PAM Mineral (NICL) Spends IDR 548.4 Million on Exploration

PT PAM Mineral Tbk. (NICL) is set to commence exploration activities through its subsidiary, PT Indrabakti Mustika, in September 2023.

Suhartono, the Corporate Secretary of NICL, stated in a press release on Monday (9/10) that PT Indrabakti Mustika would conduct exploration in various blocks, including Afu, Cempedak, Cendana, Jati, Karematu, Pinus, Tambari, Kondole, Komia, Kolaka, Silae, Kuma, Mangrove, Bitti, Nsili, and Longori.

The exploration employed the full coring method with a spacing of 50, and an evaluation of previous drilling models in blocks with spacings of 100 and 200. This process yielded 594 points at a depth of 7,557 meters, incurring a total cost of IDR 548,460,000.

Following this, NICL proceeded with exploration activities in blocks Kartni B, BCL A, BCL B, Raisa, Syarini, Tiara (Infill Drilling, spc. 25 and 50) using the Full Coring method with infill spacings of 50 and 25. The evaluation of previous block drilling models with spacings of 100 and 200 resulted in 309 points at a depth of 1,493.40 meters, with a total cost of IDR 96,950,000.

Suhartono further explained that the subsequent phase of exploration involved drilling at additional points, incurring a cumulative cost of IDR 645.4 million.

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