New gold mining boost in Kelantan's central gold belt
KUALA LUMPUR: Niche Capital Emas Holdings Bhd (NICE) is set to expand its presence in Kelantan's gold belt through a new mining venture.
In a filing with Bursa Malaysia, NICE said it will carry out mining development and operations on a 97.12-hectare site within the 3,255-hectare Sejana project in Mukim Lubok Bongor.
The project will be undertaken by its subsidiary, Niche Capital Mining (Sejana) Sdn Bhd, under a joint venture (JV) with Enrich Mining Sdn Bhd (EMSB). The JV has an initial term of five years and builds on a memorandum of understanding previously signed between the two companies.
NICE said the partnership marks a significant step in strengthening its long-term growth strategy and expanding its gold mining portfolio in Kelantan.
The designated mining site, known as KK Hill, has been independently assessed by a consulting firm.
The site holds a Joint Ore Resources Committee (JORC) Code (2012) compliant mineral resource estimate of about 7.64 million tonnes of ore, with an average gold grade of 0.69 grams per tonne, equivalent to roughly 169,300 troy ounces of gold.
The estimate, which factors in recovery processes, pit optimisation, dilution, and pit slope angles at a gold price of US$2,284 per ounce, confirms the site's significant resource base.
As of June 2025, the market price of gold is about US$3,300 per troy ounce.
According to NICE, both the KK Hill and the Sokor Gold mine are strategically located within the central gold belt, Malaysia's most prominent gold-bearing geological zone, which stretches across the east coast states, including Kelantan, Terengganu, and Pahang.
This belt is widely recognised as a region rich in gold mineralisation and remains the primary focus of commercial gold mining activities in the country.
NICE added that the deposit remains open in all directions and at depth, offering strong potential for future resource upgrades through continued exploration work.
At midday, NICE's share price slipped 4.55 per cent, dropping half a sen to 10.5 sen, with around 3 million shares traded.
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