Mispec to launch resource calculation

Drilling by Mispec Resources (MPE-M) at its Jampang gold project in West Java, Indonesia, continues to return impressive results.

In the latest program, the company completed 4,000 metres in 28 reverse-circulation (RC) holes and one diamond drill hole. Six RC holes were drilled at the Pasir Keusik zone to test for strike and depth continuity, while the remainder attempted to determine the extent of mineralization at the more geologically complex Puteran-Simpang zone.

All holes drilled at Pasir Keusik and 13 of the RC holes, along with the one core hole drilled at Puteran-Simpang, intersected at least one zone grading greater than 0.5 gram gold per tonne over a minimum width of 2 metres. In all, seven of the holes intersected two or more zones.

Highlights from drilling at Pasir Keusik include: hole 228, which hit two zones, the best of which graded 0.92 gram gold over 48 metres (from 127 to 175 metres), including 11 metres grading 2.16 grams and 3 metres grading 1.45 grams; hole 229, which intersected 37 metres (from 134 to 171 metres) averaging 1.43 grams, including 6 metres grading 4.24 grams; and hole 230, which returned 18 metres (from 142 to 160 metres) grading 1.14 grams.

Highlights from the Puteran-Simpang zone include: hole 219, which averaged 2.66 grams (all assays over 30 grams cut to 30 grams) over 118 metres (from 57 to 175 metres), including the first 38 metres grading 7.10 grams (cut) and the next 80 metres grading 0.57 gram; core hole 204, which graded 1.53 metres over 18 metres (from 87 to 105 metres); and hole 220, which returned 2.34 grams over 9 metres (from 62 to 71 metres).

Earlier this year, Mispec began sinking a total of 91 holes, comprising more than 13,000 metres, in both zones. Of these, 52 are reported to have intersected significant zones of mineralization, several of which have widths and grades comparable to those reported above.

Mispec’s vice-president of exploration, James Patterson, says drill results to date point to a potentially viable project.

“My feeling is that initially we can start with an open-pit, but eventually we will get into an underground operation,” he says.

Given the magnitude of some of the results, Mispec recently ordered an independent audit on the project to alleviate any concerns investors might have.

“After Bre-X, people wanted to know whether companies were on the level and knew what they were doing,” he explains. “The purpose of the audit was to get an independent third-party appraisal of our practices and procedures.” The company has halted drilling at the two zones in order to compile all data for resource calculations. The study will be combined with results from ground geophysical surveys in order to identify and evaluate the significance of other targets identified in the recently drilled area.

Along with estimating resources for the two zones above, Mispec plans to recalculate resources for the Lipi deposit, which lies 500 metres to the southeast. Earlier this year, Lipi was determined to host 2.5 million tonnes grading 3.11 grams gold. However, several new holes have since been drilled.

While the compilation work continues, Mispec will continue drilling several other prospects on the property. The first area targeted is the 5-km-long Cipaku zone, which is 8 km south-southeast of the Pasir Keusik and Puteran-Simpang zones. So far, grab samples from angular boulders found in the area have returned 50 grams gold, while channel sampling of quartz stockworks in a zone located to the west returned 2.7 grams over 18 metres.

In all, Mispec has allocated 4,000 metres for regional exploration drilling.

The company holds a 30% interest in the Jampang property and has the option of increasing this to 90%. The remaining interest is held by its joint-venture partner, Hunamas Putra Intrabuana, a private Indonesian company.