G-Resources continues exploration works at Martabe

Hong Kong-listed G-Resources Group Limited said exploration works are continuing at its Martabe gold and silver mine in North Sumatra.

The firm has spent about US$5 million for exploration works in the first half of the year. ?We are budgeting about $10 million for exploration works in 2013,? CEO Peter Geoffrey Albert said in a press statement on Monday.

Albert said that the drilling was completed near the Martabe mine and on the Martabe Contract of Work. Best drilling results in the quarter included the one at Purnama South at 57 meter depth with the data results showing @ 1.2 g/t Au and 17 g/t Ag. While drilling at Uluala Hulu at the depth of 49.7 meters, the data results show @ 4.4 g/t Au and 44 g/t Ag.

Meanwhile the regional exploration continued at the Pahae and Tango prospects. The Pahae prospect is 50 km north of the Martabe gold mine. A significant gold bearing system has been identified through surface mapping and sampling. Drill targets have been identified and drilling is planned for 2014. The Tango Papa Prospect is 25 Kilometers north of Martabe mine. In the second quarter of 2013, two diamond drill holes were completed for approximately 690 meter total depth. Assay results from this drilling are still pending. A program of metalurgical test work on the Martaabe sulphide potential is underway. This program has produced positive results from initial sulphide flotation tests, the firm said.

Editing by Johannes Simbolon