Trading in shares of Consolidated Silver Tusk Mines (CKS-V) has been suspended following the company’s release of unimpressive assays on what had looked like a spectacular gold and silver find in Indonesia.
The new figures were obtained from two trenches on the company’s 80%-held Karya Bukit Utama property in Sumatra.
The original assays were issued in October, the most impressive being from trench 3, where gold values ranged from 26.69 to 617.64 grams per tonne, with silver values varying from 1,018 to 4,460.6 grams.
The new range is 0.07-0.95 gram gold and 0.9-103.3 grams silver.
The Vancouver Stock Exchange (VSE) says trading will remain halted until after it receives an independent geological report on the property and an independent lab report on the samples.
The pulps and rejects are currently being examined by Chemex Labs to determine if there has been intentional salting of the samples or if there appears to have been a sampling procedure problem.
Silver Tusk has been exploring the project since August 1996, and the recent assay errors are not the company’s first embarrassment.
In an August press release, the company released results from the Gate trench, and in February of this year, the VSE asked Silver Tusk for copies of assay certificates from trenches and drill holes. Gold values in one intercept shrank to 0.204 from 207 grams — a discrepancy Silver Tusk attributes to “poor communications,” saying the results were reported orally from the project site to Vancouver.
The company says it is sending an independent consultant to the property to re-trench and sample trenches 3 and 4. “The project direction has developed from exploration for a high-grade underground resource to focusing on a larger-tonnage, open-pittable mineralization,” says Silver Tusk.
Silver Tusk is headed by Robert Lee, who is also president of La Rock Mining (LAR-V).
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