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AWAK MAS RESOURCE INCREASED BY 0.2Moz

Mineral Resource now exceeds 1.9 Moz gold

  • The first 25 holes of a 67hole program have increased the Awak Mas Gold Project Mineral Resource Estimate (MRE), at 0.5 g/t Au cutoff, from 1.74 Moz to 1.93 Moz (12% increase) in the US$1,400/oz optimisation shell.
  • 80% of the resource now reports to the Indicated Resource category providing resource confidence for the Definitive Feasibility Study (DFS) currently underway.
  • Further Mineral Resource upgrades from three other target areas are anticipated in the near future: Salu Bulo deposit, Awak Mas Lower deposit, and Awak Mas Extension (High wall) area.
  • A substantial increase from 0.91 Moz to 1.56 Moz (71% increase) is noted in the Awak Mas deposit US$1,200/oz optimisation shell at 0.5 g/t Au cutoff highlighting the potential for open pit mining and a high resource to reserve conversion ratio.

Asia‐Pacific gold development company Nusantara Resources Limited (‘Nusantara’, ASX: NUS) is pleased to provide the following Mineral Resource update on the Awak Mas deposit after inclusion of the 25 additional diamond drill holes from the Phase 1 drilling program1 (67‐hole program) at its 100%‐owned Awak Mas Gold Project located in South Sulawesi, Indonesia.

The Indicated and Inferred Mineral Resource at 0.5 g/t Au cut‐off for the Awak Mas deposit constrained by a US$1,400/oz optimisation shell is now reported at 39.0 Mt at 1.37 g/t Au for 1.72 million contained ounces (Table 1, Appendix 1). This represents a 12% increase in contained gold ounces as compared to the May 2017 MRE2. This result does not include anticipated extensions to the mineralisation at depth from the step‐out exploration drilling currently in progress at the Awak Mas deposit.

The total Indicated and Inferred Resource at 0.5 g/t Au cut‐off for the Awak Mas Gold Project (inclusive of the Awak Mas, Salu Bulo and Tarra deposits) now stands at 42.6 Mt at 1.40 g/t Au for 1.93 million contained ounces (Table 1, Appendix 1).

Importantly, approximately 85% of the contained ounces within the Awak Mas deposit and approximately 80% of the contained ounces for the entire Project now report to the Indicated Resource category and will be available for incorporation into the upcoming Ore Reserve estimate.

To demonstrate the open pit potential of the Awak Mas deposit, the Indicated and Inferred Resource for the Awak Mas deposit constrained by a US$1,200/oz optimisation shell at 0.5 g/t Au cut‐off is 35.1 Mt at 1.39 g/t Au for 1.56 million contained ounces (Table 2, Appendix 1). Subject to the outcome of open pit mining evaluation as part of the current DFS, this preliminary pit optimisation highlights the potential for high Mineral Resource to Ore Reserve conversion ratio.

“The robustness of the Awak Mas deposit Mineral Resource when reported within a US$1,200/oz optimisation shell will significantly influence the outcome of the open pit mining evaluation being completed as part of the DFS.” commented Nusantara’s Managing Director and CEO, Mike Spreadborough. “With a significant proportion of the Mineral Resource now in the Indicated category, we are becoming increasingly confident of a high Mineral Resource to Ore Reserve conversion ratio reaffirming the Company’s belief that the Awak Mas Gold Project will support a long life open pit mining operation.

 

 

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