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NUSANTARA RESOURCES LIMITED

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September 2017 Quarterly Activities Report

The September 2017 quarter has been transformational for Nusantara Resources Limited (‘Nusantara’ or ‘the Company’, ASX: NUS) following its successful IPO and ASX listing in August 2017.​

The development-ready 1.74 Moz Awak Mas Gold Project in Sulawesi, Indonesia benefited from two key breakthroughs:
  • Confirmation of availability of low cost grid power; and
  • Testwork that delivered improved gold recoveries using Whole of Ore CIL processing. Drilling to expand the currently defined Mineral Resource, leading to generation of a JORC 2012 Ore Reserve and demonstrating potential for deeper mineralisation, is underway with positive results returned from initial drilling.

Financial & Corporate Summary:
  • $16.2 million raised in successful IPO at $0.42/share to advance Nusantara’s 100%-owned Awak Mas Gold Project towards a proposed investment decision.
  • Loyalty options intended to be issued to eligible shareholders at an exercise price of $0.42, with an expected record date of Wednesday, 8 November 2017.
  • Nusantara remains well funded with cash reserves of A$12.6 million (US$9.9 million) as at 30 September 2017

Awak Mas Gold Project Summary:
  • Permitting of the Awak Mas Gold Project continued, with approvals received for advancing the Contract of Work (CoW) into a three-year Construction Period ahead of a 30 year Operating Period.
  • Landmark MOU signed with State-owned power utility (PLN) for the future supply of low cost grid power to the Awak Mas Gold Project.
  • Whole of Ore leach testwork delivered improved gold recoveries ranging from 92% to 98% vs previous flotation-leach results of 85% to 91%. Pending further test work, an overall gold recovery in the range of 90% to 94% is expected for the project using this flowsheet. • Definitive Feasibility Study (DFS) proceeding on Whole of Ore carbon in leach ‘CIL’ processing, leveraging off the availability of low cost grid power, low reagent consumption, and industry standard technology.
  • Diamond drilling program commenced at the Awak Mas Gold Project, designed to expand and upgrade the current 1.74 Moz Mineral Resource and estimation of JORC 2012 Ore Reserve.
  • Initial assay results from the first two drill holes confirm the tenor and extent of mineralisation, both within and beyond the existing Mineral Resource.
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Nusantara Resources (ASX: NUS, ’Nusantara’) is an Australian mining company listed on the Australian Securities Exchange. Nusantara listed in August 2017 following an oversubscribed raising of A$16.2m, with cornerstone support from major shareholders Lion Selection Group, AustralianSuper and Chinese gold producer Zhaojin Mining.

Nusantara has a vision of growing into a significant Asia-Pacific gold producer and owns a 100% interest in the 1.74 Moz Awak Mas Gold Project, located in the Luwu Regency of South Sulawesi Province, Indonesia. The Awak Mas Gold Project is held under a 7th generation Contract of Work (CoW) and is owned 100% by PT Masmindo Dwi Area, a subsidiary of Nusantara. The project is located 40km from the coast with access to good infrastructure, and comprises three deposits – the main Awak Mas deposit and two satellite deposits Salu Bulo and Tarra.

Discovered in 1988, the Awak Mas Gold Project has had some 124km of drilling with over 1,000 holes drilled. It currently hosts an open pit Indicated and Inferred Resource of 38.4 Mt at 1.41 g/t Au for 1.74 Moz prepared in accordance with JORC 2012 (May 2017).
All major approvals for project development, including environmental studies and permitting have been completed.

In July 2017, the Government of Indonesia advanced Nusantara’s CoW into the Construction Stage. The CoW allows for a three-year construction period followed by a 30‐year operating period. Nusantara’s highly experienced board and management team is working to increase shareholder value through advancing the Awak Mas Gold Project towards development in the near-term.

An 8000m resource drilling program commenced in October 2017, with the aim of expanding the resource by 300,000 to 500,000 ozs. This drilling, due to be completed by year’s end has the potential to significantly increase the resource inventory and in addition exploration drilling is planned to test extensional and regional targets. Historic mining, metallurgical and infrastructure test work and studies provides a solid foundation for the Definitive Feasibility Study (DFS) which is planned be completed by mid-2018 in advance of a final investment decision expected for mid-late 2018.
On the basis of previous studies*, the Awak Mas Project:
  •      Will have a life exceeding 10 years
  •       Will deliver between 90,000 and 100,000oz per year
  •        Is expected to have an AISC of between 500 and 700 USD/oz
  •        Requires a capex of 150 to 170M USD.
Nusantara’s Awak Mas Project is expected to be in production by early 2020.
*Will be verified during the DFS currently underway
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Awak Mas Resource Expansion Drilling Update-17th Oct 2017
  • Encouraging initial results of targeted drill program to validate Exploration Target of 0.3 Moz to 0.5 Moz, in addition to the previously published gold Mineral Resource of 1.74Mozs.
  • Assay results from first two holes confirm tenor and extent of mineralisation both within and beyond the existing Mineral Resource.  Drilling continues with 16 of 67 planned holes completed to date.
  • Third rig to commence in early November to fast track satellite deposits.
Indonesian gold development company Nusantara Resources Limited (‘Nusantara’, ASX: NUS) is pleased to announce assay results from the first two holes of the Phase 1 resource drilling program at its 100%-owned Awak Mas Gold Project located in South Sulawesi, Indonesia. The Phase 1 program comprises 67 diamond drill holes (for approximately 8,230 m) designed to target areas of unclassified gold mineralisation and to upgrade Inferred Resource mineralisation across the Awak Mas, Salu Bulo and Tarra deposits. The drilling program has progressed with 16 holes completed to date within the Awak Mas deposit. Currently two drill rigs are assigned to the Phase 1 program with an expected third rig to commence in early November.

Assay results from the first two drill holes have successfully validated the Mineral Resource model, expanded the area of known mineralisation, and demonstrated potential for deeper mineralisation:

  • Awak Mas deposit drill holes RTD011 and LMD004 both intersected multiple mineralised zones of strong quartz veining and brecciation over significant downhole intervals. Figure 1 shows the location of drill holes RTD011 and LMD004 within the Awak Mas deposit.
  • In hole RTD011, drilled within the Rante domain (Figure 2), the results were in-line with the modelled interpretations and included down hole intersections of; 8m at 2.5 g/t Au from 41.8m, 6m at 1.0 g/t Au from 140.8m, 2m at 1.6 g/t Au from 197.3m and 4.9m at 0.6 g/t Au from 206.3m.
  • In hole LMD004, drilled within the Lematik domain, significant intersections included (Figure 3); 35.4m at 1.7 g/t Au from 35.6m, 20m at 0.7 g/t Au from 114m, 17m at 0.6 g/t Au from 343m and 6m at 2.7 g/t Au from 365m. Further details of intersections for RTD011 and LMD004 are provided in the Appendix to this announcement.

The deeper intersection from 365m in LMD004 demonstrates potential for the gold mineralisation to extend below the current US$1,400/oz resource shell and will be the focus of later exploration drilling. Results from Phase 1 drilling will be incorporated into a re-estimation of the Mineral Resource in advance of the Ore Reserve calculation by mid-2018.

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Asia-Pacific Gold Focus Fast Track to Gold Production and Growth
Awak Mas - 1.74 Moz Mineral Resource

Investor Presentation: 121 Mining Investment Conference

This is a paid advertisement. HotCopper does not endorse, approve or take responsibility for the statements made.
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