Merdeka Gold discovers gold reserves from exploration in Kolokoa

Jakarta (ANTARA) - PT Merdeka Gold Resources Tbk (EMAS) has announced positive initial drilling results at the Kolokoa prospect, located near the concession area of the Pani Gold Mine in Marisa District, Pohuwato Regency, Gorontalo Province. In just four months, the initial drilling has confirmed a broad gold mineralisation zone, including near-surface intercepts with grades up to 1.57 g/t gold. Based on 30 drill holes completed, Kolokoa has an exploration target of 20-40 million tonnes at 0.3 to 0.5 g/t gold. “The Kolokoa prospect represents a strategic discovery near the mine area that strengthens the long-term prospects of the Pani Gold Mine. Its proximity to Pani, supported by promising initial scale potential, positions Kolokoa as one of the main drivers for resource growth and future production increases,” said EMAS President Director Boyke Poerbaya Abidin in an official statement in Jakarta on Friday. Kolokoa is in the same mineral district as the Pani Gold Mine and is located about 500 metres from the main deposit, positioning it as a potential satellite resource for Pani that can leverage existing infrastructure. Additionally, the site’s proximity supports efficiency in material haulage to the processing facility and optimisation of ore grade control across both deposits. This exploration target is one of several high-priority prospects identified within the company’s 14,670-hectare concession area. Initial metallurgical testing using the bottle-roll method has shown high gold recovery rates for oxide material (87-94 per cent) and strong recoveries for transitional material (81-92 per cent), supporting compatibility with current Pani operations. At this stage, the potential tonnage and grade remain conceptual and will be refined through further exploration. The current exploration is insufficient to estimate Mineral Resources, and it cannot yet be determined whether further exploration will result in a Mineral Resource estimate. To date, the company has completed 30 drill holes as part of a planned 82-hole drilling programme through 2026. Moving forward, the company will continue several strategic steps, including ongoing drilling to test the extent of the area and support future Mineral Resource estimates. It will also conduct further testing to confirm processing performance and evaluate the potential integration of Kolokoa into the overall development plan for the Pani Gold Mine. For information, the Pani Gold Mine began production in February 2026 and targets production of 100,000-115,000 ounces of gold in 2026. Pani is one of Indonesia’s largest primary gold mines, with plans for peak production exceeding 500,000 ounces per year as full development of heap leach and Carbon-in-Leach facilities is completed. “The company will continue to execute a disciplined and focused exploration programme to increase confidence in the resource potential of this project,” said Boyke. This discovery complements the company’s previously reported results, with ore reserves of 5.2 million ounces of gold from total Mineral Resources of 7.0 million ounces, affirming the company’s commitment to sustainably expanding its resource base.