TIDMAR.
RNS Number : 6273K
Archipelago Resources PLC
23 August 2012
23 August 2012
AIM: AR.
Archipelago Resources plc
("Archipelago" or "the Company")
Significant drill results at Toka East
Archipelago is pleased to announce significant drill results for
Toka East; a prospect adjoining the main pit at its 95% owned Toka
Tindung Gold Mine in North Sulawesi, Indonesia.
Please follow link below to view full release.
http://www.rns-pdf.londonstockexchange.com/rns/6273K_-2012-8-23.pdf
HIGHLIGHTS
-- At Toka East, adjoining Archipelago's Toka Tindung deposit
and located approximately one kilometre from the processing plant,
assays have been received from 51 inclined reverse circulation
("RC") drill holes totalling 9,431 metres.
-- Of 51 RC holes, 49 intersected significant gold
mineralisation, with highlights including the following:
-- 3m at 9.08g/t (TITO015A, 71 - 74m)
-- 3m at 6.47g/t (TITO015A, 78 - 81m)
-- 14m at 3.34g/t (TITO015A, 101 - 115m)
-- 20m at 1.76g/t (TITO044, 95 - 115m)
-- 7m at 3.28g/t (TITO046, 66 - 73m)
-- 5m at 5.99g/t (TITO055, 76 - 81m)
-- 6m at 7.55g/t (TITO058, 66 - 72m)
-- 25m at 2.45g/t (TITO058, 106 - 131m)
-- 6m at 4.21g/t (TITO059, 58 - 64m)
-- 5m at 4.44g/t (TITO060, 52 - 57m)
-- 20m at 1.57g/t (TITO067, 43 - 63m)
-- 20m at 1.80g/t (TITO067A, 23 - 43m)
-- 18m at 1.15g/t (TITO077A, 79 - 97m)
-- 12m at 4.96g/t (TITO078, 87 - 99m)
-- 3m at 5.62g/t (TITO079, 17 - 20m)
-- 15m at 2.57g/t (TITO079, 70 - 85m)
-- The results to date and further drilling planned at near site
targets (including the Toka North area) are likely to lead to an
increase in the JORC defined Resource and Reserves at Archipelago's
Toka Tindung Gold Mine. Further results will be provided over the
coming months, with an updated 'Resource & Reserve Statement'
expected to be published in early 2013.
-- The results support Archipelago's strategy of focussing on
near mine drilling to extend the Company's resource (which already
comprises 2.58M oz Au @ 1.53 g/t or 2.69M oz Au Eq, inclusive of
ore reserve).
COMMENT
Commenting on the drill results, Mr Marcus Engelbrecht, Managing
Director and CEO, said:
"Archipelago's 2012 targeted exploration programme continues to
yield positive results, now including Toka East in addition to
drill intercepts announced earlier for the high grade Blambangan
and Pajajaran deposits. We remain committed to focussing on
shareholder value and our aggressive exploration campaign continues
to demonstrate the significant prospectivity of the Toka Tindung
Gold Mine and further underpins the growth strategy for our
business."
SPECIFIC DETAILS
Archipelago's Toka Tindung Mine in North Sulawesi, Indonesia
comprises a main pit, with a JORC defined resource of 1.59M oz Au
at 1.59 g/t or 1.65M oz Au Eq (in addition to defined resources at
the four high grade satellite deposits of Blambangan, Pajajaran,
Kopra and Araren).
In addition to regional activities, Archipelago's 2012
exploration programme involves targeted near mine drilling close to
defined mineralisation. The objectives of this are to build on
prior year success, extend the resource and reserve and develop a
platform for further longer term growth.
To this end, Archipelago released encouraging results from
drilling at the Blambangan and Pajajaran satellite deposits earlier
in July 2012.
Concurrent with this, Archipelago has also continued drilling at
the Toka East prospect, which adjoins the main Toka Tindung pit and
lies approximately one kilometre from the processing plant
infrastructure. Please refer to Figure 1 below for an aerial
overview of the Toka East prospect relative to the main pit and
plant facilities.
