Robust updates Romang gold project
Tuesday, August 2 2011 - 07:16 AM WIB
Corporate Activity
On 26 July 2011, Robust Resources Limited announced that it had signed definitive agreements with P.T. Kilau Sumber Perkasa (PT KSP?), a member company of the Salim Group, to acquire a strategic 22.5% shareholding in P.T. Gemala Borneo Utama (PT GBU?), the local Indonesian company owing mining rights over Romang Island. This transaction was first announced in February of this year. Under these agreements, PT KSP will subscribe for shares in PT GBU in five equal installments, the aggregate investment amount being AUD $31,569,544.
In addition to their investment directly into the Romang Island Project, the Salim Group has also acquired 1.76 million shares in Robust Resources from Trafford Resources Limited for a total consideration of $3 million, equal to a purchase price of $1.70 per share. This will take the total Salim Group investment in Robust and its associated companies to AUD $34.6 million.
Following the investment by Salim Group, Robust shareholders will retain a 17.5% interest in the Romang Island Project.
Exploration Programme
During the reporting period, Robust has continued its strong drilling campaign at the Batu Mas and Batu Hitam prospects at the Lakuwahi Pzoject Area on Romang Island, Indonesia.
The company now has seven diamond drill rigs on Romang, with six of these rigs progressing the delineation drilling at Lakuwahi in preparation for the Company?s maiden JORC code compliant resource estimate, which is targeted for release during Q2 FY12.
Due to the continuance of positive exploration results, planning is currently underway for expanding the number of owner-operated diamond drill rigs to ten, to further advance the Company?s exploration efforts on Romang Island. Eight rigs will operate within the Lakuwahi project area, with two rigs earmarked for the North Romang Project.
Assay results from the drilling during the June quarter are expected for release over the coming weeks.
Geophysics
During the quarter, Robust extended the successful 3D IP-Resistivity Survey at the Lakuwahi Project to further delineate resistivity anomalies that remained open to the south and west after completion of the previous 150-line kilometre survey. This new, extended survey will be completed early next quarter.
On 5th July 2011, Robust announced the completion of the first phase, 167 line-kilometre, 3D Induced Polarisation (IP) - Resistivity survey at the North Romang Project. This IP-Resistivity survey was carried out using the double offset, dipole-dipole methodology, providing an information-rich dataset that is ideal for 3D inversion processing. The inversion processing produces a non-unique but geological plausible 3D grid pattern of resistivity and chargeability, which is normally viewed as shells of equal chargeability (or resistivity), most conveniently in a 3D display software package such as Voxier. In Figure 2 below, the golden shapes are the vertical projection of the 3D IP anomaly shells displayed in Voxler. It shows the horizontal extent of the anomalies, which is significant as they occur over a substantial proportion of the gridded area; having a north-south strike of 4.5 kilometres.
What is not evident in the static 2D plan view in Figure 2 can be appreciated in the east-west section in Figure 3: the anomalies are open and strengthening at depth to the limit of detection of the IP method, which is greater than 500 vertical metres.
Of significant note also in Figure 3 is the ?anticlinal? structure of the anomalies. In 3D this can be interpreted as a classic porphyry structure which has a relatively unmineralised core (perhaps a post mineral intrusive), surrounded by an extensive carapace of sulphide-rich mineralisation. It is this carapace mineralisation that gives rise to the IP anomalies and will be tested in the drilling.
The IP anomalies are consistent with the surface geochemical anomalies and aeromagnetic anomalies. Along with prospective surface geology, which shows an extensive package of altered volcanic and intermediate intrusives with areas of silicification. This data supports the model for a relatively shallow-seated, large-scale porphyry-style target.
Robust has now commenced a 5,000-metre diamond drill programme to test the results of the Induced Polarisation anomalies identified.
Planned Exploration for the next reporting period
The Company will continue to focus strongly on diamond drilling on both the flagship Lakuwahi Project and the exciting new targets at Romang North.
Lakuwahi drilling continues with six owner-operated coring rigs and it is planned to trial a smaller ?Winkie? style rig that will be used to test shallow mineralisation in and just below the upper limestone unit, If the Winkie is successful a second unit will be purchased, bringing the total number of diamond rigs at Lakuwahi to eight. The Lakuwahi drilling continues to concentrate on infill and resource additive work, which will provide the basic geological and analytical information for a JORC-compliant mineral resource estimate.
The North Romang drilling, which commenced during the quarter, is designed to test targets generated by a major IP-Resistivity programme that was completed during the current quarter. This geophysical work was designed to test at depth for disseminated sulphide mineralisation which could be related to porphyry-style copper-gold-silver mineralisation.
Due to the deep anomaly the holes will take longer to complete. The first hole commenced drilling in HQ-sized core and planned to terminate at 400-450 metres in BQ-sized core.
A pre-order has been placed for a second rig for the north and will be confirmed once positive results from the first 2 to 3 holes are available.
Ground magnetometer surveys are being conducted over both the Lakuwahi Grid and the North Romang grid as initial trials of this method has revealed fine structure that may prove useful in drill targeting.
The soil-sampling programme over the Lakuwahi Grid continues and will complement and extend the original soil geochemistry done by Billiton.
Metallurgical testwork on the oxide gold-silver mineralisation will resume. The object of this phase of test-work will be to obtain a preliminary assessment of the amenability of the mineralisation to heap leaching.
Operationally the project will be enhanced by the purchase of a second sea-going vessel to service the Kupang (West Timor)-Romang Island route. This is a 300 nautical mile trip. A suitable vessel has been located which under normal weather conditions will do the trip safely, comfortably and economically in approximately 15 hours. This will largely eliminate the reliance of the Company upon coastal traders for goods (e.g. samples) and reduce the reliance on constrained fixed-wing charter flights for personnel. (end of edited excerpt)