Hillgrove focuses on two Indonesian assets
Monday, June 18 2012 - 08:03 AM WIB
ASX-listed firm Hillgrove Resources Limited recently stated to cooperate with Indonesian partners to develop two assets, securing three years of active exploration investment.
Focusing on the development of large porphyry copper/gold and associated epithermal gold deposits, the company has secured the first asset by acquiring up to 80 percent direct shareholding in PT Fathi Resources in Sumba Island, with IUP rights covering up to 1,000 kilometer square of ex BHP project concession valid until March 2017.
The company has discovered high level, widespread low sulphidation epithermal gold style mineralization to 1,250lt Au at the surface of the Karipi prospect, with drilling to be continued from the initial 4,000m diamond drill program.
Early stage exploration at the Karipi prospect confirm the widespread presence of gold mineralisation delineated by a 1.5km strike length gold corridor, while recent drilling results include:
KP014: 3.75m @ 4.29g/t Au; KP015: 2.85m @ 22.37g/t; Au, 19.8lg/tAg; And 6.1 0m @ 1 .73g/t Au; KP019: 5.95m @ 1.52g/tAu; 31 .1 8g/t Ag; And 6.50m @ 1.22g/tAu; And 5.00m @ 1.38g/tAu; And 7.00m @ 4.07 g/t Au; KP023: M13.2m @ 1.21g/tAu; KP028: 7.95m @ 3.69 g/t Au
Drilling mostly confined to shallow depths, targeting near surface gold mineralization accessible by open pit mining
The company stated that its future plans for Karipi includes continuous surface geochemistry and geological mapping at the Masu area, assessing additional target areas particularly south coast potential porphyry copper-gold anomalism. It also plans to accelerate its drilling program utilizing second rig to drill an additional 6,000 m at Karipi, aiming to delineate an initial JORC resource in 2013.
The second asset is the company's 80 percent beneficial interest in PT Akram through joint venture agreement, securing IUP rights for up to 1,000 kilometer square of ex Normandy's Bird Head project concession area in West Papua until March 2017. The company has granted permit from the forestry ministry and drilling at West Delta area commenced in March 2012.
Editing by Audy Zandri