3 days ago
- Business
- New Straits Times
Niche Capital Emas unit signs JV with EMSB for gold exploration at KK hill in Kelantan
KUALA LUMPUR: Niche Capital Emas Holdings Bhd's wholly owned subsidiary, Niche Capital Mining (Sejana) Sdn Bhd (NCMSSB), has entered into a joint venture agreement with Enrich Mining Sdn Bhd (EMSB) to develop, operate and exploit the "KK Hill" area, which spans 97.12 hectares in Jeli, Kelantan.
This follows the memorandum of understanding (MoU) signed with EMSB, which grants exclusive rights to undertake gold exploration works over a 3,255 hectare area in Kelantan known as Sejana Project.
"EMSB agrees to grant NCMSSB the exclusive rights for five years upon fulfilment of the conditions precedent, or for any other period mutually agreed by both parties, whichever is later.
"NCMSSB shall pay to EMSB a tribute of eight per cent of the gold produced, within 30 days from the payment of royalty to the State Authority under the Mineral Enactment," it said in a filing with Bursa Malaysia today.
The group stated that, according to RSC Consulting Ltd's report dated July 19, 2024, and prepared in accordance with the JORC Code (2012), the estimated in-situ mineral resources amount to approximately 7.64 million tonnes of ore, with an average gold grade of 0.69 grams per tonne, containing about 169,300 ounces of gold.
"This JORC-compliant mineral resources will significantly enhance the group's mining business prospects," it said.
– BERNAMA
