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Nusantara Resources Shores up Funding for Awak Mas gold project

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THE BOURSE WHISPERER: Nusantara Resources (ASX: NUS) has entered into a non-binding term sheet with strategic partner, PT Indika Energy Tbk providing financing for the company’s Awak Mas gold project.

Indika Energy is to invest up to USD $40 million into Nusantara’s wholly-owned subsidiary PT Masmindo DWI Area (Project Company), in two stages and subject to conditions, to secure up to 40 per cent interest in the Project Company.

“The Board of Nusantara in conjunction with our partner Indika Energy are excited to announce this transformational milestone and clearly demonstrate to all stakeholders the value of the project and a clear pathway for funding.” Nusantara Resources executive chairman Greg Foulis said in the company’s announcement to the Australian Securities Exchange.

“We are confident that, with the support of major shareholders, Nusantara can complete the Indika Energy and Petrosea Agreements in early 2020 and significantly ramp up its pre-build activities.”

A Definitive Feasibility Study carried out in 2018 showed the Awak Mas gold project to be a robust, long-life and low-cost gold project with an initial 11-year life producing around 100,000 ounces of gold per year that is development ready.

Since completing the 2018 DFS, Nusantara has been focused on a partnering approach to funding and development of the project.

 

Web: www.nusantararesources.com

 

Nusantara Resources Commences Near Mine Exploration Drilling

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THE DRILL SERGEANT: Nusantara Resources (ASX: NUS) started drilling at the Puncak Selatan near-mine prospect at the company’s 100 per cent-owned Awak Mas gold project, located in South Sulawesi, Indonesia.

Nusantara Resources’ recent field exploration has focussed on numerous near-mine prospects within a two-kilometre radius of the planned processing plant with the aim of enhancing and extending the proposed eleven-year mining operation.

To date, the company has completed over 1,500 metres of near-mine trenching yielding encouraging results.

Recent trenching results at the Puncak Selatan prospect have included:

PS11
5 metres at 2.32 grams per tonne gold, 5m at 2.8g/t gold, 2m at 2.13g/t gold;

PS12
2m at 1.28g/t gold, 2m at 3g/t gold, 1m at 2.46g/t gold;

PS19
35m at 1.2g/t gold, including 7m at 2.5g/t gold, 3m at 2g/t gold and 1m at 4.7g/t gold; and

PS21
12m at 1.7g/t gold, including 8m at 2.3g/t gold.

The drilling program will test the possibility that the Awak Mas eastern mineralisation (Lengket domain) could extend up-dip as the Puncak Selatan prospect surface expression and provide information to assist in confirming the geological model in the near-mine area.

An initial six-hole drill program at the Puncak Selatan prospect has commenced.

“The commencement of near mine exploration is the first step in identifying additional resources that have the potential to be processed at the proposed processing plant and add further value to the long life, low cost Awak Mas gold project,” Nusantara Resources managing director and CEO Mike Spreadborough said in the company’s announcement to the Australian Securities Exchange.

“The identification of significant mineralisation at the Puncak Selatan prospect and the near-mine area potential to extend the Awak Mas open pit, has made this a high priority drill target.

“Our work continues to define the geological setting of the Contract of Work area and together with a planned geophysics program will increase the possibility of further discoveries that will enhance the project.”

 

Email: info@nusantararesources.com

Website: www.nusantararesources.com

 

Nusantara Resources Increases Awak Mas Gold Reserves

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THE DRILL SERGEANT: Nusantara Resources (ASX: NUS) announced an upgrade to the Ore Reserve of the company’s 100 per cent-owned Awak Mas gold project in South Sulawesi, Indonesia

Nusantara Resources declared an increase of 1.1 million ounces contained gold for the Awak Mas gold project Probable Reserve at a 0.5 grams per tonne gold cut-off using a US$1250 per ounce gold price.

The new figure has come in at 26.9 million tonnes at 1.32g/t gold for 1.14 million contained ounces.

Nusantara said the Ore Reserve estimate was based on the Mineral Resource estimate reported for the Awak Mas and Salu Bulo deposits in May 2018.

The upgraded Ore Reserve represents an 11 per cent increase in contained gold from the previous Ore Reserve and incorporates all drilling and mine planning completed as part of a Definitive Feasibility Study (DFS).

The company has planning underway for a program of further drilling to lift the resource category to the Measured category in the initial mining areas.

The company believes the closer spaced drilling has the potential for an uplift in grade through the intersection of additional higher-grade vertical zones it says are pervasive through the Awak Mas and Salu Bulo deposits.

The company also indicated that extensions to the proposed Awak Mas, and Salu Bulo pits, and the possible inclusion of the Tarra deposit into the mine plan, represent a near term opportunity to extend the mine life by a further three years.

“The 11 per cent increase in the Ore Reserve will be incorporated in the Awak Mas gold project Definitive Feasibility Study, representing further value improvement in the project,” Nusantara Resources managing director and CEO Mike Spreadborough said in the company’s announcement to the Australian Securities Exchange.

“The new Ore Reserve was based on the results of the completed resource drilling program, highlighting the potential upside in the project as exploration continues.

“This Ore Reserve, combined with the exploration potential of the project, underpins the company’s confidence in delivering the proposed long-life, low cost, stand-alone gold project at Awak Mas.

“The DFS is undergoing final data verification and will be released in late September confirming that the project is technically and financially robust.”

