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PT Merdeka Copper Gold Tbk
PT Merdeka Copper Gold Tbk
Treasury Tower Lantai 67 – 68, District 8 SCBD Lot 28
Treasury Tower Lantai 67 – 68, District 8 SCBD Lot 28
Jl. Jend Sudirman Kav 52-53, Senayan, Kebayoran Baru
Jl. Jend Sudirman Kav 52-53, Senayan, Kebayoran Baru
Jakarta Selatan 12190, DKI Jakarta, Indonesia
Jakarta Selatan 12190, DKI Jakarta, Indonesia
Phone: +62 21 3952 5580
Phone: +62 21 3952 5580
Fax: +62 21 3952 5589
Fax: +62 21 3952 5589
www.merdekacoppergold.com
www.merdekacoppergold.com
5th April 2024
Exploration Report for Period Ending 31 March 2024
Activities Summary
PT Merdeka Copper Gold Tbk (IDX: MDKA) (“Merdeka” or the “Company”) continued its
exploration activities during the quarter ending 31 March 2024 (“Q1”) across three locations in
Indonesia (Tujuh Bukit in East Java, Wetar Island in Southwest Maluku and Pani in Gorontalo),
as shown in Figure 1 below.
At Tujuh Bukit, our primary focus lies on copper-gold and gold-silver resources, while at Wetar,
our focus is on copper resources, and at Pani, our focus is gold resources.
The total spending on exploration by Merdeka in Q1 is approximately IDR179.2 billion (equivalent
to approximately US$11.4 million).
Figure 1: Merdeka Exploration Project Locations
PT Merdeka Copper Gold Tbk (IDX: MDKA) Page 1 of 9
Page 2
PT Merdeka Copper Gold Tbk
PT Merdeka Copper Gold Tbk
Treasury Tower Lantai 67 – 68, District 8 SCBD Lot 28
Treasury Tower Lantai 67 – 68, District 8 SCBD Lot 28
Jl. Jend Sudirman Kav 52-53, Senayan, Kebayoran Baru
Jl. Jend Sudirman Kav 52-53, Senayan, Kebayoran Baru
Jakarta Selatan 12190, DKI Jakarta, Indonesia
Jakarta Selatan 12190, DKI Jakarta, Indonesia
Phone: +62 21 3952 5580
Phone: +62 21 3952 5580
Fax: +62 21 3952 5589
Fax: +62 21 3952 5589
www.merdekacoppergold.com
www.merdekacoppergold.com
Copper, Gold and Silver: Tujuh Bukit Project
A. Expenditure:
The total exploration expenditure in Q1 is IDR109.5 billion (equivalent to approximately
US$7.0 million) consisting of life of mine resource definition drilling and regional exploration
work.
B. Area:
Tujuh Bukit gold and silver project, Banyuwangi, East Java.
C. Exploration Party:
All work was completed through a contracting agreement between Merdeka and PT Merdeka
Mining Servis.
D. Assessment Method:
Drilling from surface, regional mapping, sampling and geophysical surveys.
E. Election of Assessment Area:
Geological interpretation and anomalous geochemical results have been used to determine
drilling targets for resource definition at Tujuh Bukit and Katak, and regional exploration at
Candrian and Lompongan.
F. Results of Exploration:
Two Reverse Circulation (RC) rigs and 13 Diamond Drill (DD) rigs conducted drilling with a
total of 20,629.5 metres drilled.
G. Action Plan:
Surface drilling at Tujuh Bukit will continue using 5 diamond drill rigs and 1 RC rig for resource
definition drilling at Tujuh Bukit and Katak, and regional exploration drilling at Candrian and
Lompongan / Gua Macan.
