Bioleaching technology specialist Giant Bay Resources (TSE) is moving to take advantage of opportunities in northeast Malaysia following the decline of the communist party there.
The Vancouver-based company has entered into a licensee agreement to prospect for gold on a 304.5-hectare site in northeast Malaysia which, according to a consultant, bears some similarities to the Klondike district. Local residents have been panning for gold in streams coming from the highlands site since the turn of the century and are still doing so, say Giant Bay officials, who have visited the site.
“Three of four grab samples taken from old gold mines active in the 1920s on the site all contain gold,” according to Giant Bay, which has obtained a copy of a report completed in 1923 by consulting engineer Captain James Rookecowell. The report likens the area’s gold prospects to the Klondike region which is famous for its placer gold projects.
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