Arc Exploration (ASX:ARX) will not exercise the right to maintain its three tenements in West Papua after receiving formal notice from Anglo American (LON:AAL, OTCMKTS:AAUKY) that it will not proceed.
The company’s decision was due to the forestry conservation classification which restricts access to much of the tenements and the costs associated with maintaining these tenements.
The company is now focused on its Junee Gold Project in New South Wales and will continue with exploration at its Trenggalek Project (95%) in East Java.
It had recently completed 3D geophysical modelling of the 77,000 ounce Dobroyde gold deposit at Junee that confirmed the alteration system and structures are open at depth with potential for additional gold resources.
Initial ground validation work on the geophysical targets is in progress.
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