Angkor Gold and Renaissance Minerals (Cambodia) have received approval from the Cambodian Ministry of Mines and Energy (MME) to proceed with their joint project on Angkor’s wholly-owned Koan Nheak property. Approval clears the way for the partners to proceed with their joint exploration plans.
On July 12, 2017, Angkor and Renaissance, which is the Cambodian subsidiary of ASX-listed Emerald Resources, announced a Definitive Earn-In Agreement covering Koan Nheak.
The terms of the agreement include a total investment by Renaissance of US$2 million in exploration and development expenditures plus a US$200,000 cash payment to Angkor over a 2-year period for Renaissance to acquire a 51% participating interest in the licence.
Upon completion of the initial earn-in option, Renaissance has the right to acquire an additional 29% participating interest in the licence with the commissioning, and completion, of a Definitive Feasibility Study. After that, Angkor will maintain a 20% participating interest, or at Angkor’s discretion, can convert to a 3.5% Net Smelter Return on all metals. Renaissance will be the operator on the project throughout.
Renaissance is working through the final permitting process on its Okvau Gold Project, which is about 60km from the southern edge of the Koan Nheak licence.
With Cambodian government approval, Angkor and Renaissance will immediately begin planning the next stage of intensive exploration at Koan Nheak.
The licence is immediately south of the town of the same name in the northeast of Mondulkiri Province. It covers three prospects of interest - Peacock, East Ring and Straddle.
Zones of abundant sulphide-rich quartz vein float were observed on Peacock, which previously reported a field grab sample assay value of greater than 33.2 g/t gold. Grab samples are selective samples and are not necessarily representative of the mineralisation hosted on the property. No drilling has been previously undertaken at Koan Nheak.
Angkor Gold