Investors continue to find excitement in drilling results from Robust Resources (ASX: ROL) at the Batu Hitam prospect within the Company’s Lakuwahi Project on Romang Island in Indonesia. It's not difficult to see why.
Latest drilling extends gold, silver and base Metal mineralisation. Combine that with first intersections of significant copper mineralisation at Batu Hitam and that mineralisation remains open in all directions - and a 5% jump in share price today to 66 cents is the result.
Best results from the latest four holes drilling include:
- LWD 029 8.2m @ 1.24g/t Au equivalent from near surface (Hole abandoned due to ground conditions, to be redrilled).
- LWD 030 23m @ 1.23g/t Au equivalent from surface 4m @ 1.1% Cu from 27.2m
- LWD 031 32m @ 1.13g/t Au equivalent from 14.75m
- LWD 032 25m @ 0.82g/t Au equivalent from 1.5m
It would not be difficult to extrapolate potential copper mineralisation from Hole LWD 030. The directors have indicated that potential exists for substantial copper-gold mineralisation within the Lakuwahi Caldera due to similarities to the high-grade volcanogenic massive sulphide copper deposits currently being developed by Australian listed Finders Resources (ASX: FND) on nearby Wetar Island.
Importantly for investors, only a very small proportion of the prospective Lakuwahi Caldera has been drilled. Interpretation of the remodelled magnetic survey data indicates a mineralising system approximately 13 km2 in extent. Robust’s drilling to date has only tested less than 0.02 km2 or less than 0.2% of the system.
What can be said is these results extend the precious and base metal mineralisation seen in holes drilled both by Robust and previously by Billiton Indonesia.
Based on the Lakuwahi results there is reason to expect that treatment of Lakuwahi ores will be low-cost, allowing the profitable mining and treatment of low grades.
Metallurgical test-work has results have been positive in that they clearly indicate that the near-surface Lakuwahi ore is free milling and that it will not require expensive treatment options such as a floatation and pressure oxidation process.
It should be noted that the ores treated at Billiton's gold mines on nearby Wetar Island (Kali Kuning and Lerokis - now mined out) were also free milling and achieved very high gold and silver recoveries with a very simple and relatively inexpensive plant. The company believes that, "based on the Lakuwahi results there is reason to expect that treatment of Lakuwahi ores will be low-cost, allowing the profitable mining and treatment of low grades."
Robust is continuing its Romang drilling programme with two owner-operated diamond drilling rigs, and construction of a third rig is underway in order to accelerate exploration.
If Robust continues in this vein and with on-going good results, further upside is likely.
http://www.proactiveinvestors.com.au
No comments:
Post a Comment