(ANK.V) May 24, 2019 – Angkor Gold Corp. announced the conclusion of the company’s three-year earn-in agreement with Japan Oil, Gas and Metals Corporation (JOGMEC) on Angkor’s Oyadao South licence.
Angkor and JOGMEC announced on June 14, 2016 they had entered into a three-year joint exploration agreement (JEA) to explore Angkor’s Oyadao South licence with up to USD$3 million in exploration expenditures by JOGMEC over that period.
While previous exploration by Angkor at the Oyadao South licence returned near- and at-surface gold results, JOGMEC’s primary interest has been in copper, particularly targets around the Halo copper porphyry where Angkor Gold successfully drilled into a mineralized copper porphyry system. After completion of its exploration program, JOGMEC has determined that the copper system at Halo is not of sufficient size to meet the requirements of its mandate to proceed.
In choosing to not proceed with additional exploration, under the joint exploration agreement JOGMEC has surrendered its option right to acquire up to 51 percent of Angkor’s Oyadao South licence, which now returns to Angkor as a 100 percent wholly-owned exploration licence.
“We have enjoyed a close and productive relationship with JOGMEC over the past three years,” said Angkor executive chairman Mike Weeks, “and we have expressed our mutual interest in pursuing other opportunities together in Cambodia. JOGMEC is an excellent exploration partner and we welcome working with them again.”
Weeks added, “With the Oyadao South licence back as a 100 percent Angkor-owned asset, we will ourselves be pursuing the gold opportunities that were identified but not part of JOGMEC’s base metal exploration mandate, and will build on the data and results acquired over the past three years.”
“We are particularly interested in following up on indications that a system of gold mineralization continues into areas of Oyadao South adjacent to where Mesco is developing its Phum Syarung mine site,” said Angkor vice-president of exploration Dennis Ouellette. “The last three years of exploration has provided us with numerous targets for more advanced investigation.”
Angkor Gold is a leading mineral explorer in Cambodia with a large land package and a first-mover advantage building strong relationships with all levels of government and stakeholders.Disclaimer: ALWAYS DO YOUR OWN RESEARCH and consult with a licensed investment professional before making an investment. This communication should not be used as a basis for making any investment.