The Asia Miner

JUL-SEP 2017

The ASIA Miner - Reporting Important Issues to Mining Companies in the Asia Pacific Region

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Page 48 of 59

Volume 14 • Issue 3 | 2017 | ASIA Miner | 47 DRILLING is taking place out at two of Angkor Gold Corp's Cam- bodian gold projects. Work at the Okalla West project forms part of a cooperation agreement with Blue River Resources while Oyadao South work is part of a joint exploration agreement (JEA) with Japan Oil, Gas and Metals National Corporation (JOGMEC). The Phase 1 Okalla West program will comprise 500 metres of diamond drilling with the intention of determining the orientation, width and frequency of mineralised structures and confirming the style and intensity of country rock alteration. A Phase 2 program is planned after analysis of the Phase 1 results. The target is 600 metres in length from north to south and about 300 metres east to west, and is open in all directions. Okalla West is within a 27sqkm intrusive complex on the Banlung property and drilling is expected to provide a better understanding of potential mineralisation. Pit samples collected from the surface deposit were analysed for gold plus multi-element analysis by ALS Chemex assay labs. Results show that gold mineralisation is intimately associated with bismuth and tellurium, which indicates that the veins are associated with the alkalic diorite that hosts them. Auger sampling indicates that the mineralisation is in an altered and faulted diorite similar to Emerald Minerals' Okvau gold deposit, about 80km to the south. Blue River has the right to participate initially in up to a 50% inter- est of the Banlung licence from Angkor after completion of a total investment of US$3.5 million in exploration over four years. It may then exercise its option on an additional 20% through the commis- sion and completion of a bankable feasibility study. At Oyadao South, exploration consists of a diamond drill program, geophysical survey and surface geology on the Halo copper por- phyry-style target. Initial drilling will consist of about 1200 metres designed to support interpretation of a previous IP program. Three 400-metre drill holes are planned along IP lines in the most prospective area of the Halo system. They are intended to better determine where to follow up with additional drilling later this year. An investment of US$3 million in exploration over three years has been committed by JOGMEC under the JEA, which gives it the option to acquire 51% of the licence. FRONT End Engineering Design (FEED) work will lead to an inter- nal definitive feasibility study (DFS) for Monument Mining's Selinsing Sulphide Project in Malaysia. This process is based on follow-up test work on the 2016 pre-feasibility study (PFS). The PFS recommends biological leaching to treat sulphide gold ores. A sulphide pre-treatment plant requires estimated capital of US$39.5 million and provides a US$23.1 million NPV and 34.8% rate of return, given approximately six years life of mine. Additional test work was designed to determine which sulphide treatment technology among bio-leach, intensive acid leach and Intec hydrometallurgical process, can deliver best overall perfor- mance and economic recoveries for Selinsing and Buffalo Reef ore. As a result, the BIOX® Process demonstrated best overall per- formance, showing on average 90% recovery of gold from Buffalo Reef representative ore samples. BIOX is a patented technology owned by Outotec and uses microorganisms in the oxidation of certain gold-bearing sulphides to facilitate gold recovery. Monument expects the FEED work and DFS will be completed in September 2017. This will include the overall plant process design to set up FEED criteria, FEED for add-in flotation plant and BIOX Process plant, alterations to the existing processing plant, and in- ternal DFS with an execution plan to move forward to a detailed engineering and construction stage. The pilot plant built for Intec test work will be used for continuous test work on the BIOX Process over the life of sulphide production when ore characteristics change with mining at depth. While Intec was not selected as the most suitable treatment on Selinsing/Buffalo Reef sulphide ore, ongoing test work with Intec will focus on production of very close to LME grade copper metal at the Mengapur project with the commercial objective of producing copper metal in-country at Mengapur. Monument president and CEO Robert Baldock says the company is focusing on fast tracking the Selinsing Sulphide Project by pro- ducing an execution plan for construction. During the March quarter, gold recovery decreased by 51% com- pared to the corresponding 2016 quarter to 2755 ounces and average head grade decreased 16% to 0.79 g/t. This was mainly due to the lower grade mill feed from stockpiled oxide and leachable sulphide ore. FEED work for Selinsing Sulphide Project Cambodia's Minister of Mines visits the Cambodian facilities of Angkor Gold Corporation. Drilling at Angkor Gold prospects

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