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Commencement of Resource Drilling at Awak Mas

Highlights

  • 2-phase diamond drilling program underway at the Awak Mas Gold Project.
  • Phase 1 program designed to expand the current 1.74Moz Mineral Resource1 within the main Awak Mas, Salu Bulo and Tarra deposits.
  • Phase 2 program to test for potential resource extensions. 

Indonesian gold development company Nusantara Resources Limited (‘Nusantara’, ASX: NUS) is pleased to announce that Phase 1 of a two-phase diamond drilling program is underway at its 100%- owned Awak Mas Gold Project located in South Sulawesi, Indonesia. The Phase 1 program comprises 67 diamond drill holes for approximately 8,230m. Leading Asia Pacific drilling company, Indodrill, has been contracted for the program.

The Phase 1 program is designed to target unclassified gold mineralisation and upgrade Inferred Resource Mineralisation in areas across the main Awak Mas, Salu Bulo and Tarra deposits. 

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A further objective of the Phase 1 program will be to define additional gold Mineral Resources outside the current resource pit shell. Nusantara’s CEO and Managing Director Mike Spreadborough commented: “We are pleased to have engaged the services of Indodrill to work together in achieving this important first step of expanding the Awak Mas resource and successfully growing the scale of this world class gold project.” 

 

About Nusantara Resources Nusantara is an ASX-listed gold development company with its flagship project comprising the 1.74 million ounce Awak Mas Gold Project located in Sulawesi, Indonesia. Discovered in 1988, the Project has had some 124km of drilling completed in over 1,000 holes. The Project is currently 100%- owned in a 7th Generation Contract of Work (CoW) with the Indonesian Government. Nusantara’s development strategy is for construction of a large-scale, low strip ratio open pit operation with ore to be processed by conventional flotation and cyanide leaching. Environmental approval has already been received for the Project, which is favourably located in non-forestry land close to established roads, ports and grid power, enabling the Project to quickly advance towards development upon completion of the Definitive Feasibility Study (DFS) by mid to late 2018. Nusantara’s second strategy is to grow the resource base and sustain a mining operation beyond the initial targeted life of 10 years. Multiple drill-ready targets have already been outlined extending from the three main deposits and in other areas of the 140km2 CoW. 

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