Stratos signs option on Sambas off-shore tin project
Wednesday, July 31 2013 - 06:18 AM WIB
ASX-listed company Stratos Resources Limited has executed an option agreement to acquire 70% of the Sambas offshore tin project in West Kalimantan, located near the Southern end of the South East Asian tin belt.
The IUP covers 49,270 hectares of prospective offshore areas from the mouth of the Paloh River to north of Tanjung Dato, the company said in the statement on Wednesday.
The licence area extends from the shore line to 8km offshore and in waters generally between 5 and 20m in depth which is considered ideal for offshore alluvial tin extraction.
Historical sampling taken from the Sambas project has indicated the potential for commercial alluvial tin mineralisation.
A total of 45 subsea grab samples have been taken and analysed by the project owners with results of up to 0.7% Sn reported.
The range of sample grades reported by the project owners is between 0 and 0.7% with a number ?f samples in the range of 0.02% (0.3kg/m2), which is considered potentially viable for an alluvial tin operation.
Editing by Adianto P. Simamora