ANGKOR Gold’s ongoing 2017 drilling programs at the Okalla West, Okalla East and Oyadao South prospects have proven successful. Drilling at the Okalla prospects on the Banlung tenements is being conducted in cooperation with Blue River Resources while at the latter Angkor’s exploration partner is Japan Oil, Gas and Metals National Corporation (JOGMEC).
The program at the Banlung tenements has proven useful for understanding the geology and structure of gold veins in the area and will help in determining targets for subsequent programs. The two prospects are about 7km apart and both are hosted by intrusive rock complexes connected along a regional structural corridor.
The first hole at Okalla East was drilled to follow up on a 34 g/t gold intersection from a 2011 drill program. A preliminary examination of the 2017 hole shows numerous cross-cutting veins and fractures throughout almost the entire length. Many of the veins/fractures contain medium grained pyrite with some chalcopyrite.
The hole was collared west of the first hole to test the along-strike extension. It displayed massive coarse grained pyrite in narrow fractures in the upper portion transitioning downward into abundant open fractures containing chalcopyrite and pyrite with minor molybdenite to the bottom of the hole.
In addition, nine holes for 439.2 metres were drilled at Okalla West. The drilling was designed to test at depth surface gold anomalies that were outlined during a pit and auger hole program completed earlier this year.
This program resulted in discovery of gold anomalies in soil and quartz pyrite mineralised vein float. The anomaly outlined to date is 600 metres from north to south with a width of approximately 300 metres.
Angkor and JOGMEC intend to increase drilling at the Halo prospect on Oyadao South licence. The decision was made after the partners reviewed preliminary data from the ongoing Induced Polarisation program and evaluated core from the initial 813 metres of the planned 1200 metre diamond drill program.
Observations show that the porphyry-style mineralisation and alteration exposed on surface continues to the bottom of the initial two holes. Two extra holes will be drilled targeting copper and IP anomalies. Angkor has already identified a 7.25sqkm copper anomaly on the property.
Meantime, Angkor has closed a non-brokered private placement, which raised C$570,000 with funds to be used for general working capital, expanded marketing efforts and to continue to fund Cambodian exploration.
RENAISSANCE Minerals (Cambodia) and Angkor Gold have received approval from Cambodia’s Ministry of Mines and Energy (MME) to proceed with their joint project on Angkor’s Koan Nheak property. Approval clears the way for the partners to proceed with joint exploration.
On July 12 Angkor and Renaissance, which is the Cambodian subsidiary of 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 plus a US$200,000 cash payment to Angkor over a 2-year period for Renaissance to acquire a 51% participating interest.
Upon completion of the initial earn-in option, Renaissance has the right to acquire an additional 29% participating interest 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.
Emerald 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. 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.
With Cambodian government approval, Angkor and Renaissance will immediately begin planning the next stage of intensive exploration at Koan Nheak.