Toronto-based Atapa Minerals (CDN) has signed its second joint-venture agreement with PT Aneka Tambang (ANTAM) to explore and develop the latter’s properties in Java, Indonesia.
Atapa’s new agreement with the state-owned Indonesian company covers the 3,584-hectare Cikidang property, northeast of the companies’ first joint venture, the 80,000-hectare Cikotok project. Both areas are underlain by the central portion of the Bayah dome, an intrusive characterized by widespread epithermal gold and silver mineralization.
ANTAM’s exploration of Cikidang outlined a minable reserve of more than 400,000 tons grading 0.33 oz. gold and 1.5 oz. silver per ton. A feasibility study concluded that recoveries for both gold and silver would be 90%.
The non-refractory ore vein remains open in all directions and lies on the western edge of a package of north-south-trending, alternating, argillic and propylitic altered volcanics. Atapa and ANTAM will explore the zones and the surrounding area in an attempt to discover sufficient reserves to support bulk mining.
To earn its interest in the properties, Atapa, through its 80%-owned PT Oceanic Union Marine, will fund the exploration program. Once a gold reserve of more than 15 tons has been defined, a joint-venture company will be formed, of which ANTAM will hold 30% and Oceanic 70%.
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