Merdeka Gold Resources Discovers Gold Reserves in Kolokoa
PT Merdeka Gold Resources Tbk has announced positive initial drilling results at the Kolokoa prospect. The area is adjacent to the concession area of the Pani Gold Mine in Marisa sub-district, Pohuwato Regency, Gorontalo Province.
In four months, the initial drilling has confirmed an extensive 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 around the mining 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 of resource growth and future production increases,” said President Director of Merdeka Gold Resources, Boyke Poerbaya Abidin, quoted from Antara on Saturday, 18 April 2026.
Kolokoa is in the same mineral district as the Pani Gold Mine and is located about 500 metres from the main deposit. This places Kolokoa as a potential satellite resource for Pani, which can utilise existing infrastructure.
In addition, the proximity of the location also supports efficiency in material haulage to the processing site as well as optimisation of ore grade control in both deposits. The 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 showed high gold recovery rates for oxide material (87-94 percent). Then strong recovery for transitional material (81-92 percent), which supports compatibility with current Pani operations.
At this stage, the potential quantity and grade remain conceptual and will be refined through further exploration. The current exploration is not sufficient to estimate mineral resources, and it cannot yet be determined whether further exploration will result in a mineral resource estimate.
To date, this issuer with the stock code EMAS has completed 30 drill holes as part of a drilling programme of 82 holes planned for 2026.
Looking ahead, the company will continue several strategic steps, including ongoing drilling to test area boundaries and support future mineral resource estimates. Then conducting further testing to ensure processing performance and evaluate the potential integration of Kolokoa into the overall Pani Gold Mine development plan.
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 peak production plans exceeding 500,000 ounces per year as full development of heap leach and carbon-in-leach facilities is completed. “The company will continue to carry out a disciplined and focused exploration programme to increase confidence in the resource potential of this project,” said Boyke.
This discovery complements the results previously reported by the company with ore reserves of 5.2 million ounces of gold from total Mineral Resources of 7.0 million ounces of gold, which affirms the company’s commitment to continuously expanding its resource base sustainably.