Annax advances Dairi zinc-lead project

Vancouver — Having drilled 58 holes at the Dairi project in North Sumatra, Indonesia, International Annax Ventures (IAX-V) is proceding with a scoping study of the Anjing Hitam deposit.

The current drilling is part of a 15,000-metre campaign budgeted at $2.5 million. The objective is to double the zinc resources at Anjing Hitam and drill-test the Bongkaras and Lae Jehe prospects. The latest drill results include hole 57, which was collared 1.3 km north of Anjing Hitam, at the Lae Jehe target.

The hole cut four zones of sulphide mineralization, including:

– 2.8 metres grading 10.2% zinc and 4.6% lead from a down-hole depth of 357 metres;

– 15.6 metres grading 3.7% zinc and 1.9% lead from 366 metres down-hole;

– 3 metres grading 5.5% zinc and 3.3% lead from 391 metres down-hole; and

– 8.4 metres grading 2.1% zinc and 1.2% lead from 429 metres down-hole.

At the Basecamp zone, hole 57 cut 11.4 metres grading 4.3% zinc and 0.39% lead from 212 metres down-hole, as well as 8 metres averaging 1.7% zinc and 1.6% lead from 218 metres down-hole.

Hole 58 intersected a broad zone of the Julu Sed-Ex shale host, which contains multiple sulphide horizons over a 50-metre intercept. The best sulphide horizon assayed 12.3% zinc and 7.7% lead over 2.53 metres. This mineralization is consistent with that discovered at holes 5 and 6, which, respectively, are 100 and 200 metres north of hole 58.

Results from hole 58 indicate that there is a potential link between the Basecamp zone and the Anjing Hitam deposit, which has been drilled to within 200 metres of hole 58.

The junior plans to launch a scoping study over the Anjing Hitam deposit, which hosts a previously reported indicated resource of 7.5 million tonnes grading 16.7% zinc and 10.3% lead, plus an inferred resource of 2.5 million tonnes grading 11.3% zinc and 6.8% lead. The resource was based on 28 holes that 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.

Anjing Hitam is a high-grade, sedimentary-exhalative massive-sulphide deposit.

Annax holds an 80% interest in the 350-sq.-km Dairi 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.

International Annax also reports that a new gossan discovery, dubbed Pondok Gambir, has been made 1.5 km west of the Bongkaras zone. The two gossan outcrops, 150 metres apart, are associated with extensive float. One-metre channel samples of the gossans assayed up to 56% lead in cerrussite (a lead carbonate mineral) and up to 0.52% zinc. The Pondok Gambir discovery extends the overall potential for shale-hosted mineralization to 5.5 km along a northwesterly strike starting from the Anjing Hitam deposit through the Basecamp, Lae Jehe and Bongkaras zones to the Pondok Gambir area.