Sydney, Aug 7, 2008 AEST (ABN Newswire) - The Directors of Robust Resources Limited (ASX:ROL) and Trafford Resources (ASX:TRF) are pleased to announce plans to accelerate exploration on the 25,000 hectare Romang Island gold and base metals project in Indonesia's volcanic Banda Arc.
Highlights:
- First diamond holes to test for lateral and depth extensions at Lakuwahi and Kiahar prospects.
- 80% of Billiton's drill holes intersected economically significant gold/silver/zinc/lead/copper mineralisation(1).
- Lakuwahi drilling to test around Billiton hole LWD02 which averaged over 1g/t Au over 73.9 metres and hole LWD08 which contained a 31m zone at 1.2 g/t Au, 2.0% Pb and 1.8% Zn(2).
- Kiahar drilling to follow up Ashton targets - 18m @ 11.01g/t Au in trenching and 2.5m @ 1.89 g/t Au, 98 g/t Ag and 30% Pb in drill hole DDHK03(3).
(1) Laporan Terminasi Kontrak Karya PT Prima Wetar Mining (March 1999) p30, 34, 35.
(2) Laporan Terminasi Kontrak Karya PT Prima Wetar Mining (March 1999) p30, 34, 35.
(3) "Geological Setting, Style and Exploration of Gold-Silver Mineralisation on Romang Island, Moluccas province, East Indonesia". S.L. Garwin and Herryansyah, 1992, Ashton Group Indonesia p262.
Two new NQ Core diamond drilling rigs have been purchased and are scheduled to start drilling in September to test for lateral and depth extensions to known gold and base metal intersections from previous drilling at the 24 square kilometre Lakuwahi prospect and to delineate a high grade lead-silver deposit at the Kiahar prospect in the North of the island.
Robust acquired the Romang Island project in February this year. On June 25, Trafford offered to acquire a 19.98 % interest in Robust with the placement of $1.4 million for 7.2 million fully paid shares in order to help accelerate the project. The offer, which is subject to Robust shareholder approval, includes an option for Trafford to extend its interest to 26.57% within 12 months, and to nominate an additional director to the Robust Board.
Robust Resources Executive Director Gary Lewis said, "The proposed arrangement with Trafford will be beneficial to both companies as it to provides Robust with the level of funding and exploration expertise required to successfully test the outstanding exploration potential of Romang Island, with minimal impact on our capital structure, while giving Trafford shareholders exposure to a potential world class asset. The independent directors of Robust are recommending approval of the Trafford offer to shareholders".
The five mineral titles acquired by Robust cover the entire 25,000 Hectares of the Island have seen only limited exploration in the past by Ashton and Billiton, (before it merged with BHP). Ashton carried out reconnaissance work, mainly in the north of the island around Kiahar where they discovered an extensive base metal vein system with associated gold and silver.
The southern part of the island is dominated by a 24 square kilometre volcanic caldera (Lakuwahi) where Billiton carried out two scout drilling programmes between 1997 and 1999. The first job for the new rigs at Lakuwahi will be to test for lateral and depth extensions to known gold and base metal intersections from the Billiton shallow drilling - 80% of Billiton's drill holes intersected economically significant gold/silver/zinc/lead/copper mineralisation.
An example would be around hole LWD02 which averaged over 1 g/t Au over its entire length of 73.9 metres whilst LWD07 averaged just under 1 g/t Au over its entire length of 67.4 metres.
Elsewhere LWD08 intersected a 31m zone at 1.2 g/t Au, 2.0% Pb and 1.8% Zn(4).
In the North, at Kiahar, drilling will initially concentrate on lateral and depth extensions to Ashton drill intercepts such as DDHK01 which intersected 2.1m @ 3.79 g/t Au, 168 g/t Ag and 29% lead, hole DDHK03 which intersected 2.5m @ 1.89 g/t Au, 98 g/t Ag and 30% lead(5).
Elsewhere follow up work will be undertaken on previous trenching results such as that which have encountered 18 metres @ 11.01 g/t gold(6).
(4) Laporan Terminasi Kontrak Karya PT Prima Wetar Mining (March 1999) p30, 34, 35.
(5) "Geological Setting, Style and Exploration of Gold-Silver Mineralisation on Romang Island, Moluccas province, East Indonesia". S.L. Garwin and Herryansyah, 1992, Ashton Group Indonesia p262.
(6) Laporan Terminasi Kontrak Karya PT Prima Wetar Mining (March 1999) p35.
NOTE:
The information in this announcement that relates to Exploration Results, Mineral Resources or Ore Reserves is based on complied by John Levings BSc, who is a Member of The Australasian Institute of Mining and Metallurgy and who has more than ten years experience in the field of activity being reported on. Mr Levings is a consultant to the Company. Mr Levings has sufficient experience, which is relevant to the style of mineralisation 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 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr Levings consents to the inclusion in the announcement of the matters based on his information in the form and context in which it appears.
Contact
Gary Lewis
Managing Director
MOB: +61-422-88-00-55
Ian Finch
Chairman
TEL: +61-8-9485-1040
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