Technical Documentation
Competent Person's Report: Mineral Potential of ML 06/2017 (Penjom North)
Professional Reports & Analysis
Prepared for ASR Golden Hook Resources Sdn. Bhd.. Prepared by PGeol Dr. Lim Teong Hua · Tropicrop Management Services Sdn. Bhd.. The report documents the mineral potential over ML 06/2017 covering 60.69 ha in Mukim Penjom, Daerah Lipis, Pahang Darul Makmur, Malaysia.
Executive Summary Highlights
Geological assessment and resource classification.
- ASR Golden Hook Resources Sdn. Bhd. holds mining rights over ML 06/2017 (60.69 ha) in Mukim Penjom, Lipis, Pahang.
- Topsoil/overburden contains rock fragments and vein quartz; materials are rippable, reducing drilling and blasting costs.
- Weathered zone is extensive with widespread gold occurrence and measured resource potential.
- Geological setting is similar to Penjom Mine, which produced 1,500,000 oz (46.65 tons) of gold from 1997 to 2024.
- Primary orebody potential is inferred from Penjom data; follow-up exploration is required to upgrade to reserves.
Objective
This report provides a professional assessment of the gold potential over ML 06/2017 to assist interested parties in making investment decisions.
Introduction
- Dr. Lim Teong Hua of Tropicrop Management Services Sdn. Bhd. was engaged by ASR Golden Hook Resources Sdn. Bhd. to review and prepare a geological assessment report on the mineral potential over ML 06/2017 (Lot 32594).
- The land (60.69 ha) is located at Sungai Terengun, Mukim Penjom, Daerah Lipis, Pahang Darul Makmur, Malaysia, adjoining the Penjom Gold Mine to the south. The mining lease was renewed in December 2025.
- ASR Golden Hook Resources Sdn. Bhd. acquired the mining rights in late 2025; prospecting work to date is minimal and limited to soil and rock sampling over exposed areas.
- Site visits were carried out in December 2025 and January 2026. Findings from field visits and desk-top research are presented in the report.
Location & Access
Penjom North (ML 06/2017) site access overview.
- Subject property adjoins the northern boundary of the existing Penjom Gold Mine.
- Access from Kuala Lumpur via the KL–Gua Musang highway toward Kampung Tempoyang.
- Turn north near Institut Pendidikan Guru Kampus Tengku Ampuan Afzan to Taman Eko Rimba Terengun.
- Proceed ~3 km then turn south along a dirt road for ~2 km into the subject property.
- Kuala Lipis township is ~7.3 km northeast; nearest settlement is Kampung Tempoyang (1.9 km northeast).
Figure 1: Location of subject property (ML 06/2017)
Geographic Coordinates
Penjom North boundary points.
| Point | Latitude | Longitude |
|---|---|---|
| 1 | 4° 9'58.07" N | 101° 59' 35.01" E |
| 2 | 4° 9'58.28" N | 101° 59' 53.04" E |
| 3 | 4° 9'17.89" N | 101° 59' 15.70" E |
| 4 | 4° 9'22.36" N | 101° 59' 09.82" E |
| 5 | 4° 9'42.61" N | 101° 59' 17.67" E |
The geographic coordinates of the subject property is presented as below.
Regional Geology
The regional Penjom–Lipis area is underlain by sedimentary rocks and meta-sediments, including shale, sandstone, phyllite, and siltstone. Tuffs and volcanics occur in lesser amounts, with granitic intrusions recorded.
Figure 2: Geological map of the general Penjom - Lipis areas
The Central Gold Belt
- The Central Gold Belt of Peninsular Malaysia is a well-established gold-rich zone.
- The Raub–Bentong Suture and parallel faults provide conduits for hydrothermal fluids and gold deposition.
- Penjom Mine sits within this belt; the subject property shares similar sedimentary and metasedimentary geology with widespread quartz veining.
