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AERIS RESOURCES LIMITED — Capital/Financing Update 2011
Jul 11, 2011
64347_rns_2011-07-11_6ab080c9-e0f2-4069-a156-dcf6d48c9732.pdf
Capital/Financing Update
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ASX RELEASE
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Straits
12 July 2011
STRAITS RESOURCES LIMITED
(ASX: SRQ)
Exploration and resource update of the Mt Muro epithermal gold and silver project
Straits Resources Limited (SRQ) is pleased to present the following exploration update on the 100% owned Mt Muro mine operated by Indo Muro Kencana (IMK) in central Kalimantan, Indonesia see Figure 1.
Key Points
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A JORC compliant resource upgrade of 157 Koz AuEq on the Serujan and Bantian projects since the March 2011 ASX release.
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The total resource base has increased to 2 Moz AuEq in all categories, including 1.4 Moz AuEq in the Indicated category (Table 1).
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The total resource for the Serujan and Bantian projects now stands at 928 Koz AuEq with drilling continuing with 5 drill rigs.
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Figure 1. Mt Muro location map with project areas.
STRAITS RESOURCES LIMITED ABN 30 147 131 977 Level 1 35 Ventnor Avenue West Perth WA 6005 Australia | PO Box 1641 West Perth WA 6872 T: +61 8 9480 0500 F: +61 8 9480 0520 E: [email protected] www.straits.com.au
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Table 1. Resource statement:
The resource statement is based on drilling up to 30[th] May 2011.
| Indicated - as at 30 | Indicated - as at 30 | Indicated - as at 30 | June 2011 | June 2011 | |||||
|---|---|---|---|---|---|---|---|---|---|
| Deposit/Project | Cut Off Gold Eq |
Mining Method |
Tonnes (t) | Gold (g/t) |
Silver (g/t) |
Gold Eq (g/t) |
Gold (Oz) | Silver (oz) | Gold Eq (Oz) |
| SERUJAN | 0.5 | OP | 4,170,000 | 2.6 |
70.9 | 4.1 | 343,000 | 9,506,000 | 548,000 |
| BANTIAN | 0.5 | OP | 3,660,000 | 1.4 |
34.6 | 2.1 | 165,000 | 4,070,000 | 252,000 |
| HULUBAI | 0.5 | OP | 370,000 | 3.0 |
113.6 | 5.5 | 36,000 | 1,370,000 | 66,000 |
| PERMATA | 0.5 | OP | 290,000 | 2.2 |
91.1 | 4.1 | 20,000 | 850,000 | 38,000 |
| KERIKIL | 0.5 | OP | 620,000 | 2.2 |
37.7 | 3.0 | 43,000 | 750,000 | 59,000 |
| LANGANTIHAN | 0.5 | OP | 1,190,000 | 1.2 |
15.2 | 1.5 | 45,000 | 580,000 | 58,000 |
| ANAK DUA | 0.5 | OP | 290,000 | 2.9 |
28.7 | 3.6 | 27,000 | 260,000 | 33,000 |
| SOAN | 1.0 | UG | 770,000 | 4.2 |
56.9 | 5.4 | 103,000 | 1,400,000 | 134,000 |
| Sub Total Resource | Variable | All |
11,360,000 | 2.1 |
51.4 | 3.3 | 782,000 | 18,786,000 | 1,188,000 |
| Tailings Dam - Stockpile | Variable | Stockpile |
7,700,000 |
0.2 |
30.0 | 0.8 | 49,000 | 7,420,000 | 209,000 |
| Sub Total Indicated | Variable | All |
19,060,000 | 1.4 |
42.8 | 2.3 | 831,000 | 26,206,000 | 1,397,000 |
| Inferred - as at 30 June 2011 | |||||||||
| Deposit/Project | Cut Off Gold Eq |
Mining Method |
Tonnes (t) | Gold (g/t) |
Silver (g/t) |
Gold Eq (g/t) |
Gold (Oz) | Silver (oz) | Gold Eq (Oz) |
| SERUJAN | 0.5 | OP | 630,000 | 2.5 |
45.8 | 3.5 | 51,000 | 929,000 | 71,000 |
| BANTIAN | 0.5 | OP | 770,000 | 1.6 |
31.9 | 2.3 | 40,000 | 790,000 | 57,000 |
| HULUBAI | 0.5 | OP | 270,000 | 2.9 |
129.3 | 5.7 | 25,000 | 1,130,000 | 49,000 |
| PERMATA | 0.5 | OP | 310,000 | 3.0 |
94.8 | 5.0 | 30,000 | 970,000 | 51,000 |
| KERIKIL | 0.5 | OP | 690,000 | 1.6 |
27.5 | 2.1 | 34,000 | 610,000 | 48,000 |
| LANGANTIHAN | 0.5 | OP | 1,930,000 | 1.3 |
14.7 | 1.6 | 79,000 | 900,000 | 99,000 |
| DUA LUGI | 0.5 | OP | 40,000 | 9.5 |
138.1 | 12.5 | 14,000 | 210,000 | 19,000 |
| SOAN | 1.0 | UG | 30,000 | 1.1 |
29.7 | 1.7 | 1,000 | 30,000 | 1,000 |
| SINBAR | 1.0 | UG | 1,280,000 | 2.1 |
22.6 | 2.6 | 85,000 | 930,000 | 105,000 |
| SINTER | 1.0 | UG | 590,000 | 2.9 |
44.9 | 3.9 | 55,000 | 850,000 | 74,000 |
