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MEMORANDUM OF UNDERSTANDING ALDRICH RESOURCES BERHAD (FORMERLY KNOWN AS ORION IXL BERHAD) ("ALDRICH" OR THE "COMPANY") - SUPPLEMENTAL MEMORANDUM OF UNDERSTANDING BETWEEN ALDRICH AND ENRICH MINING SDN BHD ("ENRICH") ("SUPPLEMENTAL MOU")

ALDRICH RESOURCES BERHAD

Type Announcement
Subject MEMORANDUM OF UNDERSTANDING
Description
ALDRICH RESOURCES BERHAD (FORMERLY KNOWN AS ORION IXL BERHAD) ("ALDRICH" OR THE "COMPANY")
- SUPPLEMENTAL MEMORANDUM OF UNDERSTANDING BETWEEN ALDRICH AND ENRICH MINING SDN BHD ("ENRICH") ("SUPPLEMENTAL MOU")

(Unless otherwise stated, all abbreviations used herein shall have the same meanings as those stated in the announcements dated 22 May 2020, 19 August 2020, 2 December 2020, 21 May 2021 and 21 November 2021 in relation to the Proposals)

The Board of Aldrich wishes to announce that Aldrich and Enrich had mutually agreed to extend the MOU period for a further period of 6 months to 22 November 2022.

The extension is in order for Enrich to complete its valuation of the mineral resources for the mining target areas, particularly the target located at KK Hill ("KK Hill Gold Project"). The delay is largely due to the movement control order ("MCO") implemented by the Malaysian Government from 18 March 2020 during which very limited site work could be done until recently.

Application for a Proprietary Mining Licence had been submitted by Enrich on 6 December 2021 for KK Hill Gold Project and is awaiting issuance. 

The KK Hill Gold Project is located some 60 kilometers away from Kota Baru and is close to the Ulu Sokor Gold Mine owned by CNMC Goldmine Holdings Limited which had been listed on the Catalist Mar 2011.

Amidst the restrictions during the MCO period, Enrich had managed to complete their internal scouting drilling program and collected surface and trench soil samples, the test results of which shall provide sufficient data to support the study by the mining experts for the gold resources to be determined.  Enrich had also conducted an induced polarisation and resistivity (IPR) survey to determine the extent of the mineralisation. The results are being currently analysed by the mining consultants. 

Based on the outcome of the internal estimate of the resource volume, an international consultant will supervise the conduct of diamond drilling and Metallurgical sample testings under the JORC resource program (The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves) to check for eventual economic extraction which would take an estimated 3 months from May 2022 to complete. At the end of these activities, a report will be produced by an Independent Competent Person in accordance with JORC and a valuation report under the VALMIN (Technical Assessment and Valuation of Mineral and Petroleum Assets and Securities for Independent Expert Reports) code shall be produced.

Premised on the above, the Board of Directors expects to enter into definitive agreement(s) with Enrich for mining operations under the KK Hill Gold Project by December 2022. 

This announcement is dated 19 May 2022.              






Announcement Info

Company Name ALDRICH RESOURCES BERHAD
Stock Name ALRICH
Date Announced 19 May 2022
Category General Announcement for PLC
Reference Number GA1-19052022-00082




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