Robust Resources acquires E. Nusa Tenggara metals exploration project

Perth-based mineral explorer Robust Resources announced Friday to have entered deal to acquire gold-base metals exploration project in Romang Island, East Nusa Tenggara.

Under a Mining Co-operation Agreement with PT Gemala Borneo Utama (PT GBU), the present owner of the mining titles, Robust is purchasing an option to acquire a 75% interest for five million shares plus A$150,000 cash.

In a two-stage acquisition, Robust is required to spend $1.5m in the ground to earn a 51% interest in five mineral titles totalling 25,000 hectares covering the entire Romang Island. Robust then has an option to earn a further 24 per cent (taking equity to 75 per cent) by expenditure of a further $3 million.

The company said previous exploration by Billiton (1998-99) intersected wide zones of gold-zinc-silver-lead-copper mineralisation in the area.

Lakuwahi in the south is the current prime target with the potential to host a large base metal - gold breccia deposit and high-grade exhalative volcanogenic massive sulphides, the company said. (alex)