THE DRILL SERGEANT: Nusantara Resources (ASX: NUS) released a Mineral Resource update for the Salu Bulo deposit, located on the company’s 100 per cent-owned Awak Mas gold project in South Sulawesi, Indonesia.
Nusantara Resources said the update had resulted from the inclusion of results from 12 additional diamond drill holes carried out during a Phase 1 drilling program at the project.
The company claimed the final assay results from the 12-hole Salu Bulo drilling program confirmed the continuity and strike potential of the Biwa and Lelating trends.
The drilling also identified previously unmodeled, shallow dipping mineralisation located north of a controlling structure.
The Salu Bulo Indicated and Inferred Resource has been updated with a 65 per cent increase in contained gold to 3.7 million tonnes at 1.53 grams per tonne gold for 180,000 contained ounces.
The Awak Mas gold project Mineral Resource Estimate at 0.5g/t gold cut-off within a US$1400 per ounce optimisation shell increases to 2 million ounces, with 81 per cent reporting to the Indicated Resource category.
Nusantara said this had provided the company with further confidence for the Definitive Feasibility Study (DFS) it currently has in progress.
The company indicated it expects further resource upgrades for the Awak Mas deposit from ongoing step-out drilling within the Awak Mas lower domains and Awak Mas eastern extension (Highwall) area.
“Achieving two million ounces is a significant milestone for the company and highlights the immense upside potential of the Awak Mas gold project,” Nusantara Resources managing director and CEO Mike Spreadborough said in the company’s announcement to the Australian Securities Exchange.
“We eagerly await assay results from the step-out drilling currently in progress at the Awak Mas deposit, which has the potential for additional mineralisation for inclusion in the DFS that is on track for completion in mid-2018.”