Nusantara Resources Limited (“Nusantara” or “the Company”, ASX: NUS) owns a 100% interest in the Awak Mas Gold Project in South Sulawesi, Indonesia through our wholly-owned subsidiary, PT Masmindo Dwi Area. The Project currently hosts an open pit Indicated and Inferred Resource of 45.3 Mt at 1.4 g/t Au for 2.0 Moz (May 2018) and an updated Ore Reserve of 1.1 Moz (September 2018).
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. The Company has completed over 10,000 km of drilling which has increased the pre-IPO resource by 15% and lifted resource classifications to over 85% Indicated. A Definitive Feasibility Study was completed in October 2018, which confirmed a robust, long-life and low cost gold project.
In December 2018, the Company secured strategic Indonesian cornerstone investor, PT Indika Energy Tbk, to advance the Project. The Company considers this to be a significant milestone and we continue to work towards the development of the Awak Mas Gold Project.
Nusantara also believes there is significant exploration potential at the Awak Mas Gold Project with an aspirational exploration goal of +5 Moz*. Recent drilling has confirmed the potential of additional mineralisation between Awak Mas and Salu Bulo.
*Any discussion in relation to the potential quantity and grade of Exploration Targets is only conceptual in nature. While Nusantara is confident that it will report additional resources for the Awak Mas Gold Project, there has been insufficient exploration to define resources in addition to the current Mineral Resource Estimate reported in accordance with the guidelines of the JORC Code (2012 Edition) and it is uncertain if further exploration will result in the determination of additional Mineral Resources.