G-Resources: Martabe project update
Wednesday, June 8 2011 - 06:53 AM WIB
Tor Uluala Deposit Drilling Program
Work continues at the Tor Uluala deposit with a major drilling program in operation since January 2011. G-resources anticipate releasing the maiden resource for this deposit in 2011.
The Tor Uluala deposit was discussed in the G-Resources 14 February 2011 announcement with results at that time including:
? ASPD1013: 24.05m @ 2.48g/t Au, 7.08g/t Ag from 61.75m
? APSD1017: 119.6m @ 1.39g/t Au, 12.6g/t Ag, from 56m
? APSD1025: 15.4m @ 1.70g/t Au, 0.50g/t Ag from surface
Since the February announcement an additional 38 holes have been drilled at Tor Uluala. All but three holes returned significant intersections. Best results from these holes include:
? APSD1031: 6.7m @ 4.23g/t Au, 0.72g/t Ag from 10.2m
? APSD1033: 17.5m @ 3.05g/t Au, 8.35g/t Ag from 42m
? APSD1035: 31.6m @ 1.12g/t Au, 7.86g/t Ag from 15.0m
? APSD1052: 31.8m @ 2.08g/t Au, 2.90g/t Ag from 32.2m
This drilling has defined a north-south trending zone of gold silver mineralisation of which approximately 1km has been explored through surface mapping, sampling and diamond drilling. The deposit consists of a number of subvertical to steeply west dipping, 10-80m wide gold bearing silica alteration zones within a wider, lower grade advanced argillic alteration zone.
The deposit is very close to the planned Ramba Joring infrastructure and a large proportion of the Tor Uluala deposit is oxidized. Accordingly the near surface portions of the deposit are expected to display excellent metallurgical properties for processing of the ore in the Martabe CIL circuit, and any potential future development may benefit from proximity to infrastructure.
Future exploration at Tor Uluala will work towards connecting the Tor Uluala deposit to Ramba Joring in the south, extending the oxide zone northwards and exploring for higher grade sulphide resources at depth under the full length of the deposit.
Horas Drilling Program
The Horas deposit is a new discovery 3km south east of the Martabe plant site. Horas has been rapidly advanced from the discovery drill hole in October 2010 to resource delineation drilling, with the maiden resource to be completed in 2011. The Horas discovery illustrates the potential of the Martabe district to produce significant new deposits that have the potential to be mined with existing infrastructure.
Drilling at the Horas deposit has defined a near surface gold deposit over a current length of 400m and which is open to the north and at depth. The initial discovery of the deposit was described in the G-Resources 13 December 2010 announcement. The discovery results included:
? APSD1006: 29.2m @ 1.27g/t Au, 4.90g/t Ag from 85.6m
? APSD1014: 48.2m @ 3.14g/t Au, 2.00g/t Ag from 60.6m
Current drilling at Horas is closing to 50x50m spacing to support the preparation of a maiden resource estimate. Geological interpretation by Martabe staff and consulting geologists has defined two distinct breccias zones which host mineralisation. The breccias zones display good continuity on section and along strike.
Significant intersections since the last announcement have included:
? APSD1054: 30.5m @ 0.98g/t Au, 3.36g/t Ag from 28.0m
? APSD1055: 47.5m @ 1.56g/t Au, 2.73g/t Ag from 59.9m
? APSD1065: 28.7m @ 2.31g/t Au, 9.51g/t Ag from 199.3m
While drilling has been in progress, field mapping and sampling near the Horas deposit has confirmed the extension of the gold hosting silicified breccia to the north, and found similar breccias within 500m to the east and west of Horas. These are targeted for drilling in the second half of 2011, pending the results of surface sampling.
Tor Uluala West Prospect
G-Resources recently re-evaluated existing data at the Tor Uluala West prospect to locate additional drilling targets. The prospect consists of three parallel, 1-2km long ridge lines 300-500m to the west of Tor Uluala. The combination of data from geological mapping, surface sampling, ground IP geophysics and existing drill holes has supported further drill hole planning, to commence after resource drilling for Tor Uluala is completed.
Historic rock sampling on this ridge line has returned individual rock sample gold results up to 20.9g/t Au within an area over 1km in length.
Drill hole ASPD089 previously targeted this zone by a previous explorer in 2000 and returned positive results:
? 8.0m @ 1.43g/t Au, 19.1/t Ag from 41m, including 1m @ 1.64g/t Au, 60.0g/t Ag
? 13.0m @ 1.28g/t Au, 12.0g/t Ag from 60m including 1m @ 3.98g/t Au, 15.0g/t Ag
? 5.0m @ 1.48g/t Au, 53.2g/t Ag from 78m, including 1m @ 3.85g/t Au, 103.0g/t Ag
These results will be followed up in this program as first priority drill targets.
Deep drilling at Purnama, Ramba Joring and Tor Uluala
A program of deep holes has been completed under the Pit 1/Purnama, Ramba Joring and Tor Uluala deposits. The intent of the drilling was to locate indications of porphyry copper mineralisation including geochemical and mineralogical indicators. Four diamond holes were completed. The deepest hole, ASPD956 drilled though the Ramba Joring deposit to 833.0m depth.
These holes did not find direct indicators of a buried porphyry copper system under Martabe. However the drilling shows that the alteration system associated with the Martabe gold deposits is very large. Extensive argillic and advanced alteration was discovered down the complete length of drill holes at Ramba Joring and Tor Uluala.
In addition to the large alteration system, a number of anomalous copper-gold zones were intersected at depth. In hole ADSP992 at Ramba Joring, a 30m wide zone with individual metre-wide values up to 0.59% Cu and 4.13g/t Au was intersected. From 430-500m a second zone of anomalous copper mineralization was intersected, with best values 0.94g/t and 0.47% Cu over one meter. Advanced argillic and argillic alteration occurs to the bottom of this hole. The highest gold and copper values are associated with siliceous alteration, characteristic of higher grade zones in the Martabe deposits.
In hole ASPD1016 at Tor Uluala gold results up to 3.50g/t Au, 0.31% Cu occur over 2m from 386m. This is within a wider zone of anomalous gold (0.1 ? 0.9g/t Au) and Cu (<100ppm - 0.8% over 1m) occurring from 337-400m. Towards the base of the hole a 15m wide zone of anomalous copper (0.02-0.08% Cu) and gold (0.2-0.5g/t Au) occurs from 575-587m.
Further work is planned to continue exploration for porphyry copper-gold targets to the east and west of the Martabe system.
Other Exploration Programs
Exploration work continues throughout the Martabe project area. G-Resources is aggressively exploring close to Martabe and throughout the Company?s 1,639 km2 Contract of Work (COW) area.
Recent work on the COW has focused on geological mapping, surface sampling and interpretation at four prospects which together represent a range of geological targets, namely:
? A sediment hosted gold target at the Banning Prospect
? An outcropping epithermal gold target at the Tango Papa West Prospect
? A conceptual buried porphyry target based on inversion modeling of detailed aeromagnetic data at the Banning Bullseye prospect
? A buried resistivity anomaly at the Banning West Prospect
These targets are drill ready or in advanced stages of exploration.
The presence of multiple, drill ready exploration targets in the Martabe near mine environment and COW allows G-Resources to implement an aggressive and highly efficient exploration program. The intent of the program is to define additional resources for the Martabe operation in a short timeframe, while at the same time meeting or bettering industry performance standards such as exploration cost per discovery ounce and drilling cost per meter.
The Martabe exploration program is expected to deliver new mineral resources during 2011 and provide opportunities for extension of the Martabe assets in the longer term. (end of release)