Arc: Danusa agrees to continue stage 2 exploration in Trenggalek project
Thursday, October 27 2016 - 08:12 AM WIB
ASX-listed Arc Exploration Ltd announced Thursday that its exploration partner PT Danusa Tambang Nusantara has agreed to continue with stage 2 exploration at the Trenggalek gold project in East Java.
The company said in a statement that a US$1 million budget is expected to be spent by May 2017.
?A new phase of diamond drilling commenced at Trenggalek in early February and continued with two man-portable rigs up until early June 2016,? Arc said in an update statement.
The statement said that a total of 2745 meters in 20 holes has been completed to-date in this latest drilling phase. These holes have tested for mineralized extensions within the large Sentul and Buluroto epithermal gold veins, which were previously tested with scout diamond drilling by Arc in 2010/11. Results of the new phase drilling program have been previously reported.
Danusa, a subsidiary of one of the largest contract miners in Indonesia, is currently managing and funding exploration work at Trenggalek under an agreement that was first announced last year.
The Trenggalek Exploration IUP tenement covers about 300 square kilometres and is located in the same arc segment that hosts the giant Tumpangpitu porphyry gold-copper deposit in the Southern Mountains of East Java.
Editing by Reiner Simanjuntak