Toka East project shows significant gold mineralization
Friday, August 24 2012 - 04:23 AM WIB
LSE-listed mining company Archipelago Resources Plc announced drill results for Toka East, a prospect adjoining the main pit at its 95 percent owned Toka Tindung Gold Mine in North Sulawesi, showed significant gold mineralization.
Ir said that utilizing 2 RC (reserve circulation) drill rigs, the Toka East program has to date comprised 51 inclined drill holes totaling 9,431 meters of which 49 intersected significant gold.
?Archipelago?s 2012 targeted exploration program 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 focusing on shareholder value and our aggressive exploration campaign continues to demonstrate the significant prospectively of the Toka Tindung Gold Mine and further underpins the growth strategy for our business.? Marcus Engelbrecht, Managing Director and CEO said in the statement.
It said that the results indicate a geological model for Toka East was similar to that of the adjoining main Toka Tindung deposit, with moderate to higher grade vertical to sub-vertical mineralised gold feeder zones.
Archipelago‟s Toka Tindung Mine in North Sulawesi 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.
Editing by Adianto P. Simamora