Colony and Inco expand joint venture lands in Indonesia.VANCOUVER, B.C.--(BUSINESS WIRE)--June 5, 1996--Colony Pacific Explorations Ltd. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CYX) announces an increase in the area covered by its Indonesian joint venture land package to 5,000 square kilometres Square kilometre (U.S. spelling: square kilometer), symbol km², is a decimal multiple of the SI unit of surface area, the square metre, one of the SI derived units. 1 km² is equal to:
The Indonesian Joint Venture between Colony and Inco Ltd. was announced on May 14, 1996 on a 3,000 square kilometre land package. Since then, Inco has made application to the Indonesian government to increase the size of the Gedang and Karang properties and applied for another Contract of Work on a third property called Ranau. Seriousness Bonds totalling in excess of US$3 million have been posted with the Government of Indonesia by Inco. Contract Of Work (COW) applications have been submitted for all Joint Venture lands. Technical details of the properties are summarized below. GEDANG PROJECT Target Types High Grade Epithermal Gold-Silver and Bulk Gold-Copper Porphyries Area Covered 197,600 hectares Project Location 20 km southeast along strike from the Lebong Tandai and Lebong Donok Gold Mines (totalling 5.4 million tons grading 15 g/t gold and 100 g/t silver). Accessible by truck to the periphery periphery /pe·riph·ery/ (pe-rif´er-e) an outward surface or structure; the portion of a system outside the central region.periph´eral pe·riph·er·y n. 1. and by helicopter to the remote parts of the property. Defined Priority Targets, Gold The Gedang Property covers approximately 50 km of strike length of the Sumatra fault system which is directly related to the Lebong Donok area deposits. The strike extensions of the Lebong Simpang deposit (659,000 tons grading 3.3 g/t located on an excluded KP license within the Gedang Property) are targets for immediate follow up. Defined Targets, Gold Copper A 5 km diameter diorite-granite intrusive in·tru·sive adj. 1. Intruding or tending to intrude. 2. Geology Of or relating to igneous rock that is forced while molten into cracks or between other layers of rock. 3. Linguistics Epenthetic. has anomalous a·nom·a·lous adj. 1. Deviating from the normal or common order, form, or rule. 2. Equivocal, as in classification or nature. copper stream sediment sediment, mineral or organic particles that are deposited by the action of wind, water, or glacial ice. These sediments can eventually form sedimentary rocks (see rock). samples at its margins, in two locations. Program and Budget Sampling and mapping of known targets along with airborne geophysical surveys Geophysical survey refers to the systematic collection of geophysical data for spatial studies. Geophysical surveys may use a great variety of sensing instruments, and data may be collected from above or below the Earth's surface or from aerial or marine platforms. with the objective of outlining drill targets, budget first year is US$2 million. KARANG PROJECT Target Types High Grade Epithermal Gold-Silver and Bulk Gold-Copper Porphyries Area Covered 332,600 hectares Project Location The property is located 100 km from the city of Painan and is accessible by truck to the periphery and by helicopter to the remote parts of the property. Defined Priority Targets, Gold In the Tatan area, on the east part of the Karang Property, six locations have visible gold noted in panned heavy mineral concentrates in streams. These anomalies
Anomalies is Cephalic Carnage's 4th full-length album. It was released on Relapse Records. The group expanded their sound even more than their previous album, Lucid Interval, and gained more popularity. have not been followed up, and cover an area of approximately 25 square kilometres. Defined Targets, Gold Copper In the Deras area, in the northwest part of the Karang Property, anomalous stream sediment samples (64 ppm (Pages Per Minute) The measurement of printer speed. See gppm. PPM - Portable Pixmap Cu) are located near porphyry Porphyry, Greek scholar Porphyry (pôr`fĭrē), c.232–c.304, Greek scholar and Neoplatonic philosopher. He studied rhetoric under Cassius Longinus and philosophy under Plotinus. style alteration Modification; changing a thing without obliterating it. An alteration is a variation made in the language or terms of a legal document that affects the rights and obligations of the parties to it. and anomalous values of copper and molybdenum molybdenum (məlĭb`dənəm) [Gr.,=leadlike], metallic chemical element; symbol Mo; at. no. 42; at. wt. 95.94; m.p. about 2,617°C;; b.p. about 4,612°C;; sp. gr. 10.22 at 20°C;; valence +2, +3, +4, +5, or +6. in place. In the Siau area, in the southeast part of the Karang Property, stream sediment samples returned values of 187 ppm and 397 ppm copper. These anomalies have not been followed up and are associated with large intrusives. In the Tapan area, located in the southwest part of the property, there are several known base metal occurrences and several strong stream geochemical anomalies (up to 721 ppm Cu). Program and Budget Sampling and mapping of known targets along with airborne geophysical surveys with the objective of outlining drill targets; budget first year is US$2.5 million. RANAU PROJECT Target Types High Grade Epithermal Gold-Silver and Bulk Gold-Copper Porphyries Area Covered 60,400 hectares Project Location The property is located about 200 km south of Karang property and is accessible by truck to the periphery and by helicopter to the remote parts of the property. Defined Targets, Gold Copper The property straddles the Sumatra fault system and is along strike from known epithermal gold deposits. Program and Budget Sampling and mapping of known targets commencing with airborne geophysical surveys with the objective of outlining drill targets; budget first year is US$500,000. The properties cover 12 defined mineral showings and geochemical anomalies. The first year program will consist of surface sampling and trenching with the objective of defining drill targets. Concurrently with the ground work, a US$1 million airborne survey is planned over the entire 5,000 square kilometre land position. The budget for the first year program is US$5 million. Airborne geophysical surveys have been successful at outlining host intrusives for large porphyry gold copper deposits within similar geological ge·ol·o·gy n. pl. ge·ol·o·gies 1. The scientific study of the origin, history, and structure of the earth. 2. The structure of a specific region of the earth's crust. 3. A book on geology. settings in Indonesia. In addition to the gold copper porphyry potential, the Colony-Inco Joint Venture properties have excellent potential for gold-silver deposits similar to the nearby Lebong Donok area deposits. Under the Joint Venture Agreement with Colony, Inco is responsible for the initial property identification, and property acquisition as well as the posting of required Seriousness Bonds and Performance Bonds. Colony will then acquire an option to earn a 100 percent interest in the Karang, Gedang and Ranau properties by funding the first US$12 million of exploration and development over a four year period. After Colony After Colony is the collective name for works related to the Mobile Suit Gundam Wing anime series, which first aired in 1995. The name comes from the name of the calendar used within the fictional universe, with After Colony 001 (AC 001) corresponding to the construction exercises its option, Inco will have the right to re-acquire a 60 percent interest in the properties by funding the next US$30 million on exploration and development work. Colony is a 60 percent owned subsidiary of Imperial Metals Corp., a public ming company also listed on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. . The Colony-Inco Indonesia Joint Venture is an exceptional growth opportunity for Colony shareholders. -0- Pierre Lebel President CONTACT: Colony Pacific Explorations Ltd. Pierre Lebel, 604/689-5797, 604/687-4030 (Fax) or Colony Pacific Explorations Ltd. Charlene Parisotto, 604/689-5797, 604/687-4030 (Fax) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion