Komentar |
| Mining Engineer PT STM. Credit Sumbawa Timur Mining. |
Jakarta,
Berita11.com— PT Sumbawa Timur Mining (STM or the Company) is pleased to
announce the discovery of the Onto copper-gold deposit, a world-class discovery
that positions the company to be a leading copper producer in Indonesia. STM is
the owner of the Hu’u Project 7th generation Contract of Work (CoW) in Nusa
Tenggara Barat Province (Indonesia).
The Company
is a joint venture between Eastern Star Resources Pty Ltd (80%), a 100%-owned
subsidiary of Vale SA, and PT Antam Tbk (20%). STM has been conducting
exploration activities within the Hu’u Project CoW since 2010.
The Onto
deposit was discovered in August 2013 and, since that time, 64 diamond drill
holes (equivalent to 61,000m) have been drilled to determine the size, extent
and characteristics of the deposit. The December 2019 STM resource estimate
reports a total Indicated resource of 0.76 billion tonnes (Bt) @ 0.93% Cu and
0.56 g/t Au and a total Inferred resource of 0.96 Bt @ 0.87% Cu and 0.44 g/t
Au. This equates to a total of 1.7 Bt @ 0.89% Cu and 0.49 g/t Au. In addition
to these resources, an exploration target of 0.6-1.7 Bt @ 0.2-0.7% Cu and
0.1-0.3 g/t Au has been defined surrounding the resource. STM will continue
diamond drilling within and surrounding this Onto deposit to determine the margins and
depth extent of the mineralisation.
STM confirmed the Company’s enthusiasm with the Onto discovery. President Director of STM, Mr Bede Evans, stated “The Onto deposit discovery demonstrates the value and opportunity associated with the Hu’u Project.
With the
project now in the feasibility study in exploration stage, we look forward to
advancing the project with the aim of developing a world-class mining operation,”
The successful conclusion of negotiations on 7 May 2019 with the Government of Indonesia on an Amendment to the CoW provides a basis for the company to continue feasibility study and resource drilling activities. With this CoW Amendment in place, the Company is now committed to confirming the technical and economic feasibility of an underground block cave mining operation.
STM Vice-President Director, Mr Bronto Sutopo, reaffirmed the commitment of STM and its shareholders, “The amended CoW in 2019 and the Onto discovery allows the Hu’u Project to advance. We are encouraged by the strong collaborative relationship developed with the Government of Indonesia and believe that a firm foundation is set for the continued development of the Hu’u Project.[RD/*]