Asia-Pacific gold development company, Nusantara Resources Limited’s (ASX: NUS) shares went down by 2.326 percent on 19 December 2018 despite reporting high-grade results from near mine exploration at its 100%-owned Awak Mas Gold Project located in South Sulawesi, Indonesia.
To date over 1000m of near mine trenching has been completed at the Puncak Selatan, Puncak Utara and Tarra prospects which have yielded significant results. The Notable results from the recent trench sampling include:
- Puncak Selatan - wide zone of 28m @ 1.2 g/t Au, including 7m @ 2.5 g/t Au and 3 m @2 g/t Au. (PSC019).
- Puncak Utara - 11m @ 2.6 g/t Au (PU39).
- Tarra – wide zone of 37m @ 2.3 g/t Au, including 8m @ 4.1 g/t Au (TR10).
The exploration program of the company has been demonstrating that the Awak Mas deposit is at the centre of a gold field that is having various significant mineralized zones. As per the company’s Managing Director and CEO Mr. Mike Spreadborough, the proximity of the Puncak Selatan mineralization to the Awak Mas deposit has the potential to alter the planned pit and significantly increase the value of the Awak Mas Gold project.
At the Puncak Selatan, the company reported Strong results in new exposures which include a wide zone of 28m @ 1.2 g/t Au, including 7m @ 2.5 g/t Au and 3 m @2 g/t Au (PSC019), with further significant mineralized areas sampled whose results are still pending.
At the Puncak Utara, the results have confirmed Broad continuous zones of mineralization which are up to 11m @ 2.6 g/t Au (PU39). At the Tarra Main Zone, the recent sampling reported up to 37m @ 2.3 g/t Au, including 8m @ 4.1 g/t Au.
Further, the geophysics analysis has demonstrated intrusive related mineralization at multiple targets in near mine areas and across the Contract of Work (CoW) area which is to be followed up by ground-truthing exploration program. The results from the follow-up near mine trenching at Puncak Selatan and Puncak Utara support and expand on significant previous near mine trenching and mapping results.
Previous near mine trenching and mapping results includes-
- Puncak Selatan - PS11: 5m @ 2.32 g/t Au, 5m @ 2.8 g/t Au, 2m @ 2.13 g/t Au and PS12: 2m @ 1.28 g/t Au, 2m @ 3.0 g/t Au, 1m @ 2.46 g/t Au.
- Puncak Utara - PU01: 2m @ 5.5 g/t Au, PU03: 3m @ 8.78 g/t Au and PU039: 12m @ 2.39 g/t Au.
Currently, the company is focusing on expanding the areas of newly recognized mineralization at both Puncak Utara and the promising Puncak Selatan ‘satellite’ deposit locations.
In the last three months, the share price of the company increased by 26.47 percent as on 18 December 2018. NUS’s shares traded at $0.210 with a market capitalization of circa $33.07 million as on 19 December 2018 (AEST 4:00 PM).
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