WAL to acquire 95% of Sintang Project

By Nur Azizah

Previously stated to have signed an agreement with PT Mineral Indosin (PTMI), ASX listed Wavenet International Limited (WAL) said it has now acquired 95% of PTMI company shares for the Sintang Project, situated approximately 250km east of Pontianak, in the Sintang Regency of the central part of West Kalimantan Province.

The project is a granted Authorization for Exploration of gold and associated minerals covering an area of 11,000 Ha and is approximately 22 kilometres long by 6 kilometres wide dominated by high grade gold and silver, accompanied by significant copper and lead within structures penetrating tonalities, andesites and sediments associated with silicification, hydrothermal alteration and breccias.

WAL intends to explore and develop this area by acquiring licences and equipment for alluvial dredging, which expected to generate rapid cash-flow to fund further exploration for defining resources.

A preliminary geochemical survey using a 400m grid has been conducted over the entire concession by WAL.

This was completed in order to assess the distribution of gold and other metals throughout this large tenement and to assist in defining target areas for drilling.

Due to the vegetation cover in this high rainfall area it was necessary to take samples from at least 150mm below surface to ensure that a sample representing the weathered rock and soil was obtained rather than the layer of humus common to the tropics.

The samples were assayed for a range of elements including gold, silver, copper, lead, zinc, arsenic and barium. The results showed a strong geochemical response for gold, silver, copper, lead and zinc while the pathfinder elements arsenic and barium were also well distributed. Assay values for gold-in-soil ranged up to 1.68 ppm Au (equivalent to grams per tonne) and silver up to 3.5 ppm Ag. Copper ranged to 58.1 ppm Cu, lead up to 110.6 ppm Pb and zinc to 171.9 ppm Zn.

The gold anomalies are distributed in a general E-W orientation in at least three different bands. Copper distribution appears to be mutually exclusive with gold. Silver and gold anomalies are generally coincident and lead appears to mainly occur close to the copper anomalies.

Arsenic distribution was widespread but with generally low values peaking at 46 ppm As, indicating that the mineralisation is generally not arsenic-rich. The barium values were also generally low with a maximum of 382.4 ppm Ba. The distribution of barium appears to be similar to copper and may reflect the influence of hot fuids from nearby igneous intrusions and is more localised than the gold and silver.

Editing by Er Audy Zandri