Wavenet updates Indonesia gold projects
Tuesday, January 22 2013 - 03:48 AM WIB
SELAUP PROJECT
The Selaup Project is situated approximately 50 km south-west of Putussibau, in the Kapuas Hulu district of northern part of West Kalimantan Province. The geological setting of the area comprises stratigraphic units and structures that have been conducive for the formation of oxide and primary gold mineralization. Current indications are that this mineralization is extensive. There are several shafts and adits into the hillsides and several sub-horizontal veins are being mined. The waste dumps around the working contain galena, arsenopyrite, pyrite and minor chalcopyrite. It is therefore expected that the mineralization of the workings could bear copper, lead and zinc as well as gold and silver.
A diamond drilling program started during the quarter and continues with two BMP250 diamond drill rigs operating at the Selaup Project.
3 diamond drill holes have been completed to date for a total of 356.87m of NQ core. Initial logging of lithologies confirms extensively altered sediments and andesite sills with sulphide-bearing horizons. Sulphides include pyrite, arsenopyrite, chalcopyrite, galena and sphalerite sometimes accompanied by visible gold and silver.
Horizons in the sediments and andesites of 1% to 5% euhedral and microcrystalline suiphide are frequent. Wavenet International Limited has purchased a diamond saw for core cutting and the core is in the process of being cut for sampling and assay. Results are expected in the next quarter. The map on Figure 2 illustrates the location of the completed diamond drill holes (12SD4, 12SD13 and 12SD15).
When the lithology logs are plotted for the three holes completed to date, it is interpreted that there are faults that show an apparent vertical normal throw of about 105m between 12SD13 and 12SD04 and of approximately 85m between 12SD04 and 12SD15. There are two main andesite sills in the sequence and the lower sill (Andesite 2) appears to have a thickness exceeding 80m. Sulphides are generally well distributed through the andesites but tend to become more concentrated at the upper parts of the sills and on contacts and in the overlying sediments.
SINTANG PROJECT
The Sintang Project is situated approximately 250km east of Pontianak, in the Sintang Regency of the central part of West Kalimantan Province. The geological setting of the area comprises stratigraphic units and structures that have been conducive for the formation of oxide and primary gold and silver mineralization. Current indications are that this mineralization is extensive and high grade. The Sintang Project also has excellent indications of polymetallic mineralization from the exploration work so far completed.. The reconnaissance work confirmed that gold-bearing ores were present within an epithermal mineralizing environment throughout the area of workings.
Current Exploration at Sintang
A preliminary geochemical survey using a 400m grid has been conducted over the entire concession. Geochemical plots for gold, silver, copper, lead, zinc, arsenic and barium were completed. This defined several zones of coincident metallic anomalies. Target areas for follow up mapping and initial drilling have been identified and this work is planned for the next quarter. (end of excerpt)