Sumbawa Timur Mining (STM), a joint venture between Vale (NYSE: VALE) and Antam, has announced the discovery of the copper and gold at the Onto deposit in Indonesia.
STM has been conducting exploration activities within the Hu’u Project CoW since 2010. The Onto deposit was originally discovered in August 2013 Hu’u , and, since then, 64 diamond drill holes have been drilled to determine the size, extent and characteristics of the deposit.
STM is the owner of the Hu’u Project in Nusa Tenggara Barat Province and has been conducting exploration activities within the project since 2010.
It is a ‘world-class discovery that positions the company to be a leading copper producer in Indonesia,” STM said in a media release.
The December 2019 STM resource estimate reports a total Indicated resource of 0.76 billion tonnes (Bt) @ 0.93% Cu and 0.56 g/t Au and a total Inferred resource of 0.96 Bt @ 0.87% Cu and 0.44 g/t Au.
“The Onto deposit discovery demonstrates the value and opportunity associated with the Hu’u Project,” STM president Bede Evans said.
“With the project now in the feasibility study in exploration stage, we look forward to advancing the project with the aim of developing a world-class mining operation.”