- Gold occurs both as free gold (gravity recoverable) and as sulphide inclusions requiring leaching; multiple phases of mineralisation are reported.
Figure 4: Mineral belts of peninsular Malaysia.
Penjom Mine Overview
- Penjom Mine is an open-pit operation with a pit bottom around 300 m depth and annual processing capacity ~1.4 million tons.
- Recovery issues were resolved using Resin-in-Leach (RIL). J Resources Nusantara acquired Penjom in June 2011.
- Total production since 1997: 1.5 million oz (46.65 tons) gold; average grade ~1.5 g/t Au.
- Exploration has identified mineralisation beyond 500 m; 2023 JORC reports Proven & Probable Reserves of 414,000 oz (12.87 tons) within total resources of 1,420,000 oz.
Figure 5: A view of the Penjom Mine pit in years 2010 & 2024.
Figure 6: One of the vein quartz containing impressive native gold encountered at Penjom
Preliminary Prospecting Work
- Most of the concession remains forested; exposures are mainly in the south (near base camp), central zone, and far north near a small river.
- Weathered profiles exceed 15 m; soil samples from central and southern zones returned 0.07–1.30 g/t Au.
- Northern zone shows evidence of illegal panning; samples from shale, sandstone, and vein quartz returned 0.08–0.29 g/t Au.
Sampling Work Documentation
Field Sampling Activities
Figure 7: Sampling work carried out in the central zone of ML 06/2017.
Figure 8: Sampling work carried out in the southern zone of ML 06/2017
Soil sampling carried out at the southern zone of the concession. Fine to nugget gold panned out from the soil (overburden) samples. Note the size of the gold nugget in comparison with the shadow of the handphone.
Figure 9: Sampling by panning carried out over the northern zone of ML 06/2017
Gold nuggets recovered by panning activity in the northern zone, near the small river. A significant amount of gold nuggets was recovered.
Assay Results
Summary of gold assays from ML 06/2017.
Average gold value across 13 samples: 0.239 g/t (range 0.07–1.30 g/t Au).
| Date | Sample | Gold Assay | Location |
|---|---|---|---|
| 03 Dec 2025 | Sandstone | 0.29 g/t | Northern area near small stream |
| 03 Dec 2025 | Black shale | 0.08 g/t | Northern area near small stream |
| 03 Dec 2025 | Soil from road side | 0.13 g/t | Northern area near small stream |
| 03 Dec 2025 | Black shale | 0.17 g/t | Northern area near small stream |
| 18 Dec 2025 | Vein quartz | 0.07 g/t | Central exposed area |
| 18 Dec 2025 | Overburden (Soil) -2 | 1.30 g/t | Central exposed area |
| 18 Dec 2025 | Overburden (Soil) -1 | 0.27 g/t | Central exposed area |
| 18 Dec 2025 | Vein quartz | 0.10 g/t | Central exposed area |
| 12 Dec 2025 | Soil around vein -1 | 0.20 g/t | Random sample |
| 12 Dec 2025 | Soil around vein -2 | 0.23 g/t | Random sample |
| 12 Dec 2025 | Soil around vein -3 | 0.09 g/t | Random sample |
| 12 Dec 2025 | Soil around vein -4 | 0.11 g/t | Random sample |
| 12 Dec 2025 | Soil around vein (OB) | 0.07 g/t | Random sample |
中国验证检测报告 (China Inspection & Testing Report)
Figure 10: One of the shear zone with quartz veins noted.
