Ron, Alan, et al,
NEWS RELEASE:NOV 21
Symbol:AAG
November 21, 1996
Indonesian Exploration Program Update
VOISEY BAY RESOURCES INC ("VSY-V;VYBRF-L")
ATLANTA GOLD COPR. ("AAG-T;ATGDF-L")
- Indonesian Exploration Program Update
Voisey Bay Resources Inc. and Atlanta Gold Corp. announce that they will commence a work program immediately on the 4,016 ha. Hapsari Indah Kutai Property in East Kalimantan and on the 15,130 ha. Saran property in West Kalimantan.
At Hapsari Indah Kutai, work to date has focused on the exploration of a 10 kilometer northeast trending zone of alteration and mineralization marginal to a porphyritic intrusive body. Previous sampling of exposed quartz veining and stockworks along this zone has returned values to 7.0 g/t gold and up to 0.8% copper, 1.0% zinc, and 0.7% lead. This zone has previously been the site of extensive alluvial mining for gold. Exploration is focusing on detailed geological investigations to outline early drill targets.
Exploration targets on the Saran Property in West Kalimantan are being identified by recently acquired radar imagery. Dominant WNW structures from the adjacent Ringas Prospect are clearly visible on the radar imagery and extend on to the Saran Property. Preliminary drilling on the Ringas Property by PT Eastara Melawi Minerals has shown up to 40.35 meters at 4.05 g/t gold. Mineralization is found in hydrothermal breccias within a Sintang intrusive formation. Initial work will focus on identifying additional drill targets along this zone.
The other five properties in Kalimantan are all situated within the Central Kalimantan Arc. Three of these properties occur close to the Kelian Mine operated by CRA Australia which has an annual production of 400,000 ounces of gold. Preliminary studies suggest the same structure and geology as at Kelian extends onto these properties. A combined airborne magnetic and radiometric survey is being considered to further delineate drill targets. In the companies North Mahakam Block covering 35,500 ha., an examination of newly acquired data has highlighted a number of significant gold anomalies. The area is located on the Central Kalimantan Arc and has a number of prominent NE and NW faults crossing the property. Interpretation of satellite imagery has outlined a number of Tertiary volcanic intrusives associated with a caldera structure. Gold is being mined in the area by local workers suggesting a hard rock source. The principal exploration targets are epithermal and primary hydrothermal gold.
Field crews are being prepared to move on to the properties and as information becomes available we will keep our shareholders updated.
TEL: (604) 689-4766 Walter E. Brooks, Vice-President FAX: (604) 687-2292
ÿThis document created by StockHouse Online Journal on: Thu Nov 21 13:02:00 1996
-----------------------------------------------------------------------------------
Dan
PS More detailed info @ canada-stockwatch.com |
