AveragePenny
1 year ago
$ANKOF $ANK.V Angkor Resources Signs US $4.0 Million Joint Exploration and Development Agreement on Two Cambodian Mineral Properties
https://www.thenewswire.com/press-releases/1LmPF23EY-angkor-resources-signs-us-40-million-joint-exploration-and-development-agreement-on-two-cambodian-mineral-properties.html
Grande Prairie, Alberta - TheNewswire - November 8, 2023 - Angkor Resources Corp. (TSXV:ANK) (“ANGKOR”) announces that it has entered into a Joint Exploration and Development Agreement (“JEDA”) with Almighty Natural Resources Ltd. of Dubai (“Almighty”) to advance exploration to feasibility and applications for gold and copper production permits on two mineral licenses in Cambodia.
HIGHLIGHTS
The Properties under the JEDA, signed Nov. 3, 2023, include the Oyadao North license and the Andong Meas license and all mineral claims on prospects of the two licenses, both located in Ratanakiri Province.
ANGKOR will receive an upfront, non-refundable US$150,000 payment.
Almighty shall contribute 100% of the costs through exploration, feasibility, production permit application, mine construction, and production to earn an 80% interest in the Properties.
Almighty commits to spending $4 million USD over 48 months on the Properties, through exploration, development, and production activities.
ANGKOR shall maintain a 20% carried interest in the Projects and has the option to convert the interest to a five percent (5%) Net Smelter Royalty (“NSR”) after the issuance of a mining production permit.
ANGKOR shall be the Operator and shall collaborate with Almighty to combine best technical expertise, expediting work programs, and pursuing feasibility studies and production permits on multiple prospects across the two licenses.
Almighty is a mining and development company with multiple mining projects in Zambia and South Africa plus interests in India and Cambodia in the extractive sector. President of Almighty, Shakti Ranjan Dash, (“Shakti”) comments on the transaction, “We are pleased to undertake this transaction with ANGKOR. There are multiple drill-ready targets in both gold and copper and they have established stellar working relationships and agreements with the local communities to collectively develop the properties. We aim to employ and train those local participants while we fast track drilling and exploration to prove commerciality and apply for production permits on both licenses. That leads to long-term employment and multiple opportunities for Cambodian locals.“
Shakti continues, “This blends well with our mission to develop and empower communities through sustainable means. There are great synergies here, ANGKOR and Cambodia are the perfect fit for Almighty with the Cambodia’s growing infrastructure, and significant potential as a developing world-class mining sector.”
Today’s announcement follows a previous release of surface data on the Wild Boar prospect where ANGKOR disclosed the discovery of a 2 km2 gold anomaly with grab and float sample grades from 3.08 – 70.7 grams per ton in the anomaly area from earlier exploration conducted. Concurrently, directly north of the Phum Syarung mine site, the teams will drill to identify extensions of the veins of the mine site, which run open to the north into Oyadao North license and open at depth.
“We are very pleased to be working with Almighty to accelerate the development of both licenses. We anticipate drilling the Wild Boar gold prospect on the Andong Meas license and concurrently be drilling the Phum Syarung North gold prospect on the Oyadao North license,” said Mike Weeks, President of Angkor.”
AveragePenny
1 year ago
$ANKOF $ANK.V Angkor Resources Defines Drill Targets on Wild Boar Prospect
https://www.thenewswire.com/press-releases/1k98FrMlG-angkor-resources-defines-drill-targets-on-wild-boar-prospect.html
GRANDE PRAIRIE, ALBERTA – TheNewswire - (October 18, 2023) Angkor Resources Corp. (TSXV:ANK) and (OTC:ANKOF) (“Angkor” or the “Company”) announces drill targets defined on the Wild Boar gold prospect. A drilling program is planned to start in early December after rains sufficiently subside.
Dennis Ouellette, VP Exploration summarizes, “Very solid assay results indicate a large anomoly across an area roughly 2 kilometres long by 1.5 kilometres wide. Grab samples from the geophysical anomaly shown on the map below clearly defines a north-south target for a drill program in the coming months.” Ouellette continues, “The low sulphidation model of epithermal veins have an increase in sulphide content with depth and growing proximity to the ‘boiling, breccia area’ which usually hosts high grade ‘bonanza’ styles of gold mineralization. The Wild Boar target area shows an increase in chargeability below 185 meters. Drilling through the thin resistive zones at depth should prove the deposit model.”
The Wild Boar is an epithermal gold target of the low sulphidation variety. An induced polarization survey was completed over the main target area. The survey revealed two thin, north to south trending zones of moderate resistivity with zones of low to moderate chargeability on their east and west flanks. The chargeability anomaly increases in intensity with depth. This profile is consistent with epithermal veins or vein swarms within a silica altered zone with possible pyrite altered areas on the flanks. A deep trenching program followed in the concentrated map areas between lines 6 and lines 9 to provide more data and analysis.
QUALIFIED PERSON:
Dennis Ouellette, B.Sc., P.Geo., is a member of The Association of Professional Engineers and Geoscientists of Alberta (APEGA #104257) and a Qualified Person as defined by National Instrument 43-101 (“NI 43-101”). He is the Company’s VP Exploration on site and has reviewed and approved the technical disclosure in this document.
Trade smarter, not harder: Unleash your inner pro with our toolkit and live discussions.
Ask ADVFN Intelligence (AI)
Hot Features
Premium
