FRIDAY STOCK NEWS 11/10/2019 - MDKA ISSUING EXPLORATION COSTS IN
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Title : FRIDAY STOCK NEWS 11/10/2019 - MDKA ISSUING EXPLORATION COSTS IN
SEPTEMBER 2019 Rp28.9 BILLION
link : FRIDAY STOCK NEWS 11/10/2019 - MDKA ISSUING EXPLORATION COSTS IN
SEPTEMBER 2019 Rp28.9 BILLION
FRIDAY STOCK NEWS 11/10/2019 - MDKA ISSUING EXPLORATION COSTS IN SEPTEMBER 2019 Rp28.9 BILLION
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IQPlus - PT Merdeka Copper Gold Tbk (Merdeka) continues its exploration activities in three different regions in Indonesia (Seven Hills in East Java, Wetar Island in Southwest Maluku, and Pani in Gorontalo).
According to Friday's statement, activities in the Seven Hills area focused on copper and gold porphyry resources, in the Wetar Island area focused on copper resources, while in the Pani area focused on exploration of gold resources.
The total costs incurred to support all exploration activities carried out by Merdeka in Indonesia during September 2019 amounted to Rp28.9 billion.
In September 2019, the total underground meters drilled were 881.5 meters for geotechnical drilling (Geotech) and Resource Definition (Res Def). The definition hole of an underground resource is designed to test the continuity of mineralization, as well as for geotechnical and hydrological information.
Total costs incurred for UHGZ exploration activities in the Seven Hills area in September amounted to 18.7 billion for the development of drift reduction, Rp3.6 billion for drilling definition of underground resources and surface hydrology drilling, with a total of Rp22.3 billion. All work was completed through a contract agreement between Merdeka and PT Merdeka Mining Servis.
The Wetar Island exploration and drilling program continues to focus on Partolang resources. The drilled meters are summarized in the table below, with drill locations shown on the following map. The September program includes filler drilling and resource expansion, drilling to recover samples for metallurgical test work and geotechnical drilling to assess the structure and unit of rock that might impact the pit walls in the future. The total estimated cost of the September training program is IDR 5.1 billion. All work was completed through a contract agreement between Merdeka and PT Merdeka Mining Servis.
Whereas Merdeka has a 67% ownership interest in Pani for 1 square kilometer KUP / IUP. In April 2019, licenses were issued to begin exploration drilling activities after the completion of various remediation obligations. The total cost of exploration activities at the Pani property in September 2019 is Rp1.5 billion.
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