The Amanta Resources Ltd. license in the Lao PDR, Luang Namtha Province, Mueang Long, Lao PDR (200 km²), is now again 100% owned by the Company, after JEA partner JOGMEC (Japan Oil, Gas and Metals National Corporation) decided to withdraw and to return its earned interest.
While seriously disturbed by the worldwide financial problems, arising a few months after the Company signed the Investment Agreement with the Government of the Lao PDR, the Company and its former JEA partner have made reasonable efforts to explore the area and get some idea of its potential for further investment. This included license wide mapping and stream sediment surveys by our Vietnamese contractor Intergeo, detailed sampling, mapping and geophysical work in selected areas as well as limited drilling on some of the perceived more interesting targets.
Although by no means complete, this work uncovered widespread copper/silver indications and occurrences in volcanic rocks over the whole area – in float and in outcrop – with grades of up to 4% copper and several ounces of silver. In some parts of the license area traces of earlier ‘mining’ of these rocks have been reported. Limited shallow drilling of some of these occurrences did intercept some of these indications at depth however no immediate economic size and grade body of this material has been located yet.
Indications of mineralized material with economic molybdenum and gold grades were discovered early on in an area of some 500x500 meters on the so-called peak 1704, the highest in the area. This occurrence has been drilled and several moly/gold mineralized sections were intercepted, generally in volcanic fragmental rock, replaced by pervasive epithermal silicification. Elsewhere within the license chalcopyrite mineralized porphyritic dioritic rocks have been found, but no further detailed work has been done to evaluate these and the area they occur in. In all, the 200 km² appears to be well mineralized and in need of significant financial resources for its further evaluation, resources that are not easily available on the junior market on which Amanta and therefore Amanta Lao Co., rely.
Therefore in order to justify the earlier efforts and to comply with the ongoing efforts by the Government of the Lao PDR to clean up the license situation in the country, Amanta Resources is now looking for an Industry Partner to invest in the further evaluation of the License Area, ideally leading to the discovery and exploitation of an economic mineral resource.