Geologist Report
Competent Person Report – Altangadas Gold Mining Project
The Competent Person Report for the Altangadas Gold Mining Project was prepared by Tropricorp Management Services Sdn. Bhd. and authored by Dr. Lim Teong Hua (PGeol, MIMMM, MIGM), a qualified and experienced geologist. The report, dated 28th February 2023, provides a comprehensive assessment of the exploration activities and mineral potential at the Altangadas project.
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Exploration Work Overview
A significant amount of exploration has been undertaken at the Altangadas Gold Mining Project, including geological mapping, rock-chip sampling, diamond drilling, and laboratory analyses. These efforts have led to the identification of four main mineral targets within the project area:
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Greisen Target
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Placer Gold Target
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Orogenic Gold Target
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Coal Target
To date, exploration has primarily focused on the Greisen and Placer Gold Targets, with drilling conducted to better understand their mineralization potential.
Placer Gold Target Exploration
Extensive exploration of the Placer Gold Target has included 157 pitting holes, yielding several significant gold values. Additionally, Realxoin Resources, in collaboration with the project, conducted bulk sampling using a trommel and sluice box. This sampling processed approximately 2,500 m³ of ground, recovering about 1 kg of gold, which highlights the promising gold-bearing potential of the placer deposits in the area.
Magnetic and Electrical Surveys
In late 2022, Geofile Engineering LLC was commissioned to conduct a magnetic survey and a pole-dipole electrical survey over the project area. The results identified three magnetic anomalies, which are strongly correlated with high chargeability and low resistivity anomalies from the electrical survey. These anomalies are thought to be related to underlying haematite/magnetite and other base-metal sulphides, suggesting significant mineralization potential.
Competent Person's Opinion
Based on the findings, Dr. Lim Teong Hua has identified two key targets as particularly encouraging for future development:
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Magnetic Anomalies: The magnetic anomalies point to the potential for large-scale iron ore deposits beneath the surface, which could significantly enhance the project’s resource base.
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Organic Gold Target: The Orogenic Gold Target shows strong potential for gold mineralization, warranting immediate exploration and follow-up drilling.
Summary of the Gold and Iron ore resources:
No | Mineral Resource | Estimated Resource (Tonnes) | Value per tonne (USD) | Value per tonne (RM) | Total Worth (RM) | Anticipated Direct Operating Profit (RM) |
|---|---|---|---|---|---|---|
1 | Iron Ore | 12,837,000 | 80 | 344 | 4,451,969,000 | 883,194,000 |
2 | Gold | 29.2 | 55 million | 236 million | 6,891,200,000 | 2,067,360,000 |
TOTAL | 11,307,169,000 | 2,950,554,000 |
In conclusion, the Competent Person Report underscores the Altangadas Gold Mining Project as a highly promising prospect with significant mineralization potential. With further exploration and development, the project holds strong prospects of evolving into a viable mine, benefiting from both gold and iron ore resources. Dr. Lim's expert opinion indicates that the project deserves immediate attention to unlock its full potential and establish a sustainable mining operation.
