Awak Mas now has a global resource of 45 million tonnes at 1.38 grams per tonne gold for 2Moz of gold, using a 0.5gpt cut-off and constrained within a US$1400 an ounce pit shell.
Using a $1200/oz gold price, the resource is 1.82Moz at 1.4gpt gold.
The increase in the project’s total was the result of a 70,000oz increase in inventory at the Salu Bulo deposit after the inclusion of an additional 12 diamond holes.
Salu Bulo has a resource of 180,000oz at 1.53gpt gold.
Roughly 86% of the Salu Bulo resource is in the indicated category, with 81% of the total resource sitting classified as indicated.
The upgrade comes ahead of the estimation of an ore reserve.
Nusantara managing director Mike Spreadborough said the upgrade was a milestone and highlighted the potential of the project.
“We eagerly await assay results from the step-out drilling currently in progress at the Awak Mas deposit, which has the potential for additional mineralisation for inclusion in the DFS that is on track for completion in mid-2018,” he said.
The company is aiming to make a development decision in the September quarter.
In December, Nusantara started talks with potential Indonesian project partners with the introduction of a partner due to coincide with financing requirements.
Nusantara had A$9.5 million cash at the end of December.
Shares in Nusantara were down by 1c to 28c today, valuing the company at around $28 million.