Reported Resource Potential
Indicative gold potential summary (reported values).
| Ore Type | Ore Volume / Tonnage | Gold Metal | Gold Price Assumed | Gold Worth (USD) | Remarks |
|---|---|---|---|---|---|
| Residuum orebody (weathered) | 18,707,000 tons | 59,465 oz | USD 4,000/oz | USD 237,860,000 | Measured Resources |
| Primary orebody (hard rock) | Inferred based on Penjom data | 437,300 oz | USD 4,000/oz | USD 1,749,200,000 | Inferred Resources |
| Combined total | - | 496,765 oz | - | USD 1,987,060,000 | Reported total |
Weathered / Residual Gold (Measured)
- Area of ML 06/2017: 60.69 ha
- Average thickness of weathered zone: 15 m (could be thicker)
- Volume of residual ore: 9,103,500 m³
- Bulk specific gravity: 2.0
- Total tonnage of ore: 18,207,000 tons
- Average gold grade: 0.239 g/t
- Recoverable gold: 59,465 oz (USD 237,860,000 at USD 4,000/oz)
Primary (Hard Rock) Gold - Inferred
- Penjom production + reserves: 1,914,000 oz (59.5 tons) gold.
- Assume 10% of Penjom Reserves & Production = 5.9 tons gold.
- Assume 5% of Penjom Resources = 7.7 tons gold.
- Estimated inferred primary orebody: 13.6 tons (437,300 oz) gold.
Conclusion & Recommendations
Summary of consultant conclusions on ML 06/2017.
- Widespread surface expression of gold mineralisation is present across ML 06/2017.
- Weathered gold is classified as Measured Resources (59,465 oz); primary hard rock gold is Inferred (437,300 oz).
- Follow-up exploration is required to upgrade Resources to Reserves, including geophysics, trenching, coring, and metallurgical tests.
- The consultant concludes ML 06/2017 is an excellent gold prospect with strong confidence in commercial potential.
Consultant Credentials
Consultant Resume - Dr. Lim Teong Hua
PGeol Dr. Lim Teong Hua brings over 47 years of experience in mining industries and over 20 years in the plantation sector. As Executive Chairman of Tropicrop Management Services Sdn. Bhd. since 1992, Dr. Lim has completed over 137 documented projects spanning geological assessments, resource evaluations, diamond drilling programmes, and JORC-compliant reports for major mining and quarry operations across Malaysia and internationally.
Qualifications
- • Ph.D (W.U. Oxford, UK) in Project Management (Geology)
- • B.Sc. (Hons) in Applied Geology (Universiti Malaya)
- • Registered Professional Geologist (PGeol), Malaysia
- • Professional Member, Institute of Materials, Minerals and Mining (IOM3), UK
Key Experience
- • Over 47 years in mining industries (1970s - present)
- • Over 20 years in plantation sector
- • Head of Exploration, Malaysia Mining Corporation (20+ years)
- • Completed 60,000+ meters of diamond core drilling
- • Continuous consultancy to Heidelberg-Hanson Cement Group since 2004
Project Portfolio
Dr. Lim has completed over 137 documented projects including geological assessments, resource evaluations, diamond drilling programmes, quarry reserve certifications, and JORC-compliant reports for major clients including Hanson Quarry Products, Minetech Resources, Bertam Capital, Cabaran Premix, Dolomite Corporation, and numerous other mining and construction companies across Malaysia, Indonesia, Papua New Guinea, and Mongolia.
A comprehensive list of projects spanning from the 1970s to 2020s is documented in the full Consultant Resume (pages 22-35 of the Competent Person's Report).
Report Notes
- Penjom Mine produced 1,500,000 oz (46.65 tons) of gold between 1997 and 2024; the orebody is reputed to extend into ML 06/2017.
- Follow-up exploration is required to upgrade resources to reserves; estimated expenditure USD 5.0 million.
Geological Highlights (Summary)
- Mining lease ML 06/2017 covering 60.69 ha in Mukim Penjom, Daerah Lipis, Pahang.
- Site adjoins Penjom Gold Mine; geological setting and mineralisation are similar.
- Secondary forest cover with ~20% exposed from prior excavation.
- Weathered zone exceeds 15 m and is rippable by excavators without drill-blasting.
- Gold values from samples range between 0.07–1.30 g/t Au; average reported at 0.239 g/t Au.
- Resource classification includes Measured Resources (weathered ore) and Inferred Resources (hard rock).