Indonesia's Merdeka Gold Resources Reports Gold Discovery at Kolokoa

April 18, 2026 | 08:59 am

TEMPO.CO, Jakarta - PT Merdeka Gold Resources Tbk has announced encouraging initial drilling results at the Kolokoa prospect, located near the Pani gold mining area in Marisa District, Pohuwato Regency, Gorontalo Province, Indonesia.

Over a four-month period, early-stage drilling confirmed a broad zone of gold mineralization, including near-surface grades of up to 1.57 grams per tonne (g/t) of gold.

The findings are based on 30 completed drill holes. Kolokoa is currently estimated to hold an exploration target of 20 million to 40 million tonnes, with gold grades ranging from 0.3 to 0.5 g/t.

“The Kolokoa prospect is a strategic discovery near the mining area, strengthening the long-term outlook of the Pani Gold Mine,” said Boyke Poerbaya Abidin, President Director of PT Merdeka Gold Resources, as quoted by Antara on Saturday, April 18, 2026. “Its proximity to Pani, combined with its promising early potential, positions Kolokoa as a key driver of future resource growth and increased production.”

Kolokoa lies within the same mineral district as the Pani Gold Mine, approximately 500 meters from the main deposit. This makes it a potential satellite resource that could leverage existing infrastructure, improving haulage efficiency and enabling better ore grade control across both sites. The prospect is one of several high-priority targets within the company’s 14,670-hectare concession area.

Preliminary metallurgical testing using the bottle-roll method has demonstrated strong gold recovery rates, ranging from 87 to 94 percent for oxide materials and 81 to 92 percent for transition materials, indicating compatibility with Pani’s current processing operations.

However, the company emphasized that the current estimates remain conceptual and subject to further verification. Additional exploration is required before any formal mineral resource estimates can be established, and there is no certainty that ongoing work will result in such estimates.

So far, the company, listed under the stock code EMAS, has completed 30 of the 82 drill holes planned for 2026. Moving forward, Merdeka plans to continue drilling to delineate the boundaries of the mineralized zone, conduct further metallurgical testing, and assess how Kolokoa could be integrated into the broader development plan for the Pani Gold Mine.

The Pani Gold Mine, which began production in February 2026, is targeting output of 100,000 to 115,000 ounces of gold this year. It is among Indonesia’s largest primary gold mines, with peak annual production projected to exceed 500,000 ounces once full development of its heap leach and carbon-in-leach facilities is completed.

“The company will continue to implement a disciplined and focused exploration program to build confidence in the resource potential of this project,” Boyke added.

The Kolokoa discovery builds on the company’s previously reported gold ore reserves of 5.2 million ounces, derived from a total mineral resource base of 7.0 million ounces, underscoring its ongoing commitment to expanding its resource portfolio.

Read: Purbaya Reveals S&P Warning on Indonesia's Debt Interest

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