Table 1: Tujuh Bukit surface drilling project statistics for Q1
From To Interval
Hole_ID
(m) (m) (m)
CND-23-018 355.1 415 59.9
CND-23-019 290.3 405.6 115.3
CND-24-020 0 400.3 400.3
CND-24-021 0 400 400
PT Merdeka Copper Gold Tbk (IDX: MDKA) Page 2 of 9
Page 3
PT Merdeka Copper Gold Tbk
PT Merdeka Copper Gold Tbk
Treasury Tower Lantai 67 – 68, District 8 SCBD Lot 28
Treasury Tower Lantai 67 – 68, District 8 SCBD Lot 28
Jl. Jend Sudirman Kav 52-53, Senayan, Kebayoran Baru
Jl. Jend Sudirman Kav 52-53, Senayan, Kebayoran Baru
Jakarta Selatan 12190, DKI Jakarta, Indonesia
Jakarta Selatan 12190, DKI Jakarta, Indonesia
Phone: +62 21 3952 5580
Phone: +62 21 3952 5580
Fax: +62 21 3952 5589
Fax: +62 21 3952 5589
www.merdekacoppergold.com
www.merdekacoppergold.com
From To Interval
Hole_ID
(m) (m) (m)
CND-24-022 0 400.3 400.3
CND-24-023 0 156.3 156.3
CND-24-024 0 589.7 589.7
CND-24-025 0 500.2 500.2
CND-24-026 0 190 190
CND-24-027 0 236.5 236.5
CND-24-028 0 12.9 12.9
GMD-24-004 0 64.9 64.9
GTD-23-785 246.9 492.9 246
GTD-23-787 338 350 12
GTD-23-788 450.1 516.9 66.8
GTD-23-790 280.2 350.3 70.1
GTD-23-791 221.4 502.6 281.2
GTD-23-792 161.8 525 363.2
GTD-24-793 0 211 211
GTD-24-794 0 300.4 300.4
GTD-24-795 0 350.3 350.3
GTD-24-796 0 448.5 448.5
GTD-24-797 0 463.3 463.3
GTD-24-798 0 409.7 409.7
GTD-24-799 0 455.8 455.8
GTD-24-800 0 490.1 490.1
GTD-24-801 0 452.7 452.7
GTD-24-802 0 295.7 295.7
GTD-24-803 0 283.1 283.1
GTD-24-804 0 182.1 182.1
GTH-23-369 24.2 112.5 88.3
GTH-24-362 0 60 60
GTH-24-366 0 60 60
GTH-24-367 0 70 70
GTH-24-368 0 60 60
GTH-24-370 0 60 60
GTH-24-371 0 60 60
GTH-24-372 0 60 60
GTH-24-373 0 60 60
GTH-24-374 0 60.1 60.1
GTH-24-375 0 67.6 67.6
PT Merdeka Copper Gold Tbk (IDX: MDKA) Page 3 of 9
Page 4
PT Merdeka Copper Gold Tbk
PT Merdeka Copper Gold Tbk
Treasury Tower Lantai 67 – 68, District 8 SCBD Lot 28
Treasury Tower Lantai 67 – 68, District 8 SCBD Lot 28
Jl. Jend Sudirman Kav 52-53, Senayan, Kebayoran Baru
Jl. Jend Sudirman Kav 52-53, Senayan, Kebayoran Baru
Jakarta Selatan 12190, DKI Jakarta, Indonesia
Jakarta Selatan 12190, DKI Jakarta, Indonesia
Phone: +62 21 3952 5580
Phone: +62 21 3952 5580
Fax: +62 21 3952 5589
Fax: +62 21 3952 5589
www.merdekacoppergold.com
www.merdekacoppergold.com
From To Interval
Hole_ID
(m) (m) (m)
GTH-24-376 0 60.2 60.2
GTH-24-377 0 60 60
GTH-24-378 0 60.1 60.1
GTR-23-709 162 210 48
GTR-24-710 0 3 3
GTR-24-711 0 280 280
GTR-24-712 0 318 318
GTR-24-713 0 372 372
GTR-24-714 0 228 228
GTR-24-715 0 220 220
GTR-24-716 0 234 234
GTR-24-717 0 276 276
GTR-24-718 0 350 350
GTR-24-719 0 270 270
GTR-24-720 0 280 280
GTR-24-721 0 350 350
GTR-24-722 0 350 350
GTR-24-723 0 300 300
GTR-24-724 0 30 30
GTR-24-724A 0 12 12
GTR-24-724AA 0 324 324
GTR-24-725 0 350 350
GTR-24-726 0 348 348
GTR-24-727 0 336 336
GTR-24-728 0 300 300
GTR-24-729 0 220 220
GTR-24-730 0 426 426
GTR-24-731 0 350 350
GTR-24-732 0 180 180
GTR-24-733 0 300 300
GTR-24-734 0 350 350
