Newly listed Scorpion Minerals (TSE), which recently merged with Dundee-Palliser Resources (TSE), will spend $6.9 million exploring five properties in Indonesia.
The funds derive from proceeds generated by an issue of special warrants that provided the company with $13.5 million.
The company has three contracts of work (CoWs) on Kalimantan (Borneo) and two on Sumatra.
At Ruwai, on Kalimantan, an airborne survey is under way to detect magnetic anomalies linked to skarn mineralization around the margins of porphyry bodies. The CoW area also features a lead-zinc-silver deposit, where the company plans to mount a diamond drilling program, to be followed by reverse-circulation drilling to provide mineral reserve figures for a feasibility study. The study is expected to be completed by October.
The two other CoW areas on Kalimantan, Schwaner and Sampanahan, will be explored for porphyry copper-gold deposits.
The Mangani CoW, on Sumatra, will see drilling on veins and breccia pipes that are hosts to gold and silver showings. Work on the other Sumatran concession is not scheduled until 1997.
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