Mispec expands Indonesian holdings

By acquiring two new properties on the island of Java, Mispec Resources (MPE-M) has solidified its land position in Indonesia.

The junior can acquire a 65% interest in the Jampang East and Pongkor properties (covering 11,201 hectares) for US$1.5 million from owners PT Puncak Mercusuar and PT Kalsel Asri. It can earn an additional 10% interest by spending US$2.25 million on exploration over two years.

The Jampang East property, although relatively explored, is adjacent to the company’s Jampang property, where diamond and reverse-circulation drilling is under way. According to James Patterson, consulting geologist, gold systems and favorable geology on the Jampang property extend southeasterly on to the Jampang East property.

The Pongkor property is adjacent to the Gunung Pongkor gold-silver mine, which entered production in 1993 and contains 6 million tonnes grading 17 grams gold and 154 grams silver per tonne. The mineralized quartz veins trend in a northwesterly direction on to the Pongkor property, where similar volcanic rocks exist.