GTR-24-735 0 280 280
GTR-24-736 0 280 280
GTR-24-737 0 330 330
GTR-24-738 0 264 264
GTR-24-741 0 168 168
KTD-24-014 0 350 350
PT Merdeka Copper Gold Tbk (IDX: MDKA) Page 4 of 9
Page 5
PT Merdeka Copper Gold Tbk
PT Merdeka Copper Gold Tbk
Treasury Tower Lantai 67 – 68, District 8 SCBD Lot 28
Treasury Tower Lantai 67 – 68, District 8 SCBD Lot 28
Jl. Jend Sudirman Kav 52-53, Senayan, Kebayoran Baru
Jl. Jend Sudirman Kav 52-53, Senayan, Kebayoran Baru
Jakarta Selatan 12190, DKI Jakarta, Indonesia
Jakarta Selatan 12190, DKI Jakarta, Indonesia
Phone: +62 21 3952 5580
Phone: +62 21 3952 5580
Fax: +62 21 3952 5589
Fax: +62 21 3952 5589
www.merdekacoppergold.com
www.merdekacoppergold.com
From To Interval
Hole_ID
(m) (m) (m)
LMD-23-007 275.6 600.4 324.8
LMD-24-008 0 301.1 301.1
LMD-24-009 0 320 320
LMD-24-010 0 327 327
LMD-24-011 0 420.6 420.6
LMD-24-012 0 417.4 417.4
MBH-24-060 0 47 47
Figure 2: Tujuh Bukit surface drilling for Q1
PT Merdeka Copper Gold Tbk (IDX: MDKA) Page 5 of 9
Page 6
PT Merdeka Copper Gold Tbk
PT Merdeka Copper Gold Tbk
Treasury Tower Lantai 67 – 68, District 8 SCBD Lot 28
Treasury Tower Lantai 67 – 68, District 8 SCBD Lot 28
Jl. Jend Sudirman Kav 52-53, Senayan, Kebayoran Baru
Jl. Jend Sudirman Kav 52-53, Senayan, Kebayoran Baru
Jakarta Selatan 12190, DKI Jakarta, Indonesia
Jakarta Selatan 12190, DKI Jakarta, Indonesia
Phone: +62 21 3952 5580
Phone: +62 21 3952 5580
Fax: +62 21 3952 5589
Fax: +62 21 3952 5589
www.merdekacoppergold.com
www.merdekacoppergold.com
Copper: Wetar Copper Mine
A. Expenditure:
Total estimated exploration expenditure in Q1 is IDR5.8 billion (equivalent to approximately
US$0.4 million).
B. Area:
Wetar Copper Mine, Wetar Island, West Maluku
C. Exploration Party:
All work was completed through a contracting agreement between Merdeka and PT Merdeka
Mining Servis.
D. Assessment Method:
Geological interpretation, geochemical surveys, geophysical surveys and drilling.
E. Election of Assessment Area:
The exploration areas were selected from the previous significant drill intersections, ground
and airborne electromagnetic (EM) geophysical surveys and historical mining activity which
identified features with potential for VMS deposits.
F. Results of Exploration:
No drilling was undertaken during the quarter, but targets were identified for drilling in Q2 and
Q3. During Q1, preparation for drilling was carried out which included drill road access and
drill pad construction and fly camp area preparation, with progress as shown in the Figure 3.
G. Action Plan:
Exploration drill phase 1 of 2024 will be focused on the Kali Kuning West, Kali Kuning South
and Karkopang areas, to test targets identified from the historical geochemical and
geophysical surveys. These anomalies are supported by recent geological mapping that
shows good indications for potential mineralisation. The drilling program will be undertaken
using 3 diamond drill rigs.
