The news on CLL and ANZ:
Date: Wed, 05 Feb 1997 11:25:18 -0800
Subject: Stockwatch: Coleville Resources Ltd - News Release
To: bpatters@quebectel.com
Positive technical due diligence on Ojolali
Coleville Resources Ltd CLL
Shares issued 5,971,000 Feb 4 close $2.59
Wed 5 Feb 97 News Release
See Antares Mining and Exploration Corp (ANZ) News Release
Mr Dennis Gray reports
A positive outcome has been received to the technical due diligence on the
Ojolali gold property in the district of North Lampung, Lampung Province on
the Island of Sumatra in Indonesia. The evaluation to date indicates that
the potential of the property to host economic gold mineralization is
exceptional. In addition, the company has arranged financing for the
acquisition. Antares is currently implementing the necessary legal steps to
facilitate closing of the transaction. Antares' joint venture partner in
the Ojolali property is Coleville Resources.
The potential of the property to host economic gold mineralization is based
on evidence encountered by Antares of widely distributed mineralization
over an approximate aerial extent of 16km. To date, there have been 10
separate mineralized showings of which four have been prioritized for
exploration, area C1, Bukit Batu Kuning, Bukit Kencur and Bukit Jambi. A
comprehensive and logical program for the continued exploration of the
Ojolali property is now in place.
At area C1 and Bukit Batu Kuning, an abundance of quartz in float and mine
discard exhibits characteristic epithermal textures considered to be
indicative of the likelihood that high grade quartz veins of mineable
thickness will be encountered in these areas. The highest grade grab sample
taken during the previous work on area C1 graded 44.9 g/t.
At Bukit Kencur, based on examination of shallow mine workings, the
presence of thin multiple ferruginous quartz filled fractures which are
being high graded by artisanal miners, viewed in association with the
absence of massive quartz showings, creates the expectation that a
considerable tonnage of open-pittable stockwork ore could be encountered.
Previous grab sampling at Bukit Kencur includes grades up to 37 g/t.
Bukit Jambi appears to represent a third form of mineralization wherein
gold and silver appear to concentrate in irregular zones of intensely
silicified and ferruginous pyroclastic tuffs which have been exposed by
numerous trenches on the slopes of Bukit Jambi. Antares is particularly
encouraged by reports of previous sampling on Bukit Jambi, including the
following from two trenches 180m apart: 28 metres at 2.9 g/t and 29 metres
at 2.27 g/t.
The best two metre intercepts in these two trenches were reported as 5.1
g/t and 7.58 g/t.
Antares has commenced a significant sampling program on the Ojolali
property within the last few weeks and 400 samples of 2 to 4 kg and 26 bulk
samples of 20 to 40 kg have been sent to Jakarta for testing. An 800 kg
bulk sample is currently being collected and will be sent to South Africa
for metallurgical testing.
Trenching programs on all four target areas are in progress and Antares has
put a drill program in place.
Reconnaissance of the outlying areas of the KP Explorasi claims has
resulted in the identification of a significant number of heretofore
unidentified mineralized areas which indicate the vast extent of the
Ojolali mineralized system.
In marked contrast to much of Indonesia, Ojolali, by reason of the
considerable infrastructure that is already in place, presents an
unparalleled opportunity to carry out a rapid and cost effective
exploration program. |
