A drill program by a unit of Cyprus Amax Minerals (CYM-N) is under way at Kalimantan Gold’s (KALG-C) Mansur prospect in Kalimantan, Indonesia.
Cyprus has completed five of the seven holes planned for the program, and assay results are expected shortly. The drilling is focused on a donut-shaped area covering geochemical and geophysical anomalies.
The major can earn a 51% interest in the prospect by spending US$8 million on exploration within three years, along with staged payments totalling US$1.75 million. This can be increased to 65% by carrying out a bankable feasibility study.
Kalimantan has been working in Indonesia since 1981, having spent more than US$4 million at its various properties in central Kalimantan.
Be the first to comment on "Cyprus Amax drills in Indonesia"