-life, low cost, stand-alone gold project at Awak Mas. The DFS is undergoing final data verification and will be released in late September confirming that the project is technically and financially robust”. | |
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