Resource Estimate Demonstrates Economic Potential Of The Jampang Property In West Java,
Indonesia
Business Wire - January 26, 1998 08:14
%MISPEC MPE. %NEW-YORK %MINING %METALS V%BW P%BW
Mispec(ME:MPE.) Also Released "Mispec Advances to 85 Percent and 90 Percent Interest in Indonesian Gold Properties" Today
- Gold Resource of approximately 0.63 million oz in three drilled zones in the Cigaru Area
- Seven (7) adjacent geophysical targets hold promise of significant additions
Mispec Resources Inc. is pleased to announce that the recently completed resource estimate for the Jampang Gold Property in West Java, Indonesia has
demonstrated a preliminary gold resource of approximately 0.63 million ounces.
The Resource Estimate was compiled by Mispec's Vice President Exploration, Dr. James M. Patterson. The objective of this study was to demonstrate that the
potential exists to develop sufficient resources to lead to an eventual feasibility study that would support a future mining operation in the Cigaru Area.
RESOURCE ESTIMATE
The Estimate was completed for an area of approximately 1 km2 (the Cigaru Area) in the northern part of the 205 km2 Jampang property and was based on assay
results from 249 holes (Fig. 1).
Between May 1996 and September 1997, Mispec Resources Inc. completed approximately 32,000 m of drilling in the Cigaru Area, located 15 km south of
Pelabuhan Ratu in West Java, Indonesia. In August 1997, Snowden Associates, Mining Industry Consultants of Perth, Western Australia, carried out an
independent audit and confirmed the reliability of the information database.
The Resource Estimate presented here is based on the above drilling program. This program was designed to explore the mineralized zones along strike and down
dip with the understanding that further delineation drilling would be required to upgrade the resource to industry classification standards. Thus, in some areas drillhole
control is sufficient to classify the Resource while in others the spacing is too widespread to permit classification. Management is of the opinion that these figures
fairly reflect the potential of the three zones and that additional drilling will promote these figures to Classification status.
The drilling has outlined three distinct zones. Assay intersections at a 0.5 g/t Au cut-off have been compiled and correlated on cross section (dip), longitudinal
section (strike) and on plans at several elevation levels. Vein systems demonstrating continuity in both dip and strike have been designated as potential ore systems.
A gold resource of 0.63 million oz has been estimated from approximately 8 million tonnes grading 2.4 g/t gold within the three zones.
GEOPHYSICAL ANOMALIES
Ground geophysical surveys have been carried out over the Cigaru Area and ten anomalies have been identified. Consultant Geophysicist, Graham Elliott has
ranked all ten geophysical anomalies on the basis of geophysical response. (Figure 1 shows the estimated size, location and ranking of these anomalies.)
Three categories of geophysical anomalies may be recognized:
Anomalies Drilled in Detail - Geophysical Rankings 2, 6 and 9
These cover the three zones included in the Resource Estimate and contain an estimated gold resource of 0.63 million oz. They cover a ground area of 49,000 m2.
Anomalies With Some Underground Sampling - Geophysical Rankings 1, 3, 5 and 8
Four other geophysical anomalies have been tested by a combination of Mispec drilling and/or underground workings by the Dutch or local miners. Such testing is
widely spaced.
LIPI West anomalies A and B are ranked as 1 and 3 respectively. One drillhole in LIPI West B intersected 5.6 g/t Au over 8 m and grab samples from local
miners' adits located approximately 450 m to the south, returned values of 2.5 and 4.5 g/t Au with Cu values up to 0.45 percent.
LIPI East Zone is ranked 5. One hole drilled in this anomaly intersected 1.02 g/t Au over 3 m.
The Ciawitali Zone is ranked 8, and parallels the Pasir Keusik Zone. One hole drilled at the southern end of the anomaly intersected 2.07 g/t Au over 12 m. Dutch
adits, 300 m to the north, have exposed the vein systems over a cumulative strike length in excess of 120 m. Sampling from these adits indicates ore grade gold
values.
These four anomalies, with widespread indications of ore-grade gold, cover an areal extent of approximately 100,000 m2. Anomalies With No Underground
Sampling - Geophysical Rankings 4, 7 and 10
Three geophysical anomalies, ranked #4, #7 and #10, have neither been drilled nor have any adits been excavated. They cover an areal extent in excess of 29,000
m2. Due to the complex interrelationships involved in interpretation of geophysical anomalies it must be appreciated that a simple translation between areal extent of
anomalies and gold content is not valid. The potential suggested by the intersections noted above will require testing by a drilling program. However, it can be
predicted with some confidence that the resource estimate reported herein will be significantly increased through further exploration in the Cigaru Area.
OTHER
In addition to gold, significant copper values have been intersected in the LIPI Zone, while lead and zinc values may assume importance in the Pasir Keusik and
Puteran Simpang Zones. An assay program is underway to assess the economic impact of copper and other base metals.
Detailed logging of diamond drill core and a reassessment of the airborne geophysical surveys suggest the presence of intrusive gold-bearing porphyry within the
Cigaru area. Recent drilling, by another company on their adjacent property, has proven the presence of gold and copper in porphyry. 6 It is expected that further
exploration, delineation drilling and appropriate studies will prove an economic gold deposit in the Cigaru Area. Results from the regional exploration program
elsewhere on the Jampang Property demonstrate the excellent potential for further discoveries.
There is a map available by contacting the company at the number above or by accessing CCN's Internet Website at cdn-news.com.
CONTACT: Mispec Resources Inc.
Harold D. Jackson, 416/506-0990
website at www.mispec.com
or
Mispec Resources Inc.
Dr. James M. Patterson, 416/506-0990
website at www.mispec.com |
