Int’l Annax expands mineralization

Vancouver — International Annax Ventures (IAX-V) continues to pull encouraging values of sedimentary exhalative zinc-lead mineralization north of its Anjing Hitam deposit in North Sumatra, Indonesia.

The ongoing, 15,000-metre drilling campaign, budgeted at $2.5 million, is attempting to double the zinc resources at Anjing Hitam and test the Bongkaras and Lae Jehe prospects.

Hole 54, collared 1.3 km north of Anjing Hitam, tested mineralization 180 metres downdip of hole 13, which had returned 8.7% zinc and 4.9% lead over 6 metres. The more recent hole cut two shale-hosted mineralized zones — a bulk zone measuring 15.6 metres and grading 3.6% zinc and 1.9% lead, followed by 3 metres grading 5.5% zinc and 3.3% lead. A deeper zone at the shale-carbonate contact assayed 8.4 metres grading 2.1% zinc and 1.5% lead.

Anjing Hitam is a high-grade, sedimentary-exhalative massive sulphide deposit, which forms part of the company’s Dairi project. Annax holds an 80% interest in the 350-sq.-km project and is funding all exploration. The remaining interest is held by PT Aneka Tambang, which is owned by the Indonesian state. PT Aneka Tambang can increase its stake to 30% at the prefeasibility stage by reimbursing 15% of the exploration costs. Australian-listed Herald Resources holds a 72.6% equity interest in Annax.

Based on 28 holes, Annax calculated an in-house indicated resource of 7.5 million tonnes grading 16.7% zinc and 10.3% lead. An additional inferred resource was estimated at 2.5 million tonnes grading 11.3% zinc and 6.8% lead. The holes were drilled on 50-to-100-metre centres, and cutoff values were set at 5% zinc-equivalent, with 1% lead being equivalent to 0.4% zinc. The deposit is 800 metres long and up to 250 metres wide (downdip extent), with an average true thickness of 12 metres. Mineralization remains open along strike to the north and south.

With 57 holes now completed, International Annax is preparing to postpone drilling until geologic mapping and down-hole geophysical surveys are completed.

The company is looking for qualified engineering firms to review its resource data and develop a preliminary mine design, as well as assess infrastructure requirements and start baseline studies on social and environmental issues. The deposit is hosted in a north-trending succession of sediments that dip toward the east. Three stratabound zones of mineralization consisting of massive-to-laminated pyrite, sphalerite and galena occur in the central portion of a 50-to-70-metre-thick sequence of shale. Underlying the shale unit is a limestone-dolomite sequence that hosts moderate replacement-style zinc-lead mineralization.

Highlights of the recent drill program are summarized in the accompanying table.