May/June 2013 - The ASIA Miner

Indonesia
Extensive drilling program for KSK
KALIMANTAN Gold has budgeted up to
US$16.2 million this year for a substantial
drilling and exploration program at the KSK
Copper Project in Central Kalimantan. There
are more than 300 workers involved in drilling
and exploration activities over the permitted
areas of the KSK Contract of Work
(CoW) with all exploration activities supported
by helicopter. Recent exploration at KSK
has focused on delineation drilling and deep
drilling at Beruang Kanan, deep drilling at
Beruang Tengah, as well as reconnaissance
mapping and sampling, and prospect evaluations
throughout the permitted area to
further prioritize the drill targets.
Resource delineation drilling at Beruang
Kanan copper prospect is well under way,
with two rigs active since mid-2012. A third
larger capacity rig is testing deeper levels of
the Beruang Tengah porphyry copper-goldmolybdenum
system. A team of 16 geologists
are systematically mapping, sampling
and evaluating eight of 16 known prospects
throughout the CoW. This work has identified
several new prospects and upgraded some
existing prospects to drill ready targets.
The grid-based delineation drilling at Beruang
Kanan is being completed at 100 metre
centres targeting a 1.8km-long copper-in-soil
anomaly and seeking to define the mineralized
zone intersected in previous drilling. Results
to date confirm significant copper
mineralization over a strike length of 750 metres
and the system remains open to the
south. Recent results include 60.1 metres
from 171.6 metres @ 1.03% copper and 67.5
metres from 66.8 metres @ 0.63% copper.
The deep scout drilling program at Beruang
Tengah continues. One hole intersected
a zone of copper-gold mineralization hosted
in porphyry-related quartz veining hosting
disseminated and stockwork mineralization
from 231 to 401 metres in depth. Recent results
include 3 metres from 48 metres @
25.0 grams/tonne gold and 170 metres
from 231 metres @ 0.22% copper, 0.14
grams/tonne gold and 114ppm molybdenum.
Two larger capacity drill-rigs capable
of depths of 2000 metres have been contracted
to test deeper levels of the Beruang
Tengah porphyry system.
A new zone of copper-gold mineralization
has been discovered at Beruang Tengah.
High sulphidation style of mineralization, observed
over an area 250 metres-long by 250
metres-wide, was discovered in two creeks
1km east of the Beruang Tengah prospect
proper. Preliminary gold results from 13 rock
chip samples all returned greater than 1
grams/tonne and up to 9.7 grams/tonne. Follow-up
mapping and sampling to further define
the dimensions and tenor of this
mineralization continues.
Extension granted for Barisan exploration IUP
BARISAN Gold Corporation’s majority-owned Indonesian subsidiary, PT
Gayo Mineral Resources (Gayo), has received an extension to its exploration
Izin Usaha Pertambangan (IUP) for its Barisan project. The IUP has
been extended until March 5, 2015, and, combined with the two IUPs
extended in December 2012, completes the IUP extension process for
all its exploration licenses in Indonesia. The Gayo IUP is 80%-owned by
Barisan and is solely operated by the company. It contains the Upper
Tengkereng, Lower Tengkereng, Upper Ise-Ise and Sekeulen gold-copper
porphyry prospects. Gayo continues to work with local government
authorities seeking forestry borrow-use permits, which would allow it to
resume drilling at Upper Tengkereng and other gold-copper porphyries.
Barisan is a Canadian-based company engaged in the exploration,
acquisition and development of mineral properties in Indonesia. It owns
and operates two gold and gold-copper properties in Indonesia’s Aceh
Province on the northern tip of Sumatra Island, namely the Barisan
gold-copper porphyry belt and the Abong epithermal gold project. Barisan
has, however, entered into Conditional Sales and Purchase Agreement
(CSPA) with a private Indonesian company which has agreed to
purchase Barisan’s 75% equity interest in PT Takengon Mineral Resources
(TMR). PT TMR owns the Takengon exploration IUP, which includes
the Collins epithermal gold prospect. As per the terms of the
CSPA, the private company will pay Barisan about Can$770,000.
Barisan’s chief executive officer Alex Granger says, “This transaction
represents a great opportunity for Barisan Gold to realize value for a
non-material property. In addition to eliminating the ongoing costs of
maintaining the Takengon IUP, we are also solidifying our balance
sheet ahead of re-starting drilling at the Abong project and the Barisan
porphyry prospects once we receive the forestry borrow-use permits.”
Gold properties in northern Sumatra in close proximity to Barisan Gold’s prospects.
May/June 2013 | ASIA Miner | 43