100% ownership of the Awak Mas Gold Project in Sulawesi, Indonesia through our wholly-owned subsidiary, PT Masmindo Dwi Area
PT Masmindo is the holder of a 7th Generation Contract of Work (CoW), in partnership with the Indonesian Government. The CoW provides for secure tenure to 2050 with options for two ten-year extensions under the IUPK system.
Amendments to the CoW were signed in March 2018, confirming PT Masmindo as the sole holder of the CoW.
The new robust geological model developed in May 2017 from the reappraisal of some of the 1,000 diamond drill holes stored at site has now been validated by the completion of a 11,000 m drilling program (2017 - 2018) that has resulted in an upgrade of our Mineral Resource:
Total Indicated and Inferred Resource (including the Awak Mas, Salu Bulo & Tarra deposits) of 45.3 Mt at 1.4 g/t Au for 2.0 Moz (May 2018)
Higher grade sub-vertical feeder structures provide further potential at depth
Broad continuous zones of mineralisation defined at the Awak Mas deposit over a 1.7km x 1.0km area
Two satellite resources at Salu Bulo and Tarra
In September 2018, an updated Ore Reserve was released of 1.1 Moz.
The project is supported by good established infrastructure including access to ports, airports, roads and low-cost grid power.
The Awak Mas Gold Project is expected to be a low cost, long life gold mine (excess ten years) producing around 100,000 oz per year.
Nusantara aims to increase shareholder value through advancing the Awak Mas Gold Project towards development in the near term by:
Focused drilling and geological work aimed at converting Mineral Resources into Ore Reserves.
Extensional drilling seeking to increase the mining inventory and add additional value to the project.
Completing a DFS by August, leveraging off the previous extensive technical work and favourable logistics including low cost grid power.
Consultation, engagement and building strong relationships with local stakeholders and government.