| Sub Total Resource | Variable | All |
6,540,000 | 2.0 |
35.0 | 2.7 | 414,000 | 7,349,000 | 574,000 |
| Tailings Dam - Stockpile | Variable | Stockpile |
2,000,000 |
0.1 |
17.0 | 0.5 | 6,000 | 1,090,000 | 29,000 |
| Sub Total Inferred | Variable | All |
8,540,000 | 1.5 |
30.7 | 2.2 | 420,000 | 8,439,000 | 603,000 |
| Mt Muro Total Resource(Indicated + Inferred) - as at 30 June 2011 | |||||||||
| Sub Total Resource | Variable | All |
17,900,000 | 2.1 |
45.4 | 3.1 | 1,196,000 | 26,135,000 | 1,762,000 |
| Tailings Dam - Stockpile | Variable | Stockpile |
9,700,000 |
0.2 |
27.3 | 0.8 | 55,000 | 8,510,000 | 238,000 |
| Grand Total | Variable | All |
27,600,000 | 1.4 |
39.0 | 2.3 | 1,251,000 | 34,645,000 | 2,000,000 |
| Mt Muro Total Resource(Indicated + Inferred) - | as at 31 December | 2010 | |||||||
| Sub Total Resource | Variable | All |
16,550,000 | 2.1 |
46.5 | 3.0 | 1,101,000 | 24,730,000 | 1,605,000 |
| Tailings Dam - Stockpile | Variable | Stockpile |
9,700,000 |
0.2 |
27.3 | 0.8 | 55,000 | 8,510,000 | 238,000 |
| Grand Total | Variable | All |
26,250,000 | 1.4 |
39.4 | 2.2 | 1,156,000 | 33,240,000 | 1,843,000 |
Note:
1) Gold Eq values calculated using a $US1300 and $US28 price ratios (Gold Eq = Gold + Silver/(1300/28)).
2) Gold Equivalent calculations and reported ounces do not have gold and silver recoveries applied.
3) Current and Historical Metallurgical recoveries for Gold range from 90 to 93% and Silver from 65 to 80%.
4) All tonnage, grade and ounce values have been rounded to relevant significant figures. Slight errors may occur due to rounding of these values.
STRAITS RESOURCES LIMITED ABN 30 147 131 977
Level 1 35 Ventnor Avenue West Perth WA 6005 Australia | PO Box 1641 West Perth WA 6872 T: +61 8 9480 0500 F: +61 8 9480 0520 E: [email protected] www.straits.com.au
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Serujan Project
Drilling continued during the period, with the addition of a 3rd diamond drill rig, targeting the upper levels as well as below the March 2011 resource estimate. The deposit remains open at depth and along strike (figure 2 and 3). Significant Intersections contained within the updated resource include;
| HOLE | From (m) To (m) Interval* (m) _Au_Eq (g/t) _Au (g/t) Ag (g/t)** |
|---|---|
| CEDH019 | 128.4 151.3 22.9 5.33 3.21 97.50 |
| CEDH033 | 106.6 109.6 3.00 13.37 8.93 204.30 |
| CEDH035 | 125.6 132.9 7.30 12.75 7.21 254.90 |
| CEDH040 | 122.6 126.0 3.40 38.57 29.56 414.4 |
| CEDH044 | 139.45 147.6 8.15 7.59 6.34 57.30 |
| CEDH046 | 187.5 196.4 8.90 5.45 5.40 38.30 |
| CEDH049 | 117.45 120.8 3.35 12.74 8.15 211.20 |
| CEDH052 | 122.2 126.8 4.60 14.74 12.13 120.30 |
| CEDH054 | 153.55 163.7 10.15 4.56 2.90 76.30 |
| CEDH063 | 133.1 141.45 8.35 6.15 4.14 92.2 |
Bantian Project
Drilling continued during the period, focusing on Block 4 and 5, targeting along strike and below existing resource shells. The mineralised structure remains open at depth and along strike (figures 4 and 5). Significant Intersections contained within the updated resource include;
| HOLEID | From | To (m) Interval* (m) _Au_Eq (g/t) _Au (g/t) Ag (g/t)** |
|---|---|---|
| (m) | ||
| BRC080 | 60 | 63 3 7.49 7.22 12.30 |
| BRC096 | 26 | 39 13 7.00 4.79 101.40 |
| BRC100 | 49 | 53 4 5.40 4.77 28.80 |
| BRC103 | 43 | 46 3 9.40 5.20 193.3 |
| BRC113 | 0 | 3 3 3.01 2.98 1.70 |
| BRC128 | 8 | 18 10 2.94 2.60 15.30 |
| BRC138 | 76 | 82 6 3.19 2.62 26.50 |
| BRC155 | 91 | 93 2 14.84 14.04 37.00 |
| BRC183 | 79 | 84 5 8.62 5.63 137.80 |
| BRC188 | 3 | 12 9 5.66 2.52 144.40 |
*Intersections are down hole. True width is between 60% and 80% of the interval
**Gold Eq values calculated using a $US1300 and $US28 price ratios (Gold Eq = Gold + Silver/(1300/28)). Gold Equivalent calculations and reported ounces do not have gold and silver recoveries applied. Current and Historical Metallurgical recoveries for Gold range from 90 to 93% and Silver from 65 to 80%.
