G-Resources exploration results positive
Friday, June 29 2012 - 02:01 PM WIB
Hong Kong Listed gold miner G-Resources Group Limited recently revealed the results of its exploration at the upper side of the Martabe gold and silver project, near the Martabe mine site and in the regional Contract of Work.
Exploration has been done since the last Quarterly Project Update on May 10, 2012, giving significant new results from Tor Uluala and the discovery of extensions to the north of the Purnama deposit close to Martabe. An updated Mineral Resource Estimate is in progress at Tor Uluala. On the Martabe CoW, a significant gold mineralised system is being drilled at the Golf Mike prospect.
At Tor Uluala, drilling has been ongoing since the first Mineral Resource Estimate was released on September 5, 2011. Additional mineralisation has been discovered in all directions, as previously reported on 17 January 2012 and 6 October 2011. Best results from the most recent drilling are APSD1201: 52.2 m @ 1.2 g/t gold from 37.8 m depth; APSD1204: 13.9 m @ 17.4 g/t gold from 235.1 m depth; APSD1207: 16.2 m @ 2.1 g/t gold from 32.6 m depth; and APSD1207: 76.3 m @ 3.3 g/t gold from 52.0 m depth.
"These results likely do not represent true widths of mineralisation and the orientations of these intersections to interpreted geology. The intersections are predominately oxide mineralisation to 60-100 metres depth below surface, and predominately sulphide mineralisation below 60-100 metres," the company stated in a report submitted to HKSE.
The company also stated that parts of the Tor Uluala deposit were not included in the September 2011 Mineral Resource Estimate because the drill spacing at that time was insufficient to complete a geological interpretation. "These have now been drilled to sufficient spacing to allow their inclusion in an updated resource estimate. A revised estimate is underway which will combine all newly discovered and previously identified mineralisation," the company stated, adding that the revised estimate is planned for release in coming weeks.
At the north extension of the Purnama pit, a 16 hole diamond drilling program is currently underway targeting a high grade, near surface extension to the deposit which is outside the current pit design. A close spaced reverse circulation (RC) drilling program initiated in the extension produced best results of 18 m @ 9.2 g/t gold from 26 m depth.
Follow up diamond drilling of these initial results was conducted and extended the RC results. Intersections to date are predominately oxide mineralisation near surface and mixed oxide-sulphide mineralisation at depths below 30-50 metres. The results to date from diamond drilling are APSD1210: 88.5 m @ 2.3 g/t gold from surface, including 27.6 m @ 3.5 g/t gold from 19.5 m depth; and APSD1211: 31.4 m @ 4.5 g/t gold from 18.6 m depth.
"Interpretation of these results suggests that mineralisation may partially correspond with a previously undrilled geophysics anomaly (IP resistivity). The anomaly is of limited size but because of its proximity to the current open pit operation is a high priority exploration target, with potential to add to the Purnama Reserve in the near future," the company said, adding that such program confirms the potential of the Purnama deposit to contain additional, near surface and deeper gold-silver mineralisation.
Exploration work at Purnama extension has been somewhat constrained by topography and limited surface outcrop. As the mine development continues to expose new geological information and better drilling sites, previously unexplored mineralised zones become accessible.
"Additional targets are already defined and are awaiting better drill access conditions as mining progresses," it said, adding that G-Resources has engaged experts in epithermal gold deposit geology to assist in mapping and interpreting new exposures during the initial mining phases, with the purpose of defining the detailed geology of the deposit in a way that cannot be done from drill core or mapping in steep, jungle covered terrain. "This work forms part of an aggressive, ongoing program to explore for additional resources near the Purnama open pit and the other deposits at Martabe."
At the Golf Mike prospect, 15 kilometres south east of the Martabe Project, drilling commenced in April, in which five holes of a planned six hole program have been completed. This drilling program will be extended to follow up on initial successful results.
"(Our) targets are ?Martabe style? high sulphidation epithermal ( HSE ) gold-silver deposits and porphyry copper-gold deposits," the company said.
The Batu Godang Hill at Golf Mike displays characteristics of gold-silver mineralisation associated with the Martabe HSE deposits. The hill is a prominent topographic feature caused by the partial erosion of a gold-silver mineralised alteration system.
The surface indications of a mineralised system include a 1,500 metre by 500 metre zone of surface alteration (alunite-pyrophyllite with varying quantities of silica), results of up to 12.5 g/t gold in rock outcrop sampling and HoistEM geophysical signature typical of resistive alteration associated with HSE deposits.
An initial drilling program was targeted on near surface gold-silver targets and the first three holes intersected narrow depth extensions of surface mineralised zones, with no significant intersections (greater than 1 m above 0.5 g/t gold) resulting. The fourth hole intersected several alteration zones up to 5 metres wide. Assay results from this hole (GMSD004), the company said, have not yet been received.
Hole GMSD005 intersected alteration zones of the type normally associated with gold-silver mineralisation at the Martabe deposits. Assay results show zones of anomalous gold (greater than 0.1 g/t gold) from 83.2 metres to 218.6 metres. The entire mineralised intersection is 135.4 metres at an average grade of 0.24 g/t gold, with no limit to internal dilution applied. The results below 218.6 metres, it said, have not yet been received from the assay laboratory.
This mineralisation is associated with argillic, advanced argillic and silica alteration. The best result from the mineralised intersection is 9.7 m @ 0.96 g/t gold from 106.3 m depth. While deeper porphyry drilling continues, preparation for a surface geophysics program is underway to better locate targets for HSE mineralisation.
A geophysics crew has been on contract with G-Resources since February and will commence at Golf Mike soon.
Editing by Audy Zandri