- Nusantara Resources (NUS) has revealed an 18 per cent increase in estimated material resources at its Awak Mas Project in Indonesia
- The site is now anticipated to hold 2.35 million ounces of gold, following a successful 2019 drill program
- The resource will now be incorporated into a revision of reserves in the June quarter
- On top of this, Nusantara says the project is fully funded to progress engineering and land access activities throughout this year
- Nusantara Resources (NUS) is currently down 4.08 per cent, with shares trading for 23.5 cents per share
Nusantara Resources (NUS) has revealed an 18 per cent increase in estimated material resources at its Awak Mas Project in Indonesia.
The findings come after a comprehensive and successful 2019 drill program, which now estimates the project to hold 2.35 million ounces of gold, as opposed to a previously estimated 1.72 million ounces.
Awak Mas sits 45 kilometres by road from the city of Belopa on the east coast of South Sulawesi Province. It’s held under a seventh-generation contract of work, which was signed by the Indonesian Government in 1998 by Nusentara’s wholly-owned subsidiary, PT Masmindo Dwi Area.
The updated estimates will now be incorporated into a revision of reserves and DFS Economics for the June quarter. In addition to the 2019 drill program, Nusantara said that revised gold prices of US$1,600 per ounce also played a key role in in the resource increase.
Neil Whitaker, CEO of Nusantara Resources, said that while the geological model of the area continues to evolve, the underlying value of the deposit is only improving.
“The positive Resource update highlights the impressive leverage of the Awak Mas deposit to both exploration along trend and leverage to gold price,” Neil stated.
“We continue to see positive results come from the application of our evolving geology model, reaffirming the exceptional value-added through exploration,” he added.
Nusantara stressed that, along with its Indonesian joint venture partner, Indika, it is committed to the further exploration and development of the Awak Mas Gold Project.
To date, the site is fully funded, with engineering and land access activities due to commence in line with the company’s project financing requirements.
Nusantara Resources (NUS) is currently down 4.08 per cent, with shares trading for 23.5 cents per share at 10:01 am AEST.