STRAITS RESOURCES LIMITED ABN 30 147 131 977
Level 1 35 Ventnor Avenue West Perth WA 6005 Australia | PO Box 1641 West Perth WA 6872 T: +61 8 9480 0500 F: +61 8 9480 0520 E: [email protected] www.straits.com.au
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Figure 2. Serujan long section with significant intersections and interpretation of the plunging mineralised zones
STRAITS RESOURCES LIMITED ABN 30 147 131 977
Level 1 35 Ventnor Avenue West Perth WA 6005 Australia | PO Box 1641 West Perth WA 6872 T: +61 8 9480 0500 F: +61 8 9480 0520 E: [email protected] www.straits.com.au
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Figure 3. Cross section through Serujan project. The location of the section is shown on the long section
STRAITS RESOURCES LIMITED ABN 30 147 131 977
Level 1 35 Ventnor Avenue West Perth WA 6005 Australia | PO Box 1641 West Perth WA 6872 T: +61 8 9480 0500 F: +61 8 9480 0520 E: [email protected] www.straits.com.au
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Figure 4. Bantian long section with significant intersections
STRAITS RESOURCES LIMITED ABN 30 147 131 977 Level 1 35 Ventnor Avenue West Perth WA 6005 Australia | PO Box 1641 West Perth WA 6872 T: +61 8 9480 0500 F: +61 8 9480 0520 E: [email protected] www.straits.com.au
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Straits
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Figure 5. Cross section through Bantian project. The location of the section is shown on the long section
Mineral Resource Notes for the Serujan and Bantian Resources: for Table 1. July 2011.
1. The information in this report that relates to Mineral Resources and Ore Reserves is based on information compiled by Mr Byron Dumpleton. Mr Dumpleton is a member of the Australasian Institute of Geoscientists. Mr Dumpleton is a full-time employee of Straits Resources Limited with over 23 years’ experience in exploration, mining, economic evaluations and has sufficient experience relevant to the style of mineralisation, type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves”. Mr Dumpleton consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
2. Mr Ian Stockton is the Geology Manager for Mt Muro (PT. INDO MURO KENCANNA), he is the qualified person responsible for the QA/QC, geological interpretation protocol. Mr Stockton is a member of the Australian Institute of Mining and Metallurgy. Mr Stockton has over 22 years’ of experience in exploration, mining and evaluation of mineral commodities. Mr Stockton Consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
3. Mineral Resources are Inclusive of Ore Reserves.
4. Gold Equivalent (AuEq) numbers reported are based US$1300 for Gold and US$28 for Silver. No recovery factors have been applied to the "Insitu" Gold Equivalent (AuEq) value. Gold Equivalent equation = Au value + Ag value/(1300/28). Note these figures have been updated by Straits Resources Ltd to reflect current Straits corporate accounting policy.
5. All tonnage, grade and ounce values have been rounded to relevant significant figures. Slight errors may occur due to rounding of these values.
6. Historical and current metallurgical recoveries for Mt Muro range 90 to 93% for Gold and 65 to 80% for Silver.
7. Bulk density estimates were assigned on a weathering basis. Density values are calculated using the water immersion (Archimedes principle) on diamond core samples and/or in pit samples.
STRAITS RESOURCES LIMITED ABN 30 147 131 977
Level 1 35 Ventnor Avenue West Perth WA 6005 Australia | PO Box 1641 West Perth WA 6872
T: +61 8 9480 0500 F: +61 8 9480 0520 E: [email protected] www.straits.com.au
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For further information, please contact either:
Mr Dave Greenwood – Corporate Affairs on +61 8 9480-0500, or visit our website at www.straits.com.au .
About Straits Resources
Straits Resources Ltd (ASX Code: SRQ) is a mining and exploration company focused on copper and gold in Australia and Asia. Straits owns and operates the Tritton copper mine in NSW and the Mt Muro gold mine in Indonesia and has an exciting exploration portfolio focusing on projects in NSW (through Goldminco) and South Australia.
STRAITS RESOURCES LIMITED ABN 30 147 131 977 Level 1 35 Ventnor Avenue West Perth WA 6005 Australia | PO Box 1641 West Perth WA 6872 T: +61 8 9480 0500 F: +61 8 9480 0520 E: [email protected] www.straits.com.au
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