Two prospects in Indonesia are showing promise for Newmont Mining (NYSE).
One is the 80% owned Minahasa prospect on the island of Sulawesi. Preliminary reserves currently stand 13.5 million tons grading 0.15 oz. gold per ton. The mineralization is contained in one large and three smaller deposits. Contained gold is estimated to be two million ounces, of which 1.3 million oz. is hosted in refractory mineralization.
Newmont has undertaken a program of infill diamond-core drilling to delineate further the project’s resources. The company has started also a baseline environmental study and expects to complete a prefeasibility study by year-end.
The second prospect — the Batu Hijau property on the island of Sumbawa — is also owned 80% by Newmont. Results from 22 holes drilled to date infer a resource of about 370 million tons grading 0.8% copper and 0.02 oz. gold, the company said.
Newmont has started a second phase of drilling to further explore the Batu Hijau deposit, which is open at depth.
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