ANK:CC - Angkor Resources Signs US $4.0 Million Joint Exploration and Development Agreement on Two Cambodian Mineral Properties
(TheNewswire)
Grande Prairie, Alberta - TheNewswire - November 8, 2023 - Angkor Resources Corp. (TSXV:ANK) (“ANGKOR”) announces that it has entered into aJoint Exploration and Development Agreement (“JEDA”) with AlmightyNatural Resources Ltd. of Dubai (“Almighty”) to advanceexploration to feasibility and applications for gold and copperproduction permits on two mineral licenses in Cambodia.
HIGHLIGHTS
-
The Properties under the JEDA, signed Nov. 3, 2023,include the Oyadao North license and the Andong Meas license and allmineral claims on prospects of the two licenses, both located inRatanakiri Province.
-
ANGKOR will receive an upfront, non-refundableUS$150,000 payment.
-
Almighty shall contribute 100% of the costs throughexploration, feasibility, production permit application, mineconstruction, and production to earn an 80% interest in theProperties.
-
Almighty commits to spending $4 million USD over 48months on the Properties, through exploration, development, andproduction activities.
-
ANGKOR shall maintain a 20% carried interest in theProjects and has the option to convert the interest to a five percent(5%) Net Smelter Royalty (“NSR”) after the issuance of a miningproduction permit.
-
ANGKOR shall be the Operator and shall collaborate withAlmighty to combine best technical expertise, expediting workprograms, and pursuing feasibility studies and production permits onmultiple prospects across the two licenses.
Almighty is a mining and development company withmultiple mining projects in Zambia and South Africa plus interests inIndia and Cambodia in the extractive sector. President of Almighty,Shakti Ranjan Dash, (“Shakti”) comments on the transaction,“ We are pleased to undertake this transactionwith ANGKOR. There are multiple drill-ready targets in both gold andcopper and they have established stellar working relationships andagreements with the local communities to collectively develop theproperties. We aim to employ and train those local participantswhile we fast track drilling and exploration to prove commercialityand apply for production permits on both licenses. That leads tolong-term employment and multiple opportunities for Cambodianlocals.“
Shakti continues, “This blends well with our missionto develop and empower communities through sustainable means. Thereare great synergies here, ANGKOR and Cambodia are the perfect fit forAlmighty with the Cambodia’s growing infrastructure, and significantpotential as a developing world-class mining sector.”
Today’s announcement follows a previous release ofsurface data on the Wild Boar prospect where ANGKOR disclosed the discovery of a 2 km 2 gold anomalywith grab and float sample grades from 3.08 – 70.7 grams per ton inthe anomaly area from earlier exploration conducted. Concurrently,directly north of the Phum Syarung mine site, the teams will drill toidentify extensions of the veins of the mine site, which run open tothe north into Oyadao North license and open at depth.
“We are very pleased to be working with Almighty toaccelerate the development of both licenses. We anticipate drillingthe Wild Boar gold prospect on the Andong Meas license andconcurrently be drilling the Phum Syarung North gold prospect on theOyadao North license,” said Mike Weeks, President ofAngkor.”
Representatives from ANGKOR andAlmighty met in Dubai to finalize and sign the JEDA on November 4,2023.
QUALIFIEDPERSON:
Dennis Ouellette, B.Sc., P.Geo., is amember of The Association of Professional Engineers and Geoscientistsof Alberta (APEGA #104257) and a Qualified Person as defined byNational Instrument 43-101 (“NI 43-101”). He is the Company’s VPExploration on site and has reviewed and approved the technicaldisclosure in this document.
ABOUT ANGKOR RESOURCESCORPORATION:
Angkor Resources Corp. is a publiccompany, listed on the TSX-Venture Exchange, and is a leading resourceoptimizer in Cambodia working towards mineral and energy solutionsacross Canada and Cambodia. Angkor’s carbon capture and gasconservation project in Saskatchewan, Canada is part of its long-termcommitment to Environmental and Social projects and cleaner energysolutions across expanding jurisdictions. The company holds three mineral explorationlicenses in Cambodia and its subsidiary, EnerCam Resources, wasgranted an onshore oil and gas license of 7300 square kilometers inthe southwest quadrant of Cambodia.
CONTACT: DelayneWeeks - CEO
Email: info@angkorresources.com Website: angkorresources.com Telephone: +1 (780)831-8722
Please follow @AngkorResources on , , , Instagram and .
Neither TSX VentureExchange nor its Regulation Services Provider (as that term is definedin the policies of the TSX Venture Exchange) accepts responsibilityfor the adequacy or accuracy of this release.
Certain information set forth in thisnews release may contain forward-looking statements that involvesubstantial known and unknown risks and uncertainties. Theseforward-looking statements are subject to numerous risks anduncertainties, certain of which are beyond the control of the Company,including, but not limited to the potential for gold and/or otherminerals at any of the Company’s properties, the prospective natureof any claims comprising the Company’s property interests, the impact of generaleconomic conditions, industry conditions, dependence upon regulatoryapprovals, uncertainty of sample results, timing and resultso f future exploration, andthe availability of financing. Readers are cautioned that theassumptions used in the preparation of such information, althoughconsidered reasonable at the time of preparation, may prove to beimprecise and, as such, undue reliance should not be placed onforward-looking statements.
Copyright (c) 2023 TheNewswire - All rights reserved.