Merdeka Gold Resources Discovers Gold Mine in Kolokoa, Exploration Target of 40 Million Tonnes
JAKARTA, KOMPAS.com - PT Merdeka Gold Resources Tbk (EMAS) has discovered a gold mine from exploration at Kolokoa, located adjacent to the concession area of the Pani Gold Mine in Marisa Subdistrict, Pohuwato Regency, Gorontalo Province, Sulawesi, Indonesia.
In just four months, initial drilling has confirmed an extensive gold mineralisation zone, including near-surface intercepts with grades up to 1.57 grams per tonne of gold.
“Based on 30 drill holes completed, Kolokoa has an Exploration Target of 20 to 40 million tonnes at grades of 0.3 to 0.5 grams per tonne of gold,” said President Director of PT Merdeka Gold Resources Tbk, Boyke Poerbaya Abidin, in a written statement on Friday (17/4/2026).
Boyke stated that Kolokoa is in the same mineral district as the Pani Gold Mine and is located about 500 metres from the main deposit.
The proximity of the locations also supports efficiency in material haulage to the processing site as well as optimisation of ore grade control at both deposits.
“Based on initial exploration results at the Kolokoa prospect, the company has identified an Exploration Target of 20–40 million tonnes at grades of 0.3–0.5 grams per tonne of gold,” he said.
“If converted indicatively, this range equates to a potential of around 200,000 to 600,000 ounces of gold,” he added.
However, these figures are still preliminary and represent conceptual estimates, which will be updated through further exploration activities and cannot yet be categorised as mineral resources or reserves.
This Exploration Target is one of several high-priority prospects identified within the company’s concession area spanning 14,670 hectares.
Initial metallurgical testing using the bottle-roll method showed high gold recovery rates for oxide material (87–94 percent) and strong recovery for transitional material (81–92 percent), supporting compatibility with current Pani operations.
Boyke said that at this stage, the quantity and potential grade remain conceptual and will be refined through further exploration.
The current exploration is not yet sufficient to estimate Mineral Resources, and it cannot be determined whether further exploration will result in a Mineral Resource estimate.
Boyke explained that to date, the company has completed 30 drill holes as part of a drilling programme of 82 holes planned for throughout 2026.
Looking ahead, the company will continue several strategic steps, including ongoing drilling activities to identify area boundaries while supporting future Mineral Resource estimates.