South African mining giant JCI is moving to consolidate its interest in Australian junior Lone Star Exploration (LSE-V).
By consolidating its current 19.9% interest with a 24% stake held by Kimberley Diamond, JCI will end up with a 37.9% interest in Lone Star.
The arrangement has yet to be approved by shareholders.
Lone Star recently acquired an interest in the Awak Mas gold project in Indonesia. The open-pit project is in the Central Sulawesi Metamorphic Belt, a northerly trending strip between two regional faults.
Resources stand at 52.3 million tonnes grading 1.7 grams gold per tonne (3.2 million oz. per ton) using a 0.5-gram cutoff. At a cutoff of 0.7 gram, the figure is 2.8 million oz.
Lone Star envisions a 4 million tonne-per-year operation.
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