In January, 2016, Angkor announced an agreement with Mesco on Oyadao giving Mesco with the right to explore the entire licence for minerals and, if deemed warranted, bringing a portion into commercial production by establishing and operating a mine. Under the agreement Mesco agrees to spend US $1,250,000 on exploration at Oyadao. Angkor will maintain a 15% free-carried interest on the Oyadao license without incurring any financial obligations related to the maintenance of the licence and future exploration/mining programs.
The entire license area has been the subject of an aeromagnetic survey (with the exception of a 4km wide “no-fly-zone” along the border with Vietnam), satellite imagery geological interpretation, with reconnaissance field truth mapping and multi-element stream sediment geochemical survey, taking samples from catchments of roughly 1km² extents. These efforts highlighted several areas as specific targets for further more intensive work. On 5 separate locations, a ‘C’ zone augered geochemical survey was undertaken, coupled with detailed geological mapping. On the combined areas of Border (1216 samples), Border North (802 samples), Border West (1121 samples) and Border South (762 samples) prospects, this covered an area of 5.0km², sampling at 20m centres along lines at 100m intervals, both north-south and east-west. On Ogama (1658 samples) the area covered was 2.6km² and was used as a test bed for termite mound geochemistry, 200 samples being collected across the anomaly in 4 north-south traverses. Termite mound geochemical surveys were done on Phum Lomh (990 samples) over an area of 1km2, Phum Puik (2364 samples) over an area of 1.6km², Patang (7075 samples) over an area of 7.3km2. A reflected light spectroscopic survey of clay alteration has been done on Patang. At the combined Border prospects, concentrating on Border and Border North, an IP survey was done over a restricted area of about 1.5km2, and pilot VLF-EM, ground radiometric and ground magnetic surveys covered roughly the same area. A pilot S-EM survey was also completed at the west extremity of Border South. All the chargeability and conductivity targets indicated by IP at Border were diamond drilled, to no affect. Drilling thereafter was concentrated on the 5 vein features of the various Border prospects, where a total of 7191m was drilled in 69 holes. An additional 2 holes, totalling 178m were drilled on Ogama.
Reconnaissance and detailed mapping, termite mound and ‘B’ zone soil sampling have shown 3 silica flooded areas in the Phum Lomh prospect. In the eastern “Han” prospect, chalcopyrite and molybdenite have been detected in sawn samples of the cryptocrystalline vein, while the western “New Veins” Prospect galena is common in the vuggy haematitic quartz veins. The Han prospect is open ended, with a strike length of at least 200m. The New Veins prospect has been followed for over 500m, and is also open ended. Both occurrences are robust covering several metres of thickness.