Release: G-Resources: Purnama Timur project status report
Monday, July 25 2011 - 06:55 AM WIB
Details
The Purnama Timur Mineral Resource Estimate provided here has been produced on the basis of 86 diamond drill holes. The majority of these were drilled by G-Resources in the period March-September 2010. The purpose of this program was to provide an estimate for use in mine planning, with the intent of establishing potential for either an addition to the existing Pit 1/Purnama Reserve or an additional open pit.
The Purnama Timur Deposit is a High Sulphidation Epithermal (HSE) deposit similar to the adjacent Pit 1/Purnama HSE deposit. Purnama Timur is treated as a lateral extension of the Pit 1/Purnama deposit but is currently being interpreted as a separate geological deposit and resource.
Mineralisation is dominantly hosted in gently east dipping breccia units. Epithermal mineralisation followed early-stage acid sulphate leaching and wall rock alteration producing vuggy and massive silica textures. The silica alteration zone grades outwards to an advanced argillic alteration envelope dominated by quartz-dickite-kaolinite. The advanced argillic alteration zone grades out to argillic (illite-smectite) alteration. The alteration-mineralising system is focused around the breccia and structural zones which are presumed to be conduits for the hydrothermal fluids.
Oxidation often overprints the alteration and mineralisation system. Oxidation is highly variable, with minor to strong oxidation extending to depths of more than 150m in places at Pit 1/Purnama, although fresh sulphides can also be observed close to surface.
This 2011 Purnama Timur resource estimation was completed by a team consisting of G-Resources‟ site personnel and resource specialists from Cube Consulting Pty Ltd, Perth, Western Australia (www.cubeconsulting.com.au).
The estimate utilised geological domains interpreted from detailed geological logging and assaying. Domains were created accounting for lithology, structural features and alteration and constrained by assay results at cut-off grades determined by statistical analysis. Gold and silver values were calculated to a 3D block model within these domains by ordinary kriging.
Density estimation was based on a comprehensive database of density data (5,176 individual measurements). Density was assigned to individual blocks according to the average density for the lithology and oxidation type represented by the block.
The methods, assumptions and outcomes of the Purnama Timur resource estimate have been subject to independent expert review by Mr. Scott Dunham of Quantitative Group Pty Ltd, Brisbane, Queensland, Australia (www.quantitativegeoscience.com). This review found no material issues preventing the public reporting of these results.
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 square kilometer Contract of Work area. Five helicopter supported LF-70 diamond drill rigs are currently engaged in drilling programmes at Martabe. A team of 15 geologists is in place, ensuring the ability to generate and test exploration targets for both epithermal gold/silver and porphyry copper in the Contract of Work.
The maiden resource estimates for the Horas and Tor Uluala prospects are well advanced. It is expected these resource estimates will be released before the close of 2011 and will result in further additions to the Martabe resource base.
As the current resource delineation programs at Horas and Tor Uluala are almost complete the next focus for diamond drilling will be drilling new targets close to Martabe, and testing sulphide mineralisation at depth under the existing resources.
Work is underway at the Baning Prospect some 5km west of Martabe Project, with community and government relations and site construction for drilling in progress. Drilling will test a gold bearing chert in a limestone sequence.
Recent work has defined a coherent, 500m long gold in soil anomaly at the Tango Papa Prospect, 23km to the north of the Martabe Project. The soil anomaly is supported by airborne geophysics, surface mapping of epithermal mineralisation, and surface rock samples of up to 6.7 g/t Au. A drilling program has been planned to test this target. (end of release)