Nusantara Resources Ltd. said Jan. 31 that an updated resource estimate for its Awak Mas gold project in Indonesia increased contained gold by 200,000 ounces to 1.9 million ounces.
The property hosts indicated resources containing 1.5 million ounces of gold within 32.3 million tonnes of ore grading 1.46 g/t of gold, with inferred resources containing 410,000 ounces of gold within 10.3 million tonnes grading 1.23 g/t of gold.
The estimate, which covers the Awak Mas, Salu Bulo and Tarra deposits, incorporates data from the first 25 drillholes of a 67-drillhole program and uses a cutoff of 0.5 g/t of gold as well as an optimization shell based on a gold price of US$1,400/oz.
Nusantara is working on a definitive feasibility study on the Awak Mas project, expected to be completed by late 2018, with initial production targeted in 2020.
