BRISBANE (Yosefardi) – Stratos Resources Ltd has bagged an option to acquire 70% stake of the Sambas offshore tin project in West Kalimantan.
The project covers 49,270 hectares of offshore areas from mouth of the Paloh River to north of Tanjung dato, West Kalimantan. The tenement is currently an Exploration IUP which allows for the exploration of the tenement with potential to then convert to a Production IUP after appropriate testing.
Stratos intends to undertake a confirmatory testing program in order to validate sample grades provided by the vendors and the company will use a variety of technologies to determine the most suitable target locations for further exploration. The company will engage specialist offshore geological consultants to design and oversee the exploration programs and also use the latest under water sampling & drilling technology to determine a potential tin resource.
The Sambas project compliments the Yinchen Tin Project on Belitung Island which has also been acquired by the Company.
Should Stratos exercises the deal, the company would purchase a 70% interest of the project for $137,500 in Stratos equity. The vendors 30% interest will be free carried to commercial production.
By Hatman Bintang