ANZ/CLL Press Release - Following is a post placed in Bre-X forum today.
Battle Hardened Bre-X Investors....Your expertise urgently needed!
I and other Coleville/Antares investors need to find out if the results from Antares' initial field trip to the Ojolali in Lampung Province (Sumatra) indicates a promising find . A press release came out today and is written for a professional geologist to interpret. Lay peopla as myself can only guess at the importance of the information.
You guys in this thread are probably the most battle scarred and weary on the threads, having only a couple of billion in profits to show for your travails.
Because of having fought the battle of the Busang, SOME OF YOU are perhaps the most qualified investors on the Internet to offer a meaningful interpretation of the latest information. I invite you to visit the Antares and Coleville threads to state your reaction to the latest news.
We all know the property has to be drilled, but such information as released today can go a long way toward indicating whether the Ojolali has the potential being a major discovery.
The indicator as to whether there might be a major strike by the CLL/ANZ JV, or at least a commercial mine of gold-silver on the Ojolali, is whether the Bay Street banks and investment bankers decide to put hard, sizable amounts of cash on the table. However, until that happens, I and my compatriots would greatly appreciate some immediate input.
I'm attaching the CLL/ANZ news release of today, below. Any comments will be appreciated. I, in particular, would like to know what is the potential significance of the "highly altered volcanics" and the "large silicified dome" on the Ojolali's 5 x 5 kilometer strike zone?
I would appreciate it if one or all of you would share your seasoned opinions. The news release follows the URLs for the Antares and Coleville forums given just below.
With sincerity and appreciation,
Don DeKold
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URL's for your convenience in replying:
Antares forum: Subject 6477
Coleville forum: techstocks.com
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Antares Mining and Exploration Corp - News Release
Ojolali exploration results
Antares Mining and Exploration Corp
ANZ
Shares issued 14638257
1997-03-05 close $3.85
Thursday Mar 6 1997
News Release
Also Coleville Resources Ltd (CLL)
Mr Dennis Gray reports
Antares and Coleville Resources have received results from the surface exploration program completed
to date on the Ojolali gold and silver property in the district of North Lampung, Lampung Province on
the island of Sumatra in Indonesia. The results indicate that the property has extensive gold and silver
mineralization. Results are summarized as follows:
Jambi Prospect
The Jambi prospect is a volcanic dome of intensely altered crystal tuffs rich in sericite, kaolinite and
limonite. The exposed hill top covers a 600 x 600 metre area. The dome has been extensively channel
sampled by Antares and previous operators on five circular levels up the hillside. Intervals of 0.5 grams
of gold or better were identified on all levels and the best trench channel samples obtained by Antares are
as follows:
Average over 62m: 1.5 g/t Au
Average over best 18m: 2.8 g/t Au
Average over best 2m: 5.9 g/t Au
Channel sampling from a 48 metre long adit by Antares resulted in:
Average over 22m: 5.6 g/t Au
Batukuning Prospect
The Batukuning zone, a trend 1.5 kilometres long and 0.5 kilometres wide following the crest of
Batukuning Hill hosts steeply dipping quartz veins and stockworks in silicified volcanics. Five surface
samples taken by Antares from a high grade vein zone 0.5 metres wide returned the following assays:
Average:
7.8 g/t Au and 642.8 g/t Ag
Best Values:
25.3 g/t Au and 1280 g/t Ag
The Batukuning prospect is viewed as a prime exploration target because of extensive artisinal
workings, high grade potential and strike continuity. Antares believes that the potential for locating
additional high grade zones in this area is excellent.
Kenkur Prospect
The Kenkur zone is a fault zone 1km long and 150m wide. A 600m long, well exposed section, of this
zone has several ryholite domes of between 100 and 200 metres in diameter bounded to the south by a
major fault. Significant artisinal worker activity takes place in this area. Antares is examining the bulk
mining potential of this zone and has thus far identified an extensive stockwork vein system. Detailed
profile trench sampling by Antares over the northern part of the mineralized structure returned the
following:
Average over 57m: 0.19 g/t Au
Adjacent to the south, a series of 26 bulk samples, each weighing 25 to 35 kilograms from both
stockwork and soprolitic wallrock averaged as follows:
Average: 0.9 g/t Au
Best values: 2.6 g/t Au
While the Kenkur exploration data are still fragmentary, data to date are suggestive of a large low grade
stockwork mineralized body with substantial tonnage potential. The bulk samples have been forwarded
to Rappa's plant in South Africa to undergo leaching tests.
C-1 Prospect
The C-1 Prospect is a high grade stockwork vein system approximately 200 metres by 100 metres in
extent. Gold and silver mineralization is associated with thin pyrite and quartz veinlets in intensively
silicified shallow dipping volcanic tuffs. Grab sampling conducted by Antares from an adit yielded the
following results from seven samples:
Average: 4.4 g/t Au and 18.1 g/t Ag
Best Values: 11.4 g/t Au and 39.0 g/t Ag
Previous sampling of mine dumps in the C-1 are returned the following results from assays:
Average: 8.2 g/t Au and 47.9 g/t Ag
Best Values: 46.0 g/t Au and 80.9 g/t Ag
The C-1 prospect is a high priority exploration target because it forms part of an area 1,000 metres long
and 500 metres wide containing boulders of highly altered volcanics suggesting a large silicified dome.
High grade vein mineralization contained in massive disseminations exist in formationally hosted
systems indicative of mineralized stockwork.
Umpu Prospect
The Umpu prospect is within a silicified dome adjacent to a major fault. The prospect comprises a
stockwork system with narrow high grade gold-silver mineralized veins up to 60 centimetres in width
within hematite altered crystal tuffs. The stockwork systems have been traced for a length of 100 metres
and the area is strongly reminiscent of the C-1 Prospect. Five grab samples taken by Antares from
artisanal workings yielded the following results:
Average: 9.4 g/t Au and 176 g/t Ag
Best Values: 24.1 g/t Au and 97.5 g/t Ag
The work undertaken by Antares since mid-January and exploration conducted on the Ojolali property
by others since the mid-1980's, confirms widely distributed gold and silver mineralization over a 25 sq
km area. Future exploration work on the property will proceed as follows.
Regional exploration will include compilation and interpretation of all existing data. Work will include
the completion of a topographic base map, geological mapping, soil geochemistry and a 200 metre
spaced helicopter borne magnetic/radiometric survey on the entire 5km x 5km target zone. Detailed
prospecting of partially explored mineral showings will continue. Antares is optimistic that this work
will lead to the discovery of additional zones.
Advanced exploration will be conducted simultaneously on the five targets discussed above and on any
new significant targets. Advanced exploration work will include the establishment of a surface grid,
further detailed trenching to bedrock, and an initial 10,000 metres diamond drilling program. The cost of
this work program for the joint venture is estimated at $2.0 million for 1997 and $3.3 million for 1998.
Antares has a 45% joint venture interest in the Ojolali property, Coleville Resources owns 45% and the
Indonesian partner, P.T. Kurnia Dwipa Kencana owns 10%. Antares also has a 43% interest in the
producing Lady Lina gold mine in Zimbabwe as well as a current 24.75% beneficial interest in Rappa
Holdings (Proprietary) Ltd, a profitable and expanding gold recovery operation in South Africa.
Negotiations are currently under way with the objective of Antares increasing its ownership of Rappa.
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