Arc: Ground magnetic survey completed at Singgahan gold project
Tuesday, January 31 2017 - 05:34 AM WIB
ASX-listed Arc Exploration Ltd said Tuesday that a Ground Magnetic survey consisting of 25.5 line km covering an area 1.5km x 1.6km at Singgahan prospect within its Trenggalek gold project in East Java was completed during the fourth quarter of last year.
?These results combined with existing aeromagnetic data and detailed geological mapping will be used to define drill targets at Singgahan for the next phase of exploration to be undertaken at Trenggalek by PT Danusa Tambang Nusantara in the first half of 2017 after consultation with the local community,? Arc said in a statement. Danusa is Arc?s exploration partner in the project.
The company said that previous petrological studies on selected core samples taken from these holes has confirmed the occurrence of porphyry-style veining and alteration, with copper and molybdenum minerals and recent mapping in the area has identified porphyry style mineralization at the surface.
Scout diamond drilling was conducted on the Singgahan Prospect located in the southeast corner of the Trenggalek Exploration IUP tenement, Arc said. The four inclined diamond holes (1,541m) drilled at Singgahan completed a fence of holes across part of an extensive copper-gold-molybdenum soil anomaly and coincident magnetic-high anomaly. The source of the soil geochemical anomaly is interpreted to be a weakly mineralized intrusion breccia cropping out at surface. The source of the magnetic high is a small mineralized diorite intrusion that appears to be rootless as modelled by a 3D magnetics inversion analysis.
Arc said Danusa has agreed to continue with Stage 2 Exploration with a budget of US$1 million to be spent in the first half of 2017.
The Trenggalek Exploration IUP tenement is held by Arc?s Indonesian partner, PT Sumber Mineral Nusantara. The tenement, covering an area of 29,969 ha or about 300 km2, is now valid until November 2018.
Editing by Reiner Simanjuntak