Hi John,
NEWS RELEASE.....Looks very good.
Palmer Resources Ltd -
Drilling results from West Java
Palmer Resources Ltd
PMD
Shares issued
15931518
1997-11-28 close $1
Friday Nov 28 1997
Also Antam Resources International Ltd (ATR)
Mr Jerry Pogue of Palmer Resources reports
Cibaliung, West Java
The continuing scout drilling program at
Palmer's Cibaliung gold project in West Java
has returned significant results in testing of two
new targets. The original Cikoneng deposit and
the new Cibeber and Cibitung zones are all
composed of low sulphide, colloform-banded
quartz-adularia vein and vein-breccia within
fault structures. The Cibitung zone is 500m
along trend from the southernmost test
(cddh-18) of the Cikoneng deposit. Shallow
drill holes at the new Cibitung zone have
intersected up to 20m of 4.7 g/t gold and 15.8
g/t silver at a vertical depth of 65m, which
included higher grade sections up to 8.7m of
7.0 g/t gold and 20.5 g/t silver. The Cibitung
results indicate potential for development of
both shallow open pit and deeper underground
resources. The resistivity high marking the
footwall of the Cikoneng deposit and a
prominent Landsat linear both extend for the
entire length of the trend between Cibitung and
Cikoneng. Scout drilling is continuing on both
the Cibitung zone and the intervening 500m of
untested strike potential known as the
Cikoneng Seletan (Cikoneng South) target.
One of three shallow drill holes testing a
portion of the new Cibeber zone, located in a
cross-trend, returned a 0.95m intersection of
19.7 g/t gold and 263 g/t silver. Further testing
will be done to investigate the high grade
potential of the Cibeber zone. In addition to
locating new areas of gold-silver
mineralization, the drilling has verified that a
series of separate structural trends were open
to, and have been filled by, gold-silver bearing
hydrothermal fluids. A total of 10 new
epithermal gold-silver targets have now been
identified within 5km of the Cikoneng deposit,
and work is also progressing on the Sempur
porphyry target in the northeast section of the
KP.
Cikoneng
A further eight holes have tested strike and dip
extensions of the Cikoneng deposit, of which
six were drilled from the opposite side of the
vein. Significant gold-silver results have now
been returned along a total strike length of
500m of the Cikoneng deposit, and to vertical
depths of up to 300m. The deposit strikes
NNW-SSE and is marked by both a prominent
Landsat linear and a resistivity high indicating
the footwall contact. The results all 20 holes
testing Cikoneng, are as follows:
HOLE LENGTH TO - FROM AU AG
(m) (m) g/t g/t
1 55.4 35.8- 8.7 10.79 86.68
2 99.4 76.3- 23.1 11.30 88.40
3 145.6 138.1- 7.3 5.77 42.60
4 176.5 65.2- 3.2 4.43 50.20
and 73.4- 4.6 3.11 20.10
5 101.8 32.6- 6.0 4.21 13.50
and 62.1- 2.9 18.79 132.0
6 371.0 229.2- 7.9 12.29 96.22
and 318.9- 4.2 14.68 151.76
7 334.0 174.9- 19.1 11.53 91.52
and 236.1- 6.2 6.93 39.90
10 306.1 151.5- 22.3 10.45 86.15
and 257.5- 3.7 7.67 99.77
11 232.6 157.5- 0.9 4.33 10.00
12 189.0 Nil Nil
13 299.1 171.1- 1.3 3.53 7.00
14 303.0 Nil Nil
15 226.3 148.2- 10.5 14.31 96.62
16 245.8
17 357.0 285.7- 4.8 3.14 26.80
and 300.5- 2.0 10.20 68.00
18 292.8 218.5- 3.6 3.72 20.33
19 358.5 328.6- 3.0 3.03 321.30
20 260.3 190.6- 2.2 5.67 46.00
and 207.7- 2.5 8.71 63.88
and 216.7- 10.3 6.04 48.70
Hole cddh-14 located 500m north of the main
deposit area did not cut the structure hosting
the deposit. Since the footwall resistivity
anomaly persists through and continues north
from this point, it is likely that the vein has
either reversed its dip and/or been offset by
cross faulting. The southern most test of the
deposit, cddh-18, indicates the deposit is
persistent and open to the south. The deposit
also remains open to depth.
Cibeber
The three holes at the Cibeber target tested 80
metres of a 250m long trend of artisanal
mine-workings from which dump samples had
returned from 60 ppb to 8.5 g/t gold. As is the
case at Cikoneng, higher gold grades are
associated with brecciation within the broader
vein structure, indicating that the mineralization
results from a series of gold-silver-bearing fluid
pulses. No geophysical contrast or persistent
geochemic expression has been associated with
this mineralization. The trend of the workings
and the drilling results both indicate a strike of
025-205 degrees. The resistivity high and TM
linear associated with the Cikoneng deposit lies
about 800m to the NNE of cddh-21. Results
are as follows:
HOLE LENGTH TO - FROM AU AG
(m) (m) g/t g/t
21A 70.8 39.85- 0.95 19.70 263.00
21B 134.5 35.20- 1.00 3.33 28.00
22 85.7 43.10- 0.60 3.02 91.00
Further testing with the scout drill will follow
up the high grade result from cddb 21A and
test the trend extension.
Cibitung
With the exception of cddh 25, the holes in the
Cibitung area are testing mineralization lying
off the main Cikoneng trend. To date about
120m of trend length has been tested in an area
of artisanal workings. Holes 23 and 25 were
drilled at an azimuth of 245 degrees and holes
24 and 26 at an azimuth of 200 degrees, and
all four holes have inclinations of -50 degrees.
The results are as follows:
HOLE LENGTH TO - FROM AU AG
(m) (m) g/t g/t
23 108.1 48.70- 1.55 6.86 35.00
and 59.70- 8.05 2.83 20.43
24 105.0 50.25- 12.05 4.22 26.15
25 103.5 31.70- 3.95 3.97 17.53
26 162.2 93.45- 20.40 4.70 15.83
Inc 93.45- 4.55 6.71 23.15
Inc 105.15- 8.70 7.03 20.49
This mineralization appears to be related to a
splay off the main Cikoneng vein structure, but
further drilling is needed to determine the
relationship between the two structures.
Drilling in the Cibitung area is continuing to
focus on the shallow resource expansion.
Further results of this work will be made public
as compiled.
Drilling of the main Cikoneng vein trend has
now returned significant results along some
1,000m, with good continuity being established
along 500m of strike in the original Cikoneng
area. Establishing that multiple fault/fracture
trends were open to mineralizing fluids has
broadened the project's potential. Auger drill
soil sampling continues with the intent of
establishing further targets for testing as
possible additions to a resource base for a
centralized treatment plant.
The Cibaliung project is a joint venture
between Palmer Resources and a subsidiary of
Antam Resources International and PT Sitrade
Nusaglobus. Antam is substantially owned and
controlled by PT Aneka Tambang, an
Indonesian state mining company established
under the direction of the department of mines
of Indonesia.
In Vietnam, the initial targeting phase on the
Bac Giang sediments hosted copper-silver
project is nearing completion.
(c) Copyright 1997 Canjex Publishing Ltd.
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