Austindo identifies gold target at E. Java tenement
Monday, February 20 2006 - 01:18 AM WIB
Australian gold miner Austindo Resources Limited said on Monday it had identified several potential gold-bearing areas in its recently acquired Trenggalek exploration tenement in East Java during first stage exploration.
The company said three of the prospects have been followed up with surface outcrops mapped and sampled giving encouraging result. The next stage in the exploration will involve detailed field mapping of the three prospects with a view to commence first stage of diamond drilling in 2006.
The tenement has been granted under the mining license under PT. Sumber Mineral Nusantara. Austindo has 95 percent joint venture interest in the tenement.
The tenement, which covers the area of more than 17,000 hectares, is prospective for low sulphidation epithermal gold/silver deposit similar to the company?s now-under-development Cibaliung gold project in Banten. (alex)