Augur seeks more stakes in Wonogiri project

Australia-based company Augur Resources Ltd has met the required expenditure of US$1.5 million within the first 12 months of the agreement with the Wonogiri joint venture partners to acquire 5% stake in the Wonogiri project.

Augur can acquire up to 80% of the Wonogiri project by spending a further US$2.0 million on exploration before December 9, 2012. It has completed 27 diamond drill holes for 8,004 meters since March 2011 and plans to continue aggressively defining the Randu Kuning gold-copper porphyry and to drill test four known epithermal targets.

As previously reported, initial metallurgical recovery using floatation has been extremely encouraging for the suiphide samples with average copper recoveries of 94.1% and average gold recoveries of 82.7%.

The Wonogiri project lies within the Sunda-Banda arc and covers and area of 3,928 hectares. The area is considered prospective for epithermal gold and porphyry copper-gold mineralization. (ruly)