Renaissance Minerals and Emerald Resources have formed a joint venture to advance the Cambodian Gold Project which includes the 1.13 million ounce Okvau deposit. The JV has commenced an RC drilling program to test a number of targets in close proximity to Okvau.
Following satisfaction of a number of conditions precedent to the joint venture, the companies have started a significant exploration program focused on drill testing geochemical and geophysical targets which offer scope for growth of the current resource estimate. The program is being funded by Emerald and jointly managed by Renaissance.
In addition, as part of the Emerald funded and managed definitive feasibility study (DFS), a diamond drilling rig has been mobilised to undertake about 600 metres of drilling for metallurgical samples for test work to further refine the previous proposed processing path.
An additional RC rig will be mobilised to complete about 7000 metres of resource infill drilling designed to upgrade the resource model in preparation for a maiden reserve estimate for the Okvau deposit.
Renaissance managing director Justin Tremain said, “It is exciting to be working with the Emerald team and to be recommencing drilling and accelerating the feasibility activity at Okvau. Emerald is demonstrating its commitment to the program by agreeing to expedite drilling activity ahead of the wet season.
“The Emerald team is undoubtedly one of the best credentialed gold development teams in Australia with a proven history of developing projects successfully, quickly and cost effectively. The fact that this team has been attracted to the Okvau project is a testament to its potential.”
In a company announcement on May 17, Emerald said that it had commenced trading on the ASX after satisfying the remaining conditions precedent of the farm-in and joint venture agreement with Renaissance. Emerald may earn up to a 51% interest in the Cambodian Gold Project by sole funding a DFS for the development of Okvau to a bankable level, an Environmental & Social Impact Assessment and a two-year exploration program of US$3 million.
Emerald managing director Morgan Hart said, “We are excited to be working with Renaissance to commence the scope of work required for completion of a DFS and testing the near-mine prospectivity of Okvau. We look forward to utilising the results to update the prefeasibility study in the short to medium term.
“Emerald remains well funded with approximately $18 million in cash and liquid investments, including a 10% shareholding in Renaissance, and is therefore well placed to progress the project.”
www.emeraldresources.com.au and www.renaissanceminerals.com.au