Wavenet completes first stage diamond drilling of Selaup
Friday, November 23 2012 - 12:01 PM WIB
ASX-listed Wavenet International Limited recently stated it has completed the first accessible hole (12SD015) of their diamond drilling program at its Selaup Gold Project.
12SD015 finished at a depth of 106.04m and intersected several alteration zones, suiphide-bearing horizons and hydrothermal breccias. The core is being transported to Pontianak for cutting and sampling.
"A second drill rig is on site and is due to start drilling as soon as another access track is completed," the company said.
The Selaup Project is situated approximately 50 km south-west of Putussibau, in the Kapuas Hulu district or northern part of West Kalimantan Province. Indications from reconnaissance work are that gold mineralization is extensive, while geochemical results indicate that there are several gold, silver, copper and lead/zinc anomalies on the concession.
The project is a granted Authorization for Exploration for minerals (IUP no 345/2011) covering an area of 6,280 Ha and is approximately 13 kilometres long by 5 kilometres wide.
The geological setting of the area comprises stratigraphic units and structures that have been conducive for the formation of oxide and primary gold mineralization. Current indications are that this mineralization is extensive. From initial exploration work it appears that there are also indications of polymetallic suiphide ores present on the concession. It is therefore expected that the mineralization could bear copper, lead and zinc as well as gold and silver.
"There is significant potential for hosting a world-class gold deposit at Selaup since all the elements of a classic sediment-hosted large mineral deposit are present," the company said.
Editing by Er Audy Zandri