Coziron, local partners sign MoU for W. Sumatra copper-gold project

Australian mining firm Coziron Resources Limited said that it had signed a memorandum of understanding (MoU) with local partners, PT. Intan Borneo International and PT. Punakawan Sumatera International, to form a joint venture (JV) to explore the Singkarak copper-gold project in West Sumatra.

A formal JV agreement with the partners will be negotiated if due diligence and site inspections are satisfactory, Coziron said in statement Monday to Australian Stock Exchange.

According to Coziron, several prospective target areas have been delineated from historic work and mineralisation styles include low and high sulphidation copper-gold showings, porphyry related alteration, and also copper skarn contact aureoles marginal to intrusions.

Earlier exploration by Rio Tinto Bethlehem in 1970-1973 delineated mineralisation, considered to be of economic significance with respect to copper mineralisation.

The Singkarak project consists of two adjacent area blocks covering of 200 km2 and situated within the Trans Sumatran Fault Zone (TSFZ), a highly prospective mineralised system that hosts a number of substantial deposits including the Martabe (+3Moz Au), Meluak, Pungkut (610,000 oz Au (Inferred)) gold projects, and Herald Resources? Dairi project containing an inferred resource of 9.3Mt at 7.7 percent Zn, 4.2 percent Pb and 6.0g/t Ag. (denny)