On one a tough day on the market for miners, Southern Arc Minerals (SA-V) defied the trend and made a solid gain on the back of its latest drill results.
The results came out of Southern Arc’s key exploration asset – the West Lombok project – which is a complex of several gold-rich copper porphyries and epithermal gold vein prospects on Indonesia’s Lombok Island. West Lombok sent the company’s shares up 15¢ or 9% to $1.76 on the day results were released.
Southern Arc says the assays demonstrate down-dip continuity of both grade and width and confirm that high-grade epithermal gold mineralization sits below the 250-metre level.
PLD003, the best hole, returned 16.6 metres grading 5.5 grams gold and 3.7 grams silver from a depth of 233 metres.
The hole intersected high-grade mineralization over 250 metres vertically below surface and 100 metres below a previous high-grade intercept.
With the greater depth confirmed, Southern Arc has a mineralized zone on its hands that is
exposed at surface and remains open below 250 metres.
Hole PLD003 was drilled in the same cross-section as three previous holes that returned highlight intercepts of 10.7 metres grading 2.93 grams gold and 20 grams silver; 4.9 metres of 7.11 grams gold and 18.5 grams silver, and 17.3
metres of 5.73 grams gold and 11.7 grams silver.
Another hole from the latest batch, PLD008, intersected the same style of mineralization 50 metres southeast of those same three holes. Mineralization was struck 90 metres below surface and returned two broad mineralized intervals of 11.6 metres grading 9.80 grams gold and 31.1 grams silver, and 11.8 metres at 1.40 grams gold and 9.2 grams silver.
Farther away, some 150 metres southeast of the zone, a hole returned a highlight intercept of 10.95 metres grading 2 grams gold and 34 grams silver.
The latest results come from the first five diamond drill holes of the 2011 program that is focusing on the Pelangan prospect at West Lombok.
The drilling was executed in the Central Raja zone. This zone represents less than 10% of Pelangan’s current strike length.
Southern Arc says drilling will continue on 50-metre spacing at Raja to identify further high-grade shoots for aggressive infill drilling.
Pelangan is located at the northwest end of the West Lombok Mineralized Structural Corridor, a 13-km-long by 7-km-wide northwest trending mineral belt containing epithermal gold, porphyry copper and gold mineralization within Southern Arc’s licence.
The company says it has outlined 5 km aggregate strike length of outcropping gold occurrences.
The 2011 program targeting the gold mineralization has started with 3 drill rigs testing the deeper portions of the 400-metre-long Central Lode portion of the Raja MSB Target.
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