Augur completes exploration at two Gorontalo properties
Friday, January 30 2015 - 11:03 AM WIB
ASX-liested Augur Resources Ltd said it has completed exploration activities at the Toluludu and Tapadaa, which are two of the company?s four gold and copper project areas in Gorontalo, during the fourt quarter of last year.
Exploration completed during the quarter focused on drill target definition within the Toluludu and Tapadaa properties. Each of the project areas contain zones of alteration and mineralisation identified by previous exploration. The types and styles of which are indicative of porphyry‐related copper‐molybdenum‐gold and epithermal gold‐silver mineral systems. No previous drilling has been completed and there are no forest restrictions over these areas,? Augur said in a fourth quarter report Friday.
The company provided further updates as follows.
Previous work identified two primary target areas identified as Molalahu and Toluludu East. Mapping at Molalahu has defined a 1,400 by 860 meter area of exposed stockwork‐type quartz + magnetite veins coincident with potassic‐type alteration. Previous sampling by MMG Exploration Pty Ltd (?MMG?) reported mineralised rock‐chip samples including 1.72% copper, 0.27 g/t gold and 12.4 g/t silver at Molalahu.
At the Toluludu East target, mapping by Augur has identified, narrow (<1 metee) structurally‐controlled quartz‐sulphide veins with rock‐chip samples returning up to; 8.69 g/t gold, 370 g/t silver, 4.4% copper and 0.73% zinc., effectively confirming previous exploration results.
Ground magnetic surveys completed over both areas during the quarter indicated the occurrence of high magnetics coincident with the surface extents of mapped alteration and mineralisation.
The IUP for Tapadaa was revised due to a change of National Park boundary. The revised IUP area has been decreased from initial 6,500 hectares to the current 4,900 hectares. The downsizing has not affected any identified target areas.
Detailed surface mapping completed during the December 2014 quarter identified areas of sheeted, epithermal‐type quartz veins hosted within an argillic and silicified breccia.
Three drill holes are proposed to test the veins to depth. Surface rock sampling returned up to 1.50 g/t gold from weathered vein material. Previous drilling by MMG was designed to test high magnetic anomalies as part of a porphyry copper‐gold exploration strategy and did not test the epithermal veins. However hole MMG‐2 drilled south of the veins and parallel to assumed vein direction returned 2 meters of 1.74g/t gold from 83 meters downhole.
An initial 1,400 meters drill program is planned to test defined drill targets at and Tapadaa. The program will commence pending completion of issuance of the production forest work permit to Toluludu.
Editing by Reiner Simanjuntak