ANNAMITE RESOURCES AND RIO TINTO JOIN FORCES TO EXPLORE PROMISING SOKDEE PROJECT IN LAO PEOPLE'S DEMOCRATIC REPUBLIC (LAOS)
Annamite Resources Holdings Pte. Ltd. ("ARH") is pleased to announce that it has signed an agreement with Rio Tinto Exploration Pty Limited ("RTX") for RTX to partner in exploring the Sokdee project in the Lao People’s Democratic Republic (“Laos”).
The Sokdee project is located approximately 100 km north of Vientiane, the capital of Laos. The region, which has abundant water, is well served by road, rail, and the existing power grid. Sokdee contains the newly discovered Namthom Cu-Au-Mo porphyry-style mineralization and a separate untested 1.6 km long coherent coincident Cu-Au-Mo soil anomaly located at Mouk approximately 3km to the NE which in the aggregate are considered by ARH and RTX to be highly prospective for porphyry copper-gold and related mineralization.
RTX will invest US$150,000 in ARH through a share placement and will commit to funding an initial exploration program of US$810,000 (inclusive of the share placement in ARH). Upon completion of this programme, RTX (or an affiliate company) will have the option to earn progressively more interests in the Sokdee project company, Lao Hyundae Black Stone Co. Ltd (LHBS), through staged investments in the exploration of Sokdee, which is currently 70% owned by ARH.
ARH will be the operator of the initial exploration programme designed jointly by ARH and RTX. Upon exercise of its option to earn into LHBS, RTX will have the right to act as manager of LHBS and to appoint directors to LHBS commensurate with its equity interest.
ARH is a private company registered in Singapore that was established in 2019 to explore Southeast Asia, with an initial focus on Laos. ARH is currently reviewing other opportunities in Laos, a country considered prospective for gold, copper and other base metals, including nickel.
We see opportunity in highly prospective mineral belts in an underexplored country.
Laos has a proven endowment of world-class mineral deposits yet remains one of the least explored countries in Asia.
Decades of combined in-country business and cultural experience allow us to identify motivated JV partners and work effectively with the government.
Annamite Resources Holdings Pte. Ltd. (ARH) is a precious and base metals exploration company incorporated in Singapore in May 2019 with operations in Laos. Our Lao subsidiary Annamite Resources Laos Co., Ltd (ARL) was established in July 2020.
Our experienced and agile management team has a proven track record of discovery and delivering shareholder value.
Our team members have long-established exploration facilities in-country, so we can operate very cost-effectively without the overheads of importing equipment and people.
WHAT WE DO
Our strategy is acquiring a good quality portfolio of exploration projects that can be quickly moved to the discovery stage with drilling, i.e., the Project Developer model.
Experienced management with a proven track record of discovery and delivering shareholder value.
Local presence and joint ventures with junior mining companies.
A large proprietary dataset combined with extensive exploration experience identifies advanced high quality targets.
By modern exploration standards, Laos is an underexplored but highly prospective country for the precious and base metal deposit types that Annamite is targeting.
Though modern exploration methods have covered less than 6% of Laos;
The Truongson and Loei Fold Belts which are highly prospective for porphyry and related deposit types comprise 70% of the country.