Nusantara unveils results of Awak Mas drilling program
Tuesday, October 17 2017 - 01:31 AM WIB
ASX-listed gold development company Nusantara Resources Limited announced Tuesday assay results from the first two holes of the Phase 1 resource drilling program at its 100 percent-owned Awak Mas Gold Project located in Indonesia?s South Sulawesi Province.
The company said in a statement that the Phase 1 program comprises 67 diamond drill holes (for approximately 8,230 meters) designed to target areas of unclassified gold mineralization and to upgrade Inferred Resource mineralization across the Awak Mas, Salu Bulo and Tarra deposits. The drilling program has progressed with 16 holes completed to date within the Awak Mas deposit. ?Currently two drill rigs are assigned to the Phase 1 program with an expected third rig to commence in early November,? the statement said.
The company said assay results from the first two drill holes have successfully validated the Mineral Resource model, expanded the area of known mineralization, and demonstrated potential for deeper mineralization:
? Awak Mas deposit drill holes RTD011 and LMD004 both intersected multiple mineralized zones of strong quartz veining and brecciation over significant downhole intervals. Figure 1 shows the location of drill holes RTD011 and LMD004 within the Awak Mas deposit.
? In hole RTD011, drilled within the Rante domain, the results were in-line with the modelled interpretations and included down hole intersections of; 8m at 2.5 g/t Au from 41.8m, 6m at 1.0 g/t Au from 140.8m, 2m at 1.6 g/t Au from 197.3m and 4.9m at 0.6 g/t Au from 206.3m.
? In hole LMD004, drilled within the Lematik domain, significant intersections included
The deeper intersection from 365m in LMD004 demonstrates potential for the gold mineralization to extend below the current US$1,400/oz resource shell and will be the focus of later exploration drilling.
The company said results from Phase 1 drilling will be incorporated into a re-estimation of the Mineral Resource in advance of the Ore Reserve calculation by mid-2018.
Nusantara?s Managing Director and CEO, Mike Spreadborough commented: ?The early stages of the drilling program are validating the resource model and importantly the potential for additional mineralisation within the resource shell. This work is confirming the potential for the development of the Awak Mas Gold Project into a long‐life operation and successfully growing the scale of this gold project.?
Editing by Reiner Simanjuntak