Indonesia’s mineral potential continues to attract Chance Mining & Exploration (CHMG-C), which has acquired the East Salopa gold property in western Java.
The property lies in the Tasikmalaya gold district, along the Southern Java epithermal trend, where most known gold mineralization in Java is found.
Government surveys have found areas of hydrothermal alteration on the property, as well as gold in stream and outcrop samples.
The company has acquired a 90% interest in the 24,000-hectare property from PT Bina Alam Induh Kreasindo (a private company), raising its total land position in Indonesia to 159,400 hectares. A bond of US$165,000 has been posted pending government approvals.
Chance intends to explore these areas initially, upon completion of a $4.6-million financing.
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