Augur earns 80 percent of Wonogiri Project
Wednesday, August 29 2012 - 01:17 AM WIB
ASX-listed resource development company Augur Resources Ltd said that it has secured the required expenditure of US$3.5 million to acquire 80 percent of Wonogiri gold project in Central Java.
?Augur has again achieved a key milestone for the Wonogiri project with the company meeting its earn-in requirement to acquire 80% of Wonogiri. This follows the significant achievements of defining the large Randu Kuning gold-copper resource and becoming the registered owner of 90% of PT Alexis Perdana Mineral, all which have been achieved in the last few months,? Augur?s Managing Director, Grant Kensington said in the statement.
Wonogiri projects contains the 1.54 million gold equivalent ounce deposit at Randu Kuning.
Securing ownership of the Wonogiri project under Indonesian laws, Augur?s wholly owned subsidiary, Wonogiri Pty Ltd, has been registered as the holder of 90% of PT Alexis Perdana Mineral, the holder of the Wonogiri licence.
This registered ownership includes a 10% interest held on behalf of PT Oxindo, a subsidiary of the Minerals and Metals Group, Augur?s joint venture partner.
Augur has commenced a pre-feasibility study with the aim of completing an initial pit design during 2012 and the pre-feasibility study itself by May 2013.
Mineralization at Randu Kuning is associated with quartz stock working and as disseminated mineralization within a series of mirco-diorite to medium grained diorite intrusives. Data from local geology and recent drilling indicates that the mineralization at Randu Kuning is related to a near vertical gold-copper porphyry within a large eroded volcanic centre, possibly related to a northward migrating Oligocene to Miocene volcanic arc.
A number of significant porphyry deposits sit along this zone including Newmont Mining Corporation?s operation at Batu Hijau (914Mt at 0.53% Cu and 0.40 g/t gold), Newmont?s Elang deposit on the island of Sumbawa and Intrepid Mines Tujuh Bukit (1.7 billion tonnes at 0.41% copper and 0.46 g/t gold) in eastern Java.
Editing by Adianto P. Simamora