Astra Resources deals into Cambodian gold sector with project acquisition

Diversified mining company Astra Resources PLC (Code: 9AR), which is the UK parent company of Astra Mining, has finalised negotiations with the Vietnamese Nam Hai Group to secure 100% of the Ratanakiri Gold Project in northeast Cambodia.

A 10% deposit has already been paid for the gold mine and the 222 square kilometre site, with the deal facilitated through wholly owned subsidiary Astra Mining and their minor partner, Petone Mining Asia. Settlement is due to take place within two months.

Astra chief executive officer, Dr Jaydeep Biswas says the exchange of contracts took place after Astra received a favourable report from the company’s well-respected geologist Michael Leu.

“This report confirms that the licence area has the potential to host a world class Intrusion Related Gold System that may be developed into a significant open cut low cost gold mine,” Dr Biswas says.

“Intrusion Related Gold Systems have only been recognised in the last 12 years and have been shown to host some of the largest recently discovered gold deposits.

“Many similar systems overseas typically host between one and three million ounces of gold.”

Astra managing director Silvana De Cianni says similar gold intrusive centres have been mapped in the area, as well as older metamorphosed rocks exposed along the Laos and Vietnamese borders.

“Alluvial gold workings and favourable host rocks for large tonnage deposits make this area very prospective for delineating economic gold occurrences.

“Seven rock samples of gold mineralisation collected by Mr. Leu from a pit, excavated by the vendor in a gold bearing structure within the large mineralised system, ranged from 1.82 - 20.8 grams of gold per tonne.

“Only a small percentage of the site has been explored and when combined with reports compiled by the previous vendor of the site indicating that a 350,000 ounce, J.O.R.C compliant gold resource may be proven within 12 months, the potential of the site is considerable.

“Astra has the early mover advantage in securing this gold project, and is in the process of applying for a mining license for the site.

“As little modern exploration techniques have been employed on the site to date the potential is immense.”


Astra continues on the project lookout

Astra said that in conjunction with Petone Mining Asia, it in the process of securing other potentially high-end mining opportunities in South East Asia.

Astra Resources’ global portfolio includes gold and copper interests in Southeast Asia, coal mines in Africa, iron ore in India, and the production of the high-strength T-Steel technology in Hungary.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/20363/astra-resources-deals-into-cambodian-gold-sector-with-project-acquisition-20363.html