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Archi Indonesia Spent IDR 85 Billion on Exploration

EmitenNews.com

Fri 20 Oct 2023, 09:00 AM

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Archi Indonesia (ARCI) spent exploration funds of USD 5.69 million, equivalent to IDR 85.9 billion. These funds will be spent on exploration activities for the period January-September 2023. Exploration through Meares Soputan Mining (MSM), and Tambang Tondano Nusajaya (TTN).

The exploration area is the Toka Tindung Gold Mine, a pure-play gold producer mine located approximately 35 km northeast of the capital city of Manado, North Sulawesi (Sulut). The Toka Tindung Gold Mine consists of two long-term Contracts of Work (CoW). Covers an area of 39,817 hectares (ha) stretching across North Minahasa Regency and Bitung City, North Sulawesi. 

A number of Work Contracts valid until 2041 are held by MSM and TTN. In accordance with changes to the Mining Law, MSM and TTN received a guarantee of extending their Contract of Work two more times in the form of a Special Mining Business Permit (IUPK). Each extension is for a maximum period of 10 years.

The exploration activities carried out by the company, through MSM and TTN, for the January-September 2023 period focus on mapping activities, soil sampling programs, and IP geophysics in the Greenfield area, and semi-detailed to detailed mapping in the Brownfield area of the West Corridor project. Semi-detailed mapping and CSAMT geophysics were also carried out in the Brownfield area of the Eastern Corridor Project. 

Exploration drilling activities, and gold resource definition drilling on the West Corridor project. Then, exploration drilling on the Eastern Corridor project. Total drilling activities for the January-September 2023 period reached 157 core drill points with a total depth of 32,212.0 meters.

Image source: EmitenNews.com

Source: www.emitennews.com/Sedot Anggaran Rp85 Miliar Ini Perkembangan Eksplorasi Archi Indonesia ARCI

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