Malang project

The Company has agreed terms with Gata Sumbar Daya in Indonesia to explore the Malang project in East Java, some 60km to the south-east of the city of Malang.

Gata, headed by highly regarded geologist Mr Adi Maryono, will partner EYM and provide local exploration and administrative expertise on its Indonesian projects. Mr Maryono is a long standing associate of EYM’s Chief Technical Advisor Neb Zurkic, having worked together on Newmont Mining’s world class Batu Hijau and Elang deposits. Mr Maryono led the team that took the Elang deposit in Indonesia from early discovery and delineated a giant world-class deposit with reported resources of ~25.3M ounces of gold and ~16.3B pounds of copper. Mr Maryono has previously held management positions at BHP, having led the site team who discovered Reko Diq in Pakistan with a reported endowment1 of ~41.7M ounces of gold and ~53.3B pounds of copper.

Gata through its experience in discovering and working directly on some of the largest copper-gold deposits in the world has been able to identify prospective areas on the Indonesian Archipelago through methodical reconnaissance exploration. The South Malang district along with three porphyry Cu-Au deposits at Batu Hijau (2000 feasibility reserve1 reported at ~13.1Moz of Au and ~12.7 Blb of Cu), Elang (reported Indicated and Inferred resources2 of ~25.3 Moz of Au and ~16.3 Blb of Cu) and Tujuh Bukit (reported Inferred resources3 of ~28.1 Moz of Au and ~19.0 Blb of Cu) are located along the prospective Neogene magmatic arc belts of Eastern Sunda. These districts are tectonically confined to the fertile eastern segment, from East Java to Sumbawa, that was constructed on thinner island arc crust bounded by the Australian continental crust further east in Sumba and Timor.

The four NE trending prospects display encouraging surface features and are contained within a single 99.93km2 concession. Large lithocap alteration footprints represent gold-silver-copper exploration targets of overlying high sulphidation epithermal gold-silver and possibly underlying porphyry gold-copper deposits. Previous rock chip sampling by IndoChina Goldfields Limited in the 1990s and Asia Gold (Ivanhoe) in 2006 returned significant results. The four identified prospective areas are geochemically characterized by elevated Au, Cu, As and Sb which are typical pathfinders for high sulphidation epithermal mineralized systems. Significant results include 8.11 gpt Au, 0.10 % Cu, 490 gpt As and 36 gpt Sb1. Low oxide gold values (0.3 to 0.7 g/t Au) are reported at Binglis by previous explorers, the results are consistent over the prospect area and associated with multiple central silica ledges (pervasive and vuggy quartz zones).