PT Merdeka Copper Gold Tbk (IDX: MDKA) Page 6 of 9
Page 7
PT Merdeka Copper Gold Tbk
PT Merdeka Copper Gold Tbk
Treasury Tower Lantai 67 – 68, District 8 SCBD Lot 28
Treasury Tower Lantai 67 – 68, District 8 SCBD Lot 28
Jl. Jend Sudirman Kav 52-53, Senayan, Kebayoran Baru
Jl. Jend Sudirman Kav 52-53, Senayan, Kebayoran Baru
Jakarta Selatan 12190, DKI Jakarta, Indonesia
Jakarta Selatan 12190, DKI Jakarta, Indonesia
Phone: +62 21 3952 5580
Phone: +62 21 3952 5580
Fax: +62 21 3952 5589
Fax: +62 21 3952 5589
www.merdekacoppergold.com
www.merdekacoppergold.com
Figure 3: Drill pads and access preparation progress in Q1
Gold: Pani Gold Project
A. Expenditure:
Total estimated exploration expenditure in Q1 is IDR64 billion (equivalent to approximately
US$4.1 million).
B. Area:
Pani Gold Project, Gorontalo Province, Sulawesi.
C. Exploration Party:
All work was completed through a contracting agreement between Merdeka and PT Merdeka
Mining Servis.
D. Assessment Method:
Diamond drilling, relogging historical drill core, geological mapping and alteration mineral
analysis by LIBS and XRF.
PT Merdeka Copper Gold Tbk (IDX: MDKA) Page 7 of 9
Page 8
PT Merdeka Copper Gold Tbk
PT Merdeka Copper Gold Tbk
Treasury Tower Lantai 67 – 68, District 8 SCBD Lot 28
Treasury Tower Lantai 67 – 68, District 8 SCBD Lot 28
Jl. Jend Sudirman Kav 52-53, Senayan, Kebayoran Baru
Jl. Jend Sudirman Kav 52-53, Senayan, Kebayoran Baru
Jakarta Selatan 12190, DKI Jakarta, Indonesia
Jakarta Selatan 12190, DKI Jakarta, Indonesia
Phone: +62 21 3952 5580
Phone: +62 21 3952 5580
Fax: +62 21 3952 5589
Fax: +62 21 3952 5589
www.merdekacoppergold.com
www.merdekacoppergold.com
E. Election of Assessment Area:
The areas selected for drilling were chosen to upgrade and infill the mineral resource and to
sterilise areas for infrastructure.
F. Results of Exploration:
143 drill holes were completed for total of 10,294.8 metres during Q1, for resource definition,
and geotechnical drilling programs.
G. Action Plan:
The diamond drilling program will continue using 6 diamond drill rigs for resource definition
and geotechnical drilling programs.
Table 2: Pani project drilling statistics for Q1
Campaign Holes Metres Drilled
Hole_ID Details
Completed (m)
GSM GSDG0010 -
7 770.5 Geotech Drilling
Geotech GSDG0016
PBT
3 130 PBDG0015 - PBDG0017 Geotech Drilling
Geotech
GSM
Resource 5 226 GSDR0024 - GSDR0028 ResDef Drilling
Definition
PETS
PEDR0291RD -
Resource 128 9,168.3 ResDef Drilling
PEDR0514
Definition
Totals 143 10,294.8
PT Merdeka Copper Gold Tbk (IDX: MDKA) Page 8 of 9
Page 9
PT Merdeka Copper Gold Tbk
PT Merdeka Copper Gold Tbk
Treasury Tower Lantai 67 – 68, District 8 SCBD Lot 28
Treasury Tower Lantai 67 – 68, District 8 SCBD Lot 28
Jl. Jend Sudirman Kav 52-53, Senayan, Kebayoran Baru
Jl. Jend Sudirman Kav 52-53, Senayan, Kebayoran Baru
Jakarta Selatan 12190, DKI Jakarta, Indonesia
Jakarta Selatan 12190, DKI Jakarta, Indonesia
Phone: +62 21 3952 5580
Phone: +62 21 3952 5580
Fax: +62 21 3952 5589
Fax: +62 21 3952 5589
www.merdekacoppergold.com
www.merdekacoppergold.com
Figure 4. Pani Gold Project Proposed and Completed Drill Holes Overlain on Topography for Q1
PT Merdeka Copper Gold Tbk (IDX: MDKA) Page 9 of 9
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Jakarta Selatan 12190, DKI Jakarta
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PT Merdeka Mining Servis. D. Assessment Method
p.2 ×3
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