Archi Indonesia develops exploration program in Toka Tindung gold mine
JAKARTA - PT Archi Indonesia Tbk (ARCI) is very encouraged by its recent high grade drilling results in its wholly-owned Toka Tindung gold mine which will eventually build up its already significant gold resources. To date, the overall exploration program has resulted in the addition of significant high grade Ore Reserves, especially in the Western Corridor area.
These recent high grade gold drill hole intercepts will be included as part of the updated Resource and Reserves statements to be released in the future. In the beginning of the year, the Company has set several exploration program objectives to achieve, which were to increase the overall gold resources from the current 3.9 million ounces of Ore Reserves (the figures reported in JORC1 2020 Report announced and published in December 2020), and upgrading the high grade Mineral Resources from Inferred to Indicated category in order to increase the Ore Reserves in JORC 2021 report.
The objectives were successfully achieved through recent exploration drillings at the Bima-Arjuna gold deposits in Western Corridor area, using a total of 5 (five) diamond drill rigs and 1 (one) reserve circulation drill rig throughout the period December 2020 to August 2021, with the completion of additional 84 (eighty-four) drilling holes with a total of approximately 25,000 meters’ depth, resulted high grade gold intersections.
Archi plans to keep accelerating its exploration activities, targeting Near-mine, Western Corridor and Greenfield projects, which are expected to provide between 5.3 – 13.0 million ounces of additional new gold Ore Reserves based on the study conducted by an industry expert, Energy and Mineral Technology International (“ENMITECH”), and further have been verified by an independent industry consultant, SRK Consulting Group (“SRK”). (LM)