Borneo Oil receives gold mining approval

PETALING JAYA: Borneo Oil Bhd has announced that a gold mining tenement at Bukit Ibam, Pahang, jointly operated by its wholly-owned subsidiary Borneo Oil Corporation Sdn Bhd and HDL Global Sdn Bhd, has received approval to undertake gold mining operations.

In a filing with Bursa Malaysia, Borneo Oil said the approval was obtained from the Department of Minerals and Geoscience Malaysia to undertake mine development, mining and processing operations within the tenement in accordance with the approved Operational Mining Scheme.

“Based on the resource estimation, the Bukit Ibam Gold project is estimated to contain 60,814 ounces of gold.”

The company said gold exploration in this area dates back many years, with mining activities recorded since the British colonial era in the 19th century. “Subsequent exploration was also undertaken during the early and mid-20th century.

“However, earlier exploration methods were less advanced, and significant mineral potential remains to be further delineated.”