TIDMAR.
RNS Number : 1592H
Archipelago Resources PLC
09 July 2012
9 July 2012
AIM: AR.
Archipelago Resources plc
("Archipelago" or "the Company")
Archipelago announces encouraging drilling results at Toka
Tindung Mine
Archipelago is pleased to announce encouraging drill results
from two of its high grade southern satellite pits, located in
close proximity to the Toka Tindung Mine in North Sulawesi,
Indonesia.
HIGHLIGHTS
-- At the Blambangan deposit, results to date from 28 holes
(3,918m) of reverse circulation ("RC") drilling returned multiple
gold intercepts, including the following:
-- 24.0m at 5.64g/t (BP020, 16 - 40m)
-- 34.0m at 3.27g/t (BP016, 6 - 40m)
-- 14.0m at 8.03g/t (BP015, 0 - 14m)
-- 9.0m at 10.06g/t (BP010, 20 - 29m)
-- 10.0m at 5.59g/t (BP007, 38 - 48m)
-- 3.0m at 12.82g/t (BP005, 119 - 122m)
-- 5.0m at 6.10g/t (BP004, 121 - 126m)
-- At the Pajajaran deposit, results from 24 holes (3,200m) of
RC drilling, and 9 holes (699m) of diamond drilling also returned
multiple gold intercepts, including the following:
-- 8.0m at 8.80g/t Au (PJJ003, 143.3 - 151.3m)
-- 15.1m at 4.10g/t Au (PJJ003, 165.6 - 180.7m)
-- 16.0m at 3.33g/t Au (PJJ024, 93.0 - 109.0m)
-- As part of Archipelago's 2012 exploration programme, drilling
continues at both deposits, in addition to other near site targets
across the Toka Tindung Mine. A further update will be provided in
due course.
-- The drilling results support Archipelago's view of greater
mineralisation existing along strike and at depth across the Toka
Tindung Mine, in addition to the existing resource of 2.58M oz Au @
1.53 g/t (or 2.69M oz Au Eq).
COMMENT
Commenting on the drill results, Mr Marcus Engelbrecht, Managing
Director and CEO, said:
"These initial drilling results from two of our high grade
satellite deposits, Blambangan and Pajajaran are encouraging and
confirm the significant mineralisation and resource prospectivity
at the Toka Tindung Mine. We envisage further positive drilling
results from these and other deposits in the near future."
SPECIFIC DETAILS
In addition to the main pit, Archipelago's Toka Tindung Mine in
North Sulawesi, Indonesia, involves concurrent mining from a JORC
compliant reserve at four high grade satellite deposits: Pajajaran,
Araren, Blambangan and Kopra. All are located in close proximity to
the central processing infrastructure. Please refer to Figure 1
below for an aerial overview.
Figure 1: Aerial Overview of Toka Tindung Mine
To view this image please follow the link below.
http://www.rns-pdf.londonstockexchange.com/rns/1592H_-2012-7-6.pdf
In 2011, Archipelago conducted a targeted exploration programme,
focused on the main Toka Tindung pit and Kopra deposit. This
resulted in a significant increase to Archipelago's resource and
reserve. Building on this success, Archipelago's 2012 exploration
programme is focused on further targeted drilling activities close
to known mineralisation, with all existing deposits remaining open
along strike and at depth. Utilising one diamond and three RC
drilling rigs, Archipelago has encountered encouraging drill
intercepts at its Blambangan and Pajajaran deposits (with the
respective current resource for each standing at 228,000 oz Au @
3.57 g/t and 208,000 oz Au @ 4.35 g/t).
At Blambangan, 28 RC holes were completed to the end of May,
with diamond drilling now underway. Please refer to Figure 2 below,
which contains a long section view of Blambangan with 2012
exploration drill hole results.
Figure 2: Long Section View of Blambangan (including 2012
Exploration Drill Hole Results)
To view this image please follow the link below.
http://www.rns-pdf.londonstockexchange.com/rns/1592H_-2012-7-6.pdf
As Figure 2 indicates, a number of intersections are located
close to and outside of material that is currently classified as
inferred resource. In this regard, mineralisation at Blambangan can
be interpreted as continuing below the current pit design and also
along strike to the south; while to the north it appears to link up
with the Pajajaran deposit. Further and similar to the existing
Pajajaran deposit, high grade "shoots" can be interpreted and
targeted for additional resource definition at Blambangan.