Figure 1: Aerial Overview of Toka Tindung Pit & Toka
East
Please follow link to view diagram.
http://www.rns-pdf.londonstockexchange.com/rns/6273K_-2012-8-23.pdf
Note: Blambangan, Pajajaran, Kopra & Araren are located to
the South of the Toka Tindung Pit
Utilising 2 RC drill rigs, the Toka East programme has to date
comprised 51 inclined drill holes totalling 9,431 metres, for which
assays have now been received. In respect of Toka East, please
refer to Appendix 1 for all drill intercepts >= 2 g/t Au.
Of the 51 holes, 49 intersected significant gold mineralisation.
Highlights of the drilling programme include the following:
-- 3m at 9.08g/t (TITO015A, 71 - 74m)
-- 3m at 6.47g/t (TITO015A, 78 - 81m)
-- 14m at 3.34g/t (TITO015A, 101 - 115m)
-- 20m at 1.76g/t (TITO044, 95 - 115)
-- 7m at 3.28g/t (TITO046, 66 - 73m)
-- 5m at 5.99g/t (TITO055, 76 - 81m)
-- 6m at 7.55g/t (TITO058, 66 - 72m)
-- 25m at 2.45g/t (TITO058, 106 - 131m)
-- 6m at 4.21g/t (TITO059, 58 - 64m)
-- 5m at 4.44g/t (TITO060, 52 - 57m)
-- 20m at 1.57g/t (TITO067, 43 - 63m)
-- 20m at 1.80g/t (TITO067A, 23 - 43m)
-- 18m at 1.15g/t (TITO077A, 79 - 97m)
-- 12m at 4.96g/t (TITO078, 87 - 99m)
-- 3m at 5.62g/t (TITO079, 17 - 20m)
-- 15m at 2.57g/t (TITO079, 70 - 85m)
The results indicate a geological model for Toka East is similar
to that of the adjoining main Toka Tindung deposit, with moderate
to higher grade vertical to sub-vertical mineralised gold feeder
zones. Wider lower grade horizontal zones are also apparent. Please
also refer to Figure 2 below, which contains a cross section of
Toka East.
Figure 2: Toka East Cross Section
Please follow link to view diagram.
http://www.rns-pdf.londonstockexchange.com/rns/6273K_-2012-8-23.pdf
The Toka East drilling programme has extended the known depth of
mineralisation at the Toka Tindung deposit by 90 metres (with the
ore zone still open at depth and along strike).
Moving forward, Archipelago will continue exploration efforts at
Toka East. When coupled with results to date, this is likely to
support a further increase to Archipelago's overall resource and
reserve.
COMPETENT PERSON STATEMENT
The information in this report that relates to mineral
exploration results, together with any related assessments and
interpretations, has 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 +44 20 7523
Matthew Salthouse +65 6535 3419 8000
-------------------------- ---------------- ---------------------- ------------
Canaccord Genuity
Limited
Rob Collins
Andrew Chubb
-------------------------- ---------------- ---------------------- ------------
Grant Thornton Corporate
Finance
Gerry Beaney +44 20 7383
David Hignell 5100
-------------------------- ---------------- ---------------------- ------------
Liberum Capital
Buchanan Limited
Bobby Morse +44 20 7466 Michael Rawlinson +44 20 3100
Gordon Poole 5000 Christopher Kololian 2000
-------------------------- ---------------- ---------------------- ------------
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$580 and US$640 per ounce.
