South of the Indonesian capital of Jakarta, First Dynasty Mines (TSE) is attempting to gain a stake in the Gunung Pongkor gold-silver mine.
Towards this end, it has signed a memorandum of understanding with the property owner, state-owned P.T. Aneka Tambang.
The high-grade vein deposit was discovered in the late 1980s in a known gold district of West Java. Its discovery, the most recent and largest in Indonesia, sparked a rush of illegal miners.
The underground mine opened in late 1994 and is currently producing 66,000 oz. gold annually.
Gunung Pongkor contains more than 6.7 million tonnes grading 15 grams gold and 153 grams silver per tonne.
The deposit exists in a sequence of andesitic intrusives, tuffs and tuff breccias. (Mineralization on the island of Java is frequently associated with this type of Late Tertiary magmatism.)
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