The Koan Nheak Licence (189 km2) lies immediately south of the town of the same name in the northeast of Mondulkiri Province.
On July 12, 2017, Angkor Gold Corp. announced that it had entered into a Definitive Earn-In Agreement with Australian-based gold company Emerald Resources NL (ASX: EMR) on Angkor’s wholly-owned Koan Nheak property. On September 20, 2017 Angkor announced that it had received Angkor has received the approval of the Cambodian Ministry of Mines and Energy to proceed with its joint project on Koan Nheak with Renaissance Minerals (Cambodia) Ltd.
Emerald is an established Australian operator, which, through its Cambodian subsidiary Renaissance Minerals (Cambodia) Ltd., is working towards becoming Cambodia’s next gold-producing operator as they progress through the final permitting process on their Okvau Gold deposit approximately 60 km from Koan Nheak’s southern border.
Angkor’s agreement includes a total investment by Renaissance of $2 million USD in exploration and development expenditures plus a $200,000 USD cash payment to Angkor by Renaissance over a 2-year period for them to acquire a 51% participating interest in the Koan Nheak license. Upon completion of the initial earn-in option, Renaissance has the right to acquire an additional 29% participating interest in the license with the commissioning, and completion, of a Definitive Feasibility Study. After that, Angkor will maintain a 20% participating interest in the property, or at Angkor’s discretion, can convert to a 3.5% Net Smelter Return (“NSR”) on all metals. Renaissance will be the operator on the project throughout.
Koan Nheak covers three prospects of interest: Peacock in the west , centred on a diorite intrusive which is surrounded by multiple stream sediment geochemical anomalies; East Ring in the east, centred on a very much smaller diorite with strong anomalous gold in the stream sediment survey; and Straddle in the south, where two contiguous arsenic anomalies occur in the stream sediment survey. Numerous sulphide-rich quartz veins, on one of which field grab sample returned greater than 3 g/t Au, were observed on Peacock; and in the south are numerous coincident Au and Cu anomalies with visible malachite and azurite in several locations.; VLF (13 km), Scintillometer (14.5 km) , Magnetometer (14.5 km), Geology mapping (17 km2) and termite sample surveys (1334 samples) were conducted in 2013, primarily in the Peacock Prospect area. These surveys coupled with the ALS geochemical results have highlighted several follow-up granitoid intrusive-related exploration targets (porphyry and epithermal).