In relation to Pajajaran, 24 RC holes and 9 diamond holes have
been completed, returning a number of narrow high grade
intersections (ie: PJJ001, 139.5 - 142.5m, 3m at 6.98g/t Au) and
several wider, yet moderate, grade sections (ie: PJJ024, 165.6 -
180.7m, 15.1m @ 4.10 g/t Au). The high grade intersections are
located in narrow 2-5 metre wide zones and are similar to what is
being mined currently at Pajajaran (which has an average grade of
3-4 g/t), while the thicker sections represent intersections of
known structures. Assay results are still outstanding from a
further seven diamond drill holes.
For both deposits, drilling progress and significant intercepts
are summarised below in Figure 3.
Figure 3: Exploration Drill Hole Summary & Significant
Intercepts for Pajajaran and Blambangan
To view this image please follow the link below.
http://www.rns-pdf.londonstockexchange.com/rns/1592H_-2012-7-6.pdf
Please also refer to Appendix 1 for details of all drill
intercepts for Toka Tindung.
Pajajaran and Blambangan have been subject to only relatively
shallow drilling at this stage, with further prospectivity likely
as exploration efforts continue at these epithermal vein deposits.
These activities are in addition to drilling exploration efforts at
other near site targets, including at Toka East. The Pajajaran and
Blambangan results support Archipelago's view of greater
mineralisation existing along strike and at depth across the Toka
Tindung Mine, in addition to the existing resource of 2.58M oz Au
(or 2.69M oz Au Eq).
COMPETENT PERSON STATEMENT
The Information in this report that related to mineral
exploration results, together with any related assessments and
interpretations, have been verified by and approved for release by
Mr. Graeme Fleming B App Sc (Geol), MAusIMM, a qualified geologist
and full-time consultant for PT. Tambang Tondano Nusajaya, a
subsidiary of Archipelago Resources Plc. Mr. Fleming has sufficient
experience which is relevant to the style of mineralization and
type of deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined in the 2004
edition of the " Australasian Code For Reporting of Exploration
Results, Mineral Resources and Ore Reserves ". Mr. Fleming consents
to the inclusion of the information contained in this report in the
form and context in which it appears.
FURTHER INFORMATION
Archipelago Resources plc:
(VP Investor Relations & Corporate
Affairs)
Matthew Salthouse +65 6535 3419
Canaccord Genuity Limited:
(Joint Broker)
Rob Collins
Andrew Chubb +44 (0) 20 7523 8000
Liberum Capital Limited:
(Joint Broker)
Michael Rawlinson
Christopher Kololian +44 (0) 20 3100 2000
Grant Thornton Corporate Finance:
(Nomad)
Gerry Beaney
David Hignell +44 20 7383 5100
Buchanan:
(Public Relations Consultants)
Bobby Morse
James Strong
Gordon Poole +44 20 7466 5000
ABOUT ARCHIPELAGO
Archipelago is a producing mining company listed on the AIM
market of the London Stock Exchange. Archipelago's vision is to
grow into a respected and regionally dominant mid-cap gold
producer, managing a portfolio of gold mines and delivering
significant value and returns for our shareholders. Archipelago's
principal activities are gold mining and exploration in Indonesia
(as the 95% owner of the producing Toka Tindung Gold Mine in North
Sulawesi, Indonesia). Archipelago is also advancing exploration
projects in Vietnam and the Philippines. In 2012, Archipelago
expects to produce between 135,000 and 145,000 gold equivalent
ounces at a cash cost of between US$540 and US$590 per ounce.
APPENDIX 1: ALL DRILL INTERCEPTS FOR BLAMBANGAN& PAJAJARAN
DEPOSITS
To view this image please follow the link below.
http://www.rns-pdf.londonstockexchange.com/rns/1592H_-2012-7-6.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
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