All Eyes on Angkor Gold’s Upcoming Drilling Results
The Kingdom of Cambodia’s government has implemented and upgraded infrastructure to undertake improvements that attract industry. These undertakings include upgrades to highway conditions, access to hydro power from Vietnam, and adoption of Anti-Corruption Laws in 2010. These improvements extended to the establishment of the Cambodian Association for Mining and Exploration Companies (CAMEC). This organization is recognized by the Cambodian government and promotes a responsible and sustainable mining industry in Cambodia.
Angkor Gold Corp. (TSXV: ANK) is a leading Canadian gold and copper mineral explorer in the Kingdom of Cambodia since 2009. The Company holds 5 licenses each with multiple targets covering an area of 983 km².
Angkor’s 5 exploration licenses
- Andong Meas (187 km2)
- Banlung (150 km2)
- Koan Nheak (189 km2)
- Oyadao (222 km2)
- Oyadao South Halo (235 km2)
On November 15, 2018, the President of Angkor Gold Corp., J.P. Dau, announced the commencement of drilling on their Banlung property. The current drilling campaign underway at Banlung is part of a commitment by Hommy 5 Resources Inc. to fund up to USD $3.65 million of exploration work on the property. Angkor’s Banlung property in north eastern Cambodia includes two primary prospects – Okalla West and Okalla East with gold mineralization associated with an alkaline intrusive complex. Approximately USD $1.2 million in work has been done at Banlung since the beginning of 2017, including shallow drilling to investigate and better understand the underlying structure.
Angkor’s President J.P. Dau stated: “We are very pleased to now be drilling the gold targets developed in the previous auger programs conducted by Angkor on the Banlung property. Hommy Resources has been an excellent fit to our team and we are very much looking forward to the drill results.”
The terms of the Hommy Resources agreement include a total investment of USD $3.3 million in exploration and development expenditures over a 3-year period, plus cash payments to Angkor of USD $350,000 for them to acquire a 51% participating interest in the Banlung license. Upon completion of the initial earn-in option, Hommy Resources can acquire an additional 29% participating interest in the license with the commissioning, and completion of a Definitive Feasibility Study.
Angkor’s CEO Stephen Burega stated: “As the region’s most successful project generator, Angkor has been able to attract such development and funding partners as Japan’s JOGMEC and Australia’s Emerald Resources to our collection of gold and copper assets. The principals behind Hommy Resources are already shareholders of Angkor, and their stable funding of continued exploration on our highly prospective Banlung property will allow us to rapidly advance this asset.”
On August 8, Angkor Gold reported the discovery of a new gold-in-soils anomaly at their Koan Nheak license. The discovery is a gold-in-soils anomaly which extends over 700 meters from north to south and up to 300 meters east to west at >10 ppb Au.
Angkor Gold Corp. is the first North American publicly traded mineral exploration company in Cambodia. Their business strategy focuses on project generation and selecting strong partners to advance each of their multiple prospects to a sustainable recurring revenue stream. With a massive land package, strategic and new partners in place, government support, and new drilling commencing; Angkor Gold could develop into a larger gold project generating company in Cambodia in the near future. All eyes will be on the upcoming drill results.
Matthew Bohlsen is a Senior Editor for InvestorIntel.com. With a Graduate Diploma in Applied Finance and Investment, and a Graduate Diploma in Financial Planning. He ... <Read more about Matthew Bohlsen>