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Nusantara Delivers Maiden 1.0 Moz Gold Ore Reserve

Asia‐Pacific gold development company Nusantara Resources Limited (‘Nusantara’, ASX: NUS), is pleased to announce a maiden Ore Reserve of 1.0 million ounces contained gold for its 100%-owned Awak Mas Gold Project located in South Sulawesi, Indonesia.

  • Ore Reserve supports a long-life, low cost gold operation at a 2.5 Mtpa processing rate, with a low strip ratio of 3.5 and good access to established power and transport infrastructure
  • Nusantara continues to deliver on project milestones following the successful August 2017 IPO
  • Nusantara expects to continue to grow the Awak Mas Gold Project reserves and resources to a globally significant quality and scale, with significant exploration potential still to be tested

 

The Awak Mas Gold Project Probable Reserve at 0.5 g/t Au cut-off using a US$1250/oz gold price is 23.7 Mt at 1.35 g/t Au for 1,030,000 contained ounces. The Ore Reserve estimate is based on the Mineral Resource estimate reported for the Awak Mas and Salu Bulo deposits in January 20181 and February 20182 respectively, and work completed in the first stage of the Definitive Feasibility Study (DFS).

The DFS remains on track for delivery in July 2018:

  • A further material upgrade in the Ore Reserve which will be used to finalise the DFS is anticipated in June, following incorporation of the 16 remaining drill holes not included in the current Mineral Resource estimate
  • The focus of the DFS is now on value enhancement with attention to waste dump design, pit optimisation, materials handling efficiency, and mine scheduling

 

“Our maiden Ore Reserve represents a significant milestone for the Company and now places Nusantara among an elite group of ASX-listed gold development companies”, commented Nusantara’s Managing Director and CEO, Mike Spreadborough. “This Ore Reserve combined with the exploration potential of the project demonstrates the value of a proposed long-life, low cost, stand-alone gold project at Awak Mas.”
 

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