Wavenet International (ASX: WAL) has acquired coal mining tenements in the Bowen Basin, Rockhampton and Gayndah districts in Queensland and is in the process of acquiring more coal tenements within the same regions.
The company has been actively investigating new investment opportunities, particularly in the resource sector and those opportunities are dominated by overseas projects
Wavenet International (ASX: WAL) has made the strategic move to acquire a new gold project in West Kalimantan, Indonesia continuing its foray into gold that began earlier this year.
The company has signed a share purchase agreement with PT Wavenet Westindo to acquire the Selaup Gold Project near Putussibau.
Highlighting the prospectivity of the area, it contains extensively altered sediments that are being intensively worked by artisanal miners.
Reconnaissance work has shown the gold mineralisation to be widespread.
Importantly, the project demonstrates all the hallmarks of a classic mineralised epithermal system.
Further upside is the potential for the project to host copper, lead and zinc mineralisation in addition to gold and silver.
Wavenet has planned a mapping and soil/rock chip sampling program as well as diamond drill testing for the project.
Dealing into Indonesia’s gold sector
In late February Wavenet announced the acquisition of its first high grade gold and silver project in Indonesia.
The Sintang project covers 11,000 hectares in a well-known mining district, with artisanal mining carried out over the past 100 years.
Preliminary mapping and reconnaissance at Sintang has identified several gold workings, large areas of alteration and potential for mineralised structures.
The acquisition followed close on the heels of Wavenet’s relisting on the ASX after a change in the company’s activities.
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