Japan Oil, Gas and Metals National Corporation (JOGMEC) has acquired 51% of exploration rights around the Bor Lake, where it is exploring the area looking for new copper and gold sites in cooperation with the Canadian company Mundoro.
JOGMEC has put around USD 5 million in geological explorations in this area, making it the majority owner of exploration rights in the location, under the contract on joint investment. If they finish the second phase of explorations, for which purpose they will have to spend USD 32 million in the next five years, the Japanese corporation will acquire another 24% of the license.
That they are on the right path is confirmed by the initial results, which say that the presence of 0.5% copper and nearly 0.7 grams of gold per ton of ore has been detected in one borehole. Nearly 1.7 grams of gold per ton of ore has been discovered in another, which is “a good impulse for explorations to continue”.
JOGMEC is the largest state-owned oil, gas and mining company in Japan.