ARX, Anglo American on JV
Saturday, January 26 2013 - 03:14 AM WIB
Australian-listed gold miner Arc Exploration Limited (ARX) announced that formal legal documentation on its joint venture (JV) with Anglo American on Trenggalek Project was in the process of being finalized.
The key terms of the JV among others are Anglo American has the right to earn a 51% interest in the Trenggalek Project by sole funding US$10 million before 1 October 2016.
It said that after spending US$ 10 million Anglo American can move from 51% to 75% by sole funding additional expenditure of a further US$ 10 million.
On reaching 75% Anglo American will free-carry ARX for its remaining 20% through completion of a Pre-Feasibility Study.
It said that JV was a major step forward for ARX at Trenggalek as it provided for increased exploration activity in an area with porphyry copper-gold potential and targets.
It said that the work program planned to start in the first quarter of 2013 includes high resolution IP geophysics ground surveys and more detailed mapping and sampling in selected priority areas aimed at defining drill targets for a program of scout drilling that is planned to start early in the second quarter.
In its report, ARX said that interpretation of aeromagnetic survey results has highlighted a number of potential porphyry copper-gold targets.
Results of soil sampling and mineralogical analysis of alteration at Sumber Bening confirm a high-sulphidation epithermal lithocap and indicate potential for mineralised porphyry copper-gold intrusions at depth.
Editing by Adianto P. Simamora