TIDMAR.
RNS Number : 1286L
Archipelago Resources PLC
27 July 2011
27 July 2011 AIM: AR.
Archipelago Resources Plc
("Archipelago" or "the Company")
Further Positive Exploration Results from the Toka Tindung Gold
Project
Archipelago Resources Plc is pleased to report the second
tranche of drilling results from its previously announced two year
US$30m exploration program at its 95% owned Toka Tindung Gold
Project ("the Project") in North Sulawesi, Indonesia.
Reverse Circulation ("RC") drilling continues to focus on
extensions to gold mineralization adjacent to the five deposits
that comprise the Project.
At Bone, 17 of the 26 holes drilled encountered significant
mineralization (>3 gram metres) with 9 holes encountering
intersections between 1 and 3 metres long with grades of between
6.1 g/t and 19.6 g/t gold:
Hole BON 006 1m @ 19.6 g/t gold from 65 to 66 metres
Hole BON 011 2m @ 16.5 g/t gold from 30 to 32 metres
Hole BON 015 3m @ 10.2 g/t gold from 89 to 92 metres
Click on, or paste the following link into your web browser, to
view the associated PDF document relating to additional drill
holes.
http://www.rns-pdf.londonstockexchange.com/rns/1286L_-2011-7-26.pdf
At Jipang, 20 of the 40 holes drilled encountered significant
mineralisation (>3 gram metres) with 9 holes encountering
intersections between 1 and 3 metres long with grades of between
5.0 g/t and 12.0 g/t gold:
Hole JIP 015B 3m @ 8.79 g/t gold from 55 to 58 metres
Click on, or paste the following link into your web browser, to
view the associated PDF document relating to additional drill
holes.
http://www.rns-pdf.londonstockexchange.com/rns/1286L_1-2011-7-26.pdf
At Makassar, 8 of the 12 holes drilled encountered significant
mineralization (>3 gram metres) with 3 holes encountering 1
metre intersections of 5.6 g/t, 10.5 g/t and 10.8 g/t gold with one
hole intersecting 11 metres at 4.3 g/t gold including two 1 metre
intersections of 8.2 g/t and 10.0 g/t gold:
Hole MAK 007A 11m @ 4.28 g/t gold from 94 to 105 metres
Click on, or paste the following link into your web browser, to
view the associated PDF document relating to additional drill
holes.
http://www.rns-pdf.londonstockexchange.com/rns/1286L_2-2011-7-26.pdf
At Blambangan South, 7 of the 19 holes drilled encountered
significant mineralization (>3 gram metres) with 2 holes
encountering 1 metre intersections of 6.7 g/t and 7.4 g/t gold and
another hole intersecting 5m of 4.2 g/t gold:
Hole BSP 008 5m @ 4.17 g/t gold from 131 to 136 metres
Click on, or paste the following link into your web browser, to
view the associated PDF document relating to additional drill
holes.
http://www.rns-pdf.londonstockexchange.com/rns/1286L_3-2011-7-26.pdf
At Toka North, 15 of the 20 additional holes assayed encountered
further significant mineralization (>3 gram metres) with 3 holes
encountering high or medium grade intersections up to 11.5 g/t gold
within extensive lower grade mineralized envelopes, 3 of which
exceed 20 metres in width with grades of between 1.2 g/t and 1.9
g/t gold.
Hole TNRC 037B 30m @ 1.86 g/t gold from 82 to 112 metres
Hole TNRC 014A 26m @ 1.69 g/t gold from 49 to 75 metres
Hole TNRC 041 25m @ 1.24 g/t gold from 83 to 108 metres
Click on, or paste the following link into your web browser, to
view the associated PDF document relating to additional drill
holes.
http://www.rns-pdf.londonstockexchange.com/rns/1286L_4-2011-7-26.pdf
At Toka Pit, 13 of the 23 additional holes assayed encountered
further significant mineralization (>3 gram metres) with 5 holes
encountering either narrow high grade intersections and/or
extensive medium and lower grade mineralized envelopes.
Hole TOP 1058 1m @ 19.6 g/t gold from 126 to 127 metres
Hole TOP 1009 16m @ 2.49 g/t gold from 62 to 78 metres
(same hole) 8m @ 4.2 g/t gold from 103 to 111 metres
Hole TOP 1042 56m @ 1.0 g/t gold from 56 to 112 metres
Click on, or paste the following link into your web browser, to
view the associated PDF document relating to additional drill
holes.
http://www.rns-pdf.londonstockexchange.com/rns/1286L_5-2011-7-26.pdf
At Toka East, 5 of the 6 additional holes assayed encountered
further significant mineralization (>3 gram metres) with 1 hole
encountering a narrow high grade intersection of 10 g/t gold and
another encountering 2 substantial intersections of lower grade
mineralization.
Hole TITO 022A 17m @ 1.38 g/t gold from 63 to 80 metres
(same hole) 15m @ 1.20 g/t gold from 102 to 117 metres
Click on, or paste the following link into your web browser, to
view the associated PDF document relating to additional drill
holes.
http://www.rns-pdf.londonstockexchange.com/rns/1286L_6-2011-7-26.pdf
Drilling and assaying is continuing and Archipelago is very
encouraged by these initial, generally high grade intersections
from around the smaller deposits and continuing narrow high and
medium grade zones within extensive lower grade envelopes from
around the Toka Tindung deposit. The Company looks forward to a
positive revision of the Project's resources and reserves in the
latter half of this calendar year.
In total, 133 additional holes have been drilled for a total of
17,970 metres. 146 of these, and previously drilled, holes have
been assayed, with the more significant results (>3 gram metres)
reported in the accompanying tables and highlighted above.
Currently the Project contains a JORC compliant resource of
1.75m ounces of gold equivalent, of which 1.1m ounces is initially
mineable by a series of open pits feeding a central processing
plant. Production commenced in April 2011 and is currently ramping
up to full production by Q4 2011. Production is targeted to reach
an average 160,000 ounces of gold equalivent for the first 6 years
of the current 8 year Project life. However based on these initial
drilling results and the highly prospective nature of the ground
surrounding the known deposits, the Company is confident of
increasing the resources and reserves and thereby significantly
extending the mine life.
Further Info: Colin Loosemore, Managing Director, Archipelago
Resources Plc.
Tel: 61 8 9364 8301
Shaun Whyte, Ambrian Partners Ltd
Tel: 44 20 7634 4700
Bobby Morse / Katharine Sutton, Buchanan
Tel: 44 20 7466 5000
Gerry Beaney / David Hignell, Grant Thornton Corporate
Finance
Tel: 44 20 7383 5100
www.archipelagoresources.co.uk
Archipelago is a mining company listed on the AIM market of the
London Stock Exchange. The Company's principal activities are gold
mining and exploration in Indonesia (as 95% owner of the producing
Toka Tindung Gold Project in North Sulawesi, Indonesia), Vietnam
(as majority party in the Pac Lang and Cam Thuy/Ba Thuoc joint
ventures with VINACOMIN a Vietnamese Government mining company) and
the Philippines (via entitlement to not less than an 80% interest
in exploration company Corplex).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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