Annax hits best hole yet

Ongoing drilling at the Dairi zinc-lead project in North Sumatra, Indonesia, is returning encouraging results for International Annax Ventures (IAX-V).

The most recent hole intersected 36 metres of massive sulphides grading 18.2% zinc and 11.8% lead, plus 11 grams silver per tonne, beginning at a down-hole depth of 208 metres in hole 32. The hole was drilled on section 9700N, from the same site as previously reported holes 30 (21.5 metres of 19.1% zinc and 11.9% lead) and 31 (11 metres of 17.9% zinc and 10.8% lead); it was designed to test the downdip extension of the main mineralized sedimentary-exhalative (sedex) horizon.

Together, the three holes tested a 175-metre downdip section of the horizon. Two other horizons were tested in the recent drilling, one stratigraphically above the main horizon and the other below.

A fourth hole, drilled in an effort to intersect the main horizon at a greater depth, was stopped short of the target, owing to the rig’s inability to drill any deeper. The rig has now moved more than 100 metres along strike to the south, where hole 34 is in progress.

Annax is targeting the bulk-tonnage potential of near-surface, high-grade, stratiform massive-sulphide mineralization on the southeastern end of the Sopokomil prospect. The main horizon is exposed at surface on section 9900N, where surface sampling returned 8.2 metres averaging 10.8% zinc and 10.2% lead.

Annax has determined that the main horizon extends approximately 300 metres along strike and 250-300 metres to depth. The company has also demonstrated that an upper mineralized horizon carries significant grades, as illustrated in hole 31, which cut 9 metres of 16.1% zinc and 9% lead before intersecting the main zone.

Previous work has traced single and multiple massive-sulphide horizons along a 5-km strike length using geological mapping, geochemical sampling and geophysical surveys. To the end of last year, 18 widely spaced holes had tested a 1.5-km length of the favourable horizon. Annax began this year’s drilling program by following up on hole SOP-18, drilled in 1999. That hole hit 17 metres of 18% zinc and 12% lead on section 9800N.

International Annax holds an interest ranging from 70% to 80% in the Dairi project, depending of future participation of underlying interest-holders. Australian-listed Herald Resources, a 71% shareholder in Annax, is the operator.

The Dairi project comprises a seventh-generation contract of work covering 220 sq. km and a Kuasa Pertambanggan (land permit) of 136 sq. km. Significant drill intersections in the main zone are summarized in the accompanying table.