One of several Australian-based juniors listed in Canada, Omax Resources (OXR-V), is assembling an extensive portfolio of properties in Indonesia and appointing new management to oversee exploration there.
Omax, which recently acquired the Tanjung Balit base metal project on the island of Sumatra as well as an interest in a gold property on Halmahera, has agreed to acquire interests in gold properties on the islands of Java and Kalimantan.
The acquisitions give Omax a stake in two advanced projects west of the largest producing gold mine in Java, Gunung Pongkor, and a half interest in 115,000 ha in Kalimantan.
The former manager of BP Mineral’s Southeast Asian exploration, David Benham, will supervise the Indonesian projects as Omax’s director of operations.
Louis Clinton, former president and chief executive officer of Freeport-McMoRan Pacific, has become chairman of the board.
Earlier this year, Omax joined a growing list of Australian-based companies raising capital in the strong junior mining markets of North America. The list also includes Lone Star Explorations (LSE-V), Laverton Gold (LAV-V), Kimberley Diamond (KDC-V) and Golden Tiger Resources (GTS-V).
Omax’s new acquisitions, which are subject to due diligence and approval from the Vancouver Stock Exchange, include a 40% interest in the 14,000-ha Limburg project, which is 150 km south of Jakarta and adjacent to the Gunung Pongkor mine. Omax plans to investigate the potential for further mineralization, including shallow gold-bearing veins, within the property’s large epithermal system. Limburg contains an estimated resource of 3.5 million tonnes grading 4.6% zinc and 2.4% lead hosted by dacite intrusions.
Omax will also have a 25% interest in the 12,000-ha Ciemas project, about 50 km farther south, where Meekatharra Minerals has identified widespread gold mineralization within structurally controlled epithermal veins. Previous exploration there includes trenching, drilling and underground development.
Chip samples have returned up to 122 grams gold per tonne.
In western Kalimantan, Omax will join HMH Gold to explore altered intrusives and volcanics on the Temperung property, east of the Saran gold project.
Omax will also acquire Terrex International, in exchange for 2.5 million Omax shares and US$250,000.
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