Angkor Gold Corp has successfully renewed five exploration licences totalling 983sqkm in Cambodia. The Cambodian Ministry of Mines has renewed the following exploration licences – Andong Meas, Banlung, Koan Nheak, Oyadao and Oyadao South.
The Andong Meas licence totals 187sqkm, Banlung 150sqkm, Koan Nheak 189sqkm, Oyadao 222sqkm and Oyadao South 235sqkm.
The five licence renewals have been granted to Angkor for an initial three year term with the option to extend a further four years.
The company chose not to renew the Banlung North and Trapeang Kraham licences as part of its policy to pursue only the areas showing the best mineral potential.
Of specific interest, Angkor entered into a Joint Exploration Agreement with Japan Oil, Gas and Metals National Corporation (JOGMEC) to explore Angkor’s Oyadao South licence. The agreement gives JOGMEC the option to acquire 51% of the Oyadao South licence for a total investment of US$3 million in exploration expenditures over a 3 year period.
As reported on June 4 and November 15, 2015, the 7.25sqkm Halo Prospect is a mineralised porphyry system discovered by aeromagnetics, termite mound geochemistry, detailed geological mapping, a clay alteration survey and a single reconnaissance IP line.
With the licence renewal, work under this agreement will now commence, and the company has invited tenders for IP work on the Halo Prospect.
Angkor is a public company listed on the TSX-Venture Exchange and is Cambodia’s premier mineral explorer with a large land package and a first-mover advantage building strong relationships with all levels of government and stakeholders.