APPENDIX 1: TOKA EAST - ALL INTERCEPTS > 2 g/t Au
EASTING NORTHING RL FROM TO INTERVAL Au Ag
HOLE ID (m) (m) (m) (m) (m) (m) (g/t) (g/t)
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO015A 733147 176626 167 43 45 2 4.17 13.5
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO015A 733144 176626 164 48 49 1 2.26 0.5
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO015A 733129 176626 145 71 74 3 9.08 5.2
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO015A 733125 176626 140 78 81 3 6.47 2.8
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO015A 733106 176626 118 101 115 14 3.34 2.8
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO042 733183 176468 82 111 113 2 5.42 2.3
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO044 733198 176527 116 76 77 1 2.20 0.5
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO046 733211 176576 126 66 73 7 3.28 7.5
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO046A 733278 176578 114 83 84 1 6.27 3.0
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO047 733195 176602 134 66 67 1 2.37 2.0
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO051A 733121 176705 147 90 97 7 2.50 2.0
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO051A 733086 176705 104 148 149 1 2.90 4.0
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO051A 733070 176705 86 172 173 1 3.02 1.0
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO053 733235 176748 158 39 40 1 7.18 4.0
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO054 733226 176773 131 72 73 1 2.52 2.0
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO055 733250 176800 143 55 66 11 2.02 1.2
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO055 733240 176800 129 76 81 5 5.99 10.2
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO058 733188 176448 120 58 59 1 7.13 6.0
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO058 733185 176448 110 66 72 6 7.55 4.2
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO058 733172 176448 62 106 131 25 2.45 1.5
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO059 733171 176497 139 46 47 1 5.23 3.0
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO059 733162 176497 128 58 64 6 4.21 2.5
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO060 733258 176673 141 52 57 5 4.44 21.4
TITO061 733261 176752 137 60 63 3 4.68 10.3
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO061 733255 176752 130 70 71 1 2.50 1.0
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO061 733250 176752 124 77 80 3 2.44 1.7
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO061 733228 176752 98 110 114 4 3.03 3.8
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO061 733220 176752 89 124 125 1 2.52 2.0
TITO063 733211 176626 179 25 28 3 2.93 2.5
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO063 733203 176626 169 39 40 1 2.35 4.0
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO063 733182 176626 145 67 76 9 2.01 3.3
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO064 733129 176670 161 49 50 1 2.03 0.5
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO064A 733096 176670 159 59 68 9 2.30 2.7
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO064A 733089 176670 149 75 77 2 3.63 0.5
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO065 733130 176725 124 109 111 2 2.54 1.3
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO066 733140 176749 167 74 78 4 3.13 5.3
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO067A 733080 176758 206 1 3 2 2.70 6.5
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO067A 733086 176758 141 66 68 2 2.99 2.5
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO069 733151 176824 160 94 96 2 2.33 1.8
---------- -------- --------- ----- ----- ----- --------- ------- -------
EASTING NORTHING RL FROM TO INTERVAL Au Ag
HOLE ID (m) (m) (m) (m) (m) (m) (g/t) (g/t)
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO069A 733208 176823 172 60 61 1 2.48 0.5
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO070 733223 176851 138 95 99 4 4.76 12.0
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO071 733146 176879 200 63 65 2 2.95 9.0
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO071 733113 176879 160 114 117 3 2.14 1.5
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO071 733106 176879 152 126 128 2 2.00 1.4
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO075 733126 176648 150 68 75 7 2.68 2.1
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO075 733121 176648 144 79 80 1 4.24 2
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO075 733116 176648 138 86 88 2 2.02 1
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO075 733113 176648 134 91 93 2 3.52 2
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO075 733107 176648 127 101 103 2 2.46 2
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO078 733141 176524 86 87 99 12 4.96 5.0
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO079 733196 176625 183 17 20 3 5.62 10.3
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO079 733179 176625 158 49 50 1 11.70 6.0
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO079 733163 176625 135 70 85 15 2.57 2.1
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO079 733152 176625 120 95 97 2 3.87 1.8
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO081 733168 176422 70 114 118 4 2.79 2.3
---------- -------- --------- ----- ----- ----- --------- ------- -------
TITO084 733097 176820 183 85 89 4 2.06 1.6
---------- -------- --------- ----- ----- ----- --------- ------- -------
Both wet and dry samples were included. All assays were uncut.
Au assayed by fire assay (50g) and Ag by AAS. Appropriate
duplicate, blank, and standard sample check procedures were used.
The cut-off grade used was 0.5 g/t Au with up to 2m of internal
waste. One hole (TITO048) ended in mineralisation. Due to the
complex nature of the geology, true widths have not been
determined.
Holes with the suffix A or B were drilled from the same drill
pad but with different azimuth and/or dip.
Drill holes TITO022, 062, 077, 083 and below a depth of 90m in
drill hole TITO067 intersected mineralised zones assigned to Toka
Tindung pit and were not included in the table of Toka East
intersections.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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