Augur reports more copper-gold intersection at Wonogiri project
Monday, July 25 2011 - 04:21 AM WIB
Hole WDD009 returned 222.1 metres at 0.57 g/t gold and 0.15% copper from 83.5 metres depth and ended in mineralisation of 0.56 g/t gold and 0.18% copper.
Two higher grade zones were intersected which returned 86.0 metres at 0.85 g/t gold and 0.20% copper from 110.5 metres depth; and 46.1 metres at 0.78 g/t gold and 0.17% copper from 259.5 metres.
Mineralisation remains open to the north, south, west and at depth, according to the company.
A second drill has commenced on site. Drilling along strike is currently underway. Preparations have commenced for a third rig to test the shallow epithermal targets in the Wonogiri North area.
The Wonogiri project lies within the Sunda-Banda arc and covers and area of 3,928 hectares. The area is considered prospective for epithermal gold and porphyry copper-gold mineralisation.
Previous exploration completed by PT Oxindo from 2009 to 2010 targeted copper porphyry mineralisation within the northern portion of the licence. PT Oxindo undertook detailed mapping, soil sampling and geophysical work which culminated in a five hole diamond drill program to test a number of modelled magnetic high bodies.
Augur has an agreement to earn a 51% interest of the project after the expenditure of US$1.5 million within 12 months from 15 December 2010 and can earn an 80% interest in the project with the expenditure of a further US$2.0 million with 24 months of 15 December 2010.(romel)