Hillgrove records strong drilling result
Wednesday, June 13 2012 - 04:43 AM WIB
ASX-listed Hillgrove Resources Limited announced update drilling operation at its Karipi Prospect in Sumba discovering gold under sediment cover in hole KP023 at 13.2m @ 1.21g/t Au) which represent different style of gold mineralisation associated with the emplacement of an intrusive unit or complex.
It said that as the drilling undertaken by PT Fathi Resources Pte Ltd, in which Hillgrove has a direct 80% interest was still at early stage, the confirmation of the widespread presence of gold mineralisation in association with hydrothermal alteration in driliholes, delineating a 1.5 km strike length gold corridor is considered highly encouraging and warrants ongoing drill testing.
"At Sumba we continue to encounter significant gold mineralisation which is supporting our confidence in the potential of the prospect. Continued success could enable us to target the definition of an initial resource during the first half of 2013," Managing Director Drew Simonsen. Future drilling is intended to narrow in on better gold values already intersected with the aim of delineating an initial JORC compliant resource in the next 12 months.
Meanwhile, PT Akram Resources Pte. Ltd., in which Hillgrove has an 80% beneficial interest through an executed JV Agreement, is undertaking exploration in the Bird's Head region of West Papua targeting porphyry copper- gold-molybdenum mineralisation.
It said that assay results from the first hole WD-014 confirmed field observations in the core of disseminated copper sulphides and associated intense potassic alteration.
The first drill holes are targeting the Green Cliffs structural zone confirmed that the Green Cliffs area is likely to be adjacent to a mineralising porphyry system.
Drilling is continuing at West Delta as part of an initial 5,000m first-pass drilling programme.
"We are very pleased with the results we have achieved to date in the current drilling campaign at both Sumba and Birds Head," said Simonsen.
"In addition the early results at Bird's Head are very encouraging. While we have not yet intersected the interpreted porphyry, the core indicates that we are in a near-porphyry environment. We believe these results indicate the significant potential of our Indonesian exploration portfolio."
Editing by Adianto P. Simamora