 

Email: info@nusantararesources.com

Website: www.nusantararesources.com

 

Nusantara Resources Updates Awak Mas Gold Minerals Resource

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THE DRILL SERGEANT: Nusantara Resources (ASX: NUS) announced a Mineral Resource update for the company’s Awak Mas gold project in South Sulawesi, Indonesia.

Nusantara Resources declared the Indicated and Inferred Resource estimate, at 0.5 grams per tonne gold cut‐off, for Awak Mas, consisting of the Awak Mas, Salu Bulo and Tarra deposits, to now stand at 45.3 million tonnes at 1.4g/t gold for 2 million ounces.

The company highlighted that 95 per cent of the contained ounces within the Awak Mas deposit and 90 per cent of the contained ounces in the Salu Bulo deposit now report to the Indicated Resource category.

This represents a 0.2 million ounce increase in contained gold in the Indicated Resource category compared to the previous Mineral Resource estimate.

Nusantara expects an increase in resource confidence with the reclassification from Inferred to Indicated to positively influence the Ore Reserve, open pit mine life, and project economics as the DFS progresses.

The DFS is currently on track for delivery in July 2018 with a further material upgrade in the Ore Reserve anticipated following incorporation of this Mineral Resource update.

The company explained the focus of the DFS to now being on value enhancement with attention to waste dump design, pit optimisation, materials handling efficiency and mine scheduling.

“Achieving 89 per cdent in the Indicated Resource category for the Awak Mas gold project is a direct reflection of strong confidence in the geological model,” Nusantara Resources managing director and CEO Mike Spreadborough said in the company’s announcement to the Australian Securities Exchange.

“This Mineral Resource update also confirms potential to increase the mine life beyond our initial ten-year target, which will be confirmed in the forthcoming DFS.

“It is pleasing to see our geological and feasibility work continuing to demonstrate Awak Mas as a long-life, low cost, stand-alone gold project with significant exploration upside for further growth.”

 

Website: www.nusantararesources.com

 

Nusantara Resources Extends Awak Mas Deposit

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THE DRILL SERGEANT: Nusantara Resources (ASX: NUS) completed an exploration drilling program on the Awak Mas Highwall, part of the company’s 100 per cent-owned Awak Mas gold project located in South Sulawesi, Indonesia.

Nusantara Resources said the exploration program was designed to confirm the geological model and potential for extensions to the existing Mineral Resources at the 1.72 million ounce Awak Mas and 0.18 million ounce Salu Bulo deposits.

The company said the results from the six-hole program support potential for exploration upside along the untested two-kilometre Mine Corridor between the Awak Mas and Salu Bulo deposits.

Nusantara said it had received assay results from the first three holes that confirm gold mineralisation in the eastern projected extension of the Awak Mas deposit, validating the geological model.

Highlights include:

HWD002
45 metres at 1.3 grams per tonne gold from 257m, 8m at 2g/t gold from 308m, 41m at 0.9g/t gold from 384m and 4m at 2.5g/t gold from 421m.

RTD023
6.3m at 2.1g/t gold from 179m and 6 m at 3.9g/t gold from 237.6m.

“The extremely positive results returned from this program have validated Nusantara’s geological model by proving that the gold mineralisation is not restricted to the immediate current footprint of the Awak Mas deposit.” Nusantara Resources managing director and CEO Mike Spreadborough said in the company’s announcement to the Australian Securities Exchange.

“This provides confidence that further mineralisation in the immediate eastern Highwall area can be expected from the remaining three drill holes, all of which have strong visual indications, and supports our belief of significant exploration upside along the untested Mine Corridor between the Awak Mas and Salu Bulo deposits.”

 

Email: info@nusantararesources.com.au

Website: www.nusantararesources.com.au

 

Nusantara Resources Increases Salu Bulo Mineral Resource

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THE DRILL SERGEANT: Nusantara Resources (ASX: NUS) released a Mineral Resource update for the Salu Bulo deposit, located on the company’s 100 per cent-owned Awak Mas gold project in South Sulawesi, Indonesia.

Nusantara Resources said the update had resulted from the inclusion of results from 12 additional diamond drill holes carried out during a Phase 1 drilling program at the project.

The company claimed the final assay results from the 12-hole Salu Bulo drilling program confirmed the continuity and strike potential of the Biwa and Lelating trends.

The drilling also identified previously unmodeled, shallow dipping mineralisation located north of a controlling structure.

The Salu Bulo Indicated and Inferred Resource has been updated with a 65 per cent increase in contained gold to 3.7 million tonnes at 1.53 grams per tonne gold for 180,000 contained ounces.

The Awak Mas gold project Mineral Resource Estimate at 0.5g/t gold cut-off within a US$1400 per ounce optimisation shell increases to 2 million ounces, with 81 per cent reporting to the Indicated Resource category.

Nusantara said this had provided the company with further confidence for the Definitive Feasibility Study (DFS) it currently has in progress.

The company indicated it expects further resource upgrades for the Awak Mas deposit from ongoing step-out drilling within the Awak Mas lower domains and Awak Mas eastern extension (Highwall) area.

“Achieving two million ounces is a significant milestone for the company and highlights the immense upside potential of the Awak Mas gold project,” Nusantara Resources managing director and CEO Mike Spreadborough said in the company’s announcement to the Australian Securities Exchange.

“We eagerly await assay results from the step-out drilling currently in progress at the Awak Mas deposit, which has the potential for additional mineralisation for inclusion in the DFS that is on track for completion in mid-2018.”

 

Email: info@nusantararesources.com.au

Website: www.nusantararesources.com.au