Base Metals

TSXV:ANK

Angkor Gold (TSXV:ANK) announced that it has entered into a Definitive Agreement with Blue River Resources to explore ANGKOR’s 100% owned Banlung tenement in Ratanakiri Province, Cambodia.

Angkor Gold (TSXV:ANK) announced that it has entered into a Definitive Agreement with Blue River Resources to explore ANGKOR’s 100% owned Banlung tenement in Ratanakiri Province, Cambodia.
As quoted in the press release:

The agreement gives Blue River initially the right to participate in up to a 50% interest of the Banlung license after the completion of a total investment of US$3.5 million in exploration expenditures over a 4-year period. Once the first 3 options have been satisfied, Blue River may then exercise their option on an additional 20% interest of the Banlung tenement through the commission and completion of a bankable feasibility study on the property or portion thereof.
Blue River Resources Ltd. is a mineral exploration and development company, focused on discovering and developing copper deposits in the Quesnel Trough Copper Belt of British Columbia and Washington State.
Highlights:

  • ANGKOR will receive a non-refundable US$100,000 exploration payment from Blue River, and grant Blue River the following earn-in Options:
    • Option #1 – Based on additional Exploration & Development Expenditures of US$900,000 from June 30, 2016 through March 30, 2018, Blue River will be granted a 10% interest on the Banlung Tenement;
    • Option #2 – Based on Exploration & Development Expenditures of US$1,500,000 no later than 2 years following the date that Option 1 is exercised, Blue River will be granted a 30% interest on the Banlung Tenement for a total of 40%;
    • Option #3 – Based on Exploration & Development Expenditures of US$1,000,000 no later than 1 year from the date Option 2 is exercised, Blue River will be granted a further 10% interest on the Banlung Tenement for a total of 50%;
    • Option #4 – Based on the completion of a Bankable Feasibility Study on the Banlung Tenement, or portion thereof, Blue River will earn a final 20% interest on the Banlung Tenement for a total of 70%.
  • Upon completion of the 4th Option, ANGKOR will maintain a 30% free-carry on the Banlung Tenement, or can convert at its discretion, to a 5% Net-Smelter Return.

Angkor has plans to continue its current work programs on two of its priority prospects — Halo and Peacock prospects, on two other licenses. These work programs include PEACOCK Prospect on the Koh Nheak license and Halo Prospect on the Oyadao South licenses, including:
PEACOCK –

  • 2.5 – 3.5km of trenching and composite assay sampling over priority areas defined by moderate to high intermediate IP anomalies, mapped breccia zones, interpreted IP fault zones, associated with rock gold assay results of 1.85 to 31.8 g/t Au
  • A further 2 x 1km depth section IP surveys
  • Test drilling based on these results

HALO –

  • Construct access road
  • 7.3km of shallow trenching for structural mapping, composite geochemical sampling and spectral analysis to better define the mineralization, structures and alteration zones
  • Soil pH testing of termite mound samples within the identified phyllic zone, to correlate hydrothermal alteration with areas containing base metals
  • 10km2 intermediate surface IP survey over the phyllic alteration zone and 3 x depth section IP surveys based on the results of the surface IP
  • Detailed 1:2,000 scale geology mapping
  • Test drilling based on the results of the above programs and surveys

Angkor Gold President, Mike Weeks, stated:

I am pleased to announce this agreement with Blue River today. The beauty of this anomaly is its close proximity to surface — making it easier to work on, and quicker to move to a development strategy if warranted. We will now move full steam ahead with exploration plans at Okalla West to build our understanding of the depth and layout of this gold anomaly with an eye towards operationalizing the area.
There are great synergies here, and we are keen to get on the ground and build shareholder value for both companies moving forward,” stated Griffin Jones, President of Blue River. “We have been looking for the right opportunity to explore outside of the traditional markets for Blue River. Angkor Gold and Cambodia are the perfect fit with the country’s growing infrastructure, and significant potential as a developing world-class mining sector.
Our plans are to advance exploration quickly and efficiently on the Banlung tenement with specific focus on the Okalla West prospect initially but to also capture and comprehend the Banlung intrusive structure. It is a large property with lots of potential.

Angkor Gold VP of Operations, John Paul Dau, stated:

In addition to the gold anomaly at Okalla West, the discovery of olivine-pyroxenite rocks in the south-west of Okalla West prospect, coupled with the cobalt, copper, chrome, nickel and vanadium termite mound anomalism in the same area keeps the door open to the potential for economic base metals within the mafic complex,” stated John Paul Dau, VP of Operations. “These early indications on Okalla West show the great potential of the area as a flagship project for both companies.

Connect with Angkor Gold (TSXV:ANK) to receive an Investor Presentation.
 

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