Indo Metals (IOM-V) has outlined a lens of high-grade
copper-lead-zinc-silver mineralization on its Wai Ira prospect on Haruku Island, Indonesia.
Indo Metals can acquire 49% of Ingold Holding’s 80-to-85% interest in the Maluku joint venture. Ingold is a wholly owned subsidiary of Inco (N-T). The remaining 15 to 20% is held by state-owned P.T. Aneka Tambang. The joint-venture properties encompass four islands: Haruku, Ambon, Saparua and Nusa Laut. They are situated about 2,400 km northeast of Jarkarta.
Ingold, the operator, tested the extent of the Wai Ira prospect with 18 shallow bore holes. Three holes intersected massive-to-semi-massive mineralization. The best intercepts are as follows:
* Hole 37 hit 4 metres of 1.5% copper, 6.3% lead, 9.5% zinc and 52.4 grams silver per tonne.
* Hole 40 hit 8 metres grading 1.7% copper, 7.3% lead, 10.3% zinc and 42 grams silver.
*Hole 43 intersected 6 metres of 2.4% copper, 7% lead, 14.9% zinc and 45 grams silver.
The other boreholes either cut through low-grade mineralization or were barren.
The mineralized lens is estimated to be about 350 to 400 metres long, 50 metres wide and 15 metres thick.
A previous 15-hole, 1,865-metre drill program at the Wai Ira prospect hit the following intersections:
* 8.5 metres of 3.3% copper, 7.8% lead 14.2% zinc and 109 grams silver; * 11 metres of 1.4% copper, 4.7% lead, 2.4% zinc and 221 grams silver; and * 4.5 metres of 4% copper, 11.5% lead, 11.7% zinc and 164 grams silver.
Downfaulting may have shortened the mineralized lens and encompassed it with weakly mineralized footwall rocks. Geological geophysical and geochemical surveys are testing anomalies along strike. Another drill program is scheduled for early 1998.
Along the northern portion of Ambon Island, a stream-sediment and prospecting program has identified numerous base metal anomalies. Two thousand rock samples were sent for analysis.
Assays from outcrop (in situ) and float (migrant) samples returned 3.9% copper (outcrop), 7.4% lead (float) and 1.4% copper and 4.4% zinc (outcrop).
Future work will consist of geochemical, geophysical and geological surveys and focus on the entire 110-km length of the joint-venture property.
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