Staggering gold deposit at Augur's Randu Kuning
Tuesday, July 10 2012 - 08:59 AM WIB
ASX-listed Augur Resources Ltd recently announced it has received the maiden resource estimate for the Randu Kuning deposit within the Wonogiri project, reaching as high as 1.54 million ounce of gold equivalent or 90.9 million tons at 0.53 g/t AuEq (0.35 g/t gold and 0.10% copper) JORC using a 0.2 g/t AuEq cut-off initiated by Computer Aided Geoscience Pty Ltd who estimated the resource using Inverse Distance techniques based on a total of 55 diamond drill holes, generally drilled on fences of 50 meters spacing.
The results reveal an estimated resource comprises of 1.01 million ounces gold and 200 million pounds of copper located within the deposit at over 400 meters depth, excluding some of the additional epithermal targets to the south, west and east of the deposit. Augur stated that there's no forestry restriction on the deposit.
?We are tremendously encouraged about the prospects for Wonogiri and the Randu Kuning resource. We have been able to define a significant shallow resource in just over a year for less than $4 per ounce. Metallurgical results have so far been excellent with 82.7 percent gold and 94.1 percent copper recovery in the sulphide. This project will now move to a pre-feasibility study. A number of other prospects remain to be fully tested at Wonogiri. We will continue to focus on these prospects with the aim of defining further shallow gold mineralisation,? Augur Managing Director Grant Kensington said in a statement submitted to the ASX.
As epithermal mineralisation occurs in the immediate surrounds of the Randu Kuning porphyry. Drilling has identified a number of epithermal vein systems containing wide zones of anomalous gold mineralisation. Augur stated it will commence a pre-feasibility study of the Randu Kuning deposit and continue the identification of additional shallow gold, copper and silver mineralisation within the Wonogiri project area.
Augur stated that its current market capitalization is at $11 per AuEq resource ounce vs $79 per AuEq resource ounce for peer group companies.
Editing by Audy Zandri