Japan Oil, Gas and Metals Corporation (Jogmec) and Angkor Gold Corp. have increased their budget for phase 2 of the Angkor Oyadao South project by $425,000, according to Angkor Gold’s president.
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In total, $1.425 million will be spent in phase 2 of the exploration of the Angkor Oyadao South project.
John-Paul Dau, Angkor Gold’s president, said their strategy continues to be to generate new targets for the intrusive systems on the property.
“We have a window during the wet season to focus our efforts on areas where we have previously identified extensive porphyry style alteration or geophysical anomalies which will be the target of future drilling,” Mr Dau said.
The additional funds will be used for regional exploration expenditures – including termite mound soil sampling programmes over magnetic anomalies east, west and north of Halo – and geophysical surveys of new areas.
The exploration programme is expected to be completed before the end of August, the company said in a media release.
Angkor and Jogmec previously announced they had entered into a joint exploration agreement (JEA) to explore Angkor’s 100-percent-owned Oyadao South license with a total investment of $3 million in exploration expenditures by Jogmec over a 3-year period.
The JEA gives Jogmec the option right to acquire up to 51 percent of Angkor’s Oyadao South license.
Jogmec was established in February 2004, following the integration of the former Japan National Oil Corporation with the Metal Mining Agency of Japan and has a market capitalisation of approximately $13.7 billion.