Robust Reports 1.18 Million Ounce Gold Equivalent JORC Mineral Resource Estimate for Romang Island
-- 1.18 Moz Gold Equivalent1in JORC Indicated and Inferred Categories o 592,000 Ounces Gold o 27.7 Million Ounces Silver -- Two-thirds of Gold Equivalent Ounces in the higher "Indicated" JORC resource category -- Base metal resources in the polymetallic sulphide zone: o Copper: 95 Million Pounds o Lead: 697 Million Pounds o Zinc: 678 Million Pounds -- Resource estimate based on tightly-focused drilling at Lakuwahi Project - scope for significant increase -- Aggressive $15 million exploration programme planned for 2012 with seven diamond drill rigs on site -- Project development studies underway
SYDNEY, Australia, Jan. 10, 2012 /PRNewswire/ – Robust Resources Limited (‘Robust’ or ‘the Company’) is pleased to announce the results of the maiden JORC code compliant
mineral resource estimate (“JORC resource estimate” or “Estimate”) for
the Lakuwahi Project on Romang Island, Indonesia. The independent
estimate of 1.18 million gold equivalent ounces is in line with the
Company’s expectations at the current stage, and limited areal extent,
The Lakuwahi Project is situated within a large 6km by 4km Magnetite
Destruction Zone (MDZ) on the southern section of Romang Island, where
Robust has mainly focused diamond drilling on three prospects – Batu
Mas, Batu Hitam and Batu Hitam West. The JORC resource estimate, which
was carried out by independent consultants Micromine Consulting
Services (MCS) of Perth WA, is based on the results of drilling these
three prospects only.
The JORC Code Compliant Mineral Resource Estimate
The Lakuwahi mineral deposits discovered so far generally consist of
upper oxide, gold and silver rich caps, which are underlain by
sulphide-bearing breccias containing potentially economic
concentrations of gold, silver, copper, lead and zinc. The mineral
resource has been estimated to JORC compliant standards for both the
oxide and sulphide sections of the deposit, using lower cut offs of 0.2
g/t Au and 10 g/t Ag. No top cuts for gold, silver or base metals were
used or deemed necessary for the estimate(2).
The resource estimate of 1.18 million gold equivalent ounces is
classified within the JORC Indicated and Inferred categories. Base
metal resources of 95 million pounds of copper, 697 million pounds of
lead and 678 million pounds of zinc are estimated to occur in the
sulphide portions of the deposit.
Two-thirds of the gold equivalent ounces are classified as JORC
Indicated, with the remaining one-third being classified as JORC
Inferred. The Mineral Resource Table below breaks down the estimate
into the various JORC categories.
____________________________________________________________________________________________________________ | Zone | Class | Mass | Au | Au | Ag |Cu %|Pb %|Zn %|Au Equiv| Au | Ag | Cu | Pb | Zn | | | |Million|Equiv|g/t |g/t | | | |Thousand|Thousand|Thousand|Million|Million|Million| | | |Tonnes | g/t | | | | | | Ounces | Ounces | Ounces |Pounds |Pounds |Pounds | |________|_________|_______|_____|____|____|____|____|____|________|________|________|_______|_______|_______| | Oxide |Indicated| 6.8 |1.49 |0.84|30.8| | | | 328 | 184 | 6,763 | | | | |________|_________|_______|_____|____|____|____|____|____|________|________|________|_______|_______|_______| | |Inferred | 2.8 |1.26 |0.54|33.9| | | | 114 | 49 | 3,073 | | | | |________|_________|_______|_____|____|____|____|____|____|________|________|________|_______|_______|_______| | | Total | 9.6 |1.42 |0.75|31.7| | | | 442 | 232 | 9,836 | | | | |________|_________|_______|_____|____|____|____|____|____|________|________|________|_______|_______|_______| |Sulphide|Indicated| 21.6 |0.67 |0.36|14.3|0.11|0.68|0.76| 462 | 251 | 9,899 | 54 | 324 | 360 | |________|_________|_______|_____|____|____|____|____|____|________|________|________|_______|_______|_______| | |Inferred | 14.1 |0.61 |0.24|17.5|0.13|1.20|1.03| 276 | 108 | 7,928 | 41 | 374 | 318 | |________|_________|_______|_____|____|____|____|____|____|________|________|________|_______|_______|_______| | | Total | 35.6 |0.64 |0.31|15.6|0.12|0.89|0.86| 738 | 359 | 17,827 | 95 | 697 | 678 | |________|_________|_______|_____|____|____|____|____|____|________|________|________|_______|_______|_______| | Total |Indicated| 28.4 |0.86 |0.48|18.2| | | | 790 | 435 | 16,662 | 54 | 324 | 360 | |________|_________|_______|_____|____|____|____|____|____|________|________|________|_______|_______|_______| | |Inferred | 16.9 |0.72 |0.29|20.3| | | | 390 | 156 | 11,002 | 41 | 374 | 318 | |________|_________|_______|_____|____|____|____|____|____|________|________|________|_______|_______|_______| | | Total | 45.3 |0.81 |0.41|19.0| | | | 1,180 | 592 | 27,663 | 95 | 697 | 678 | |________|_________|_______|_____|____|____|____|____|____|________|________|________|_______|_______|_______|
All figures are rounded to reflect that they are approximate and any
apparent summation differences in totals is due to this rounding
The complete resource table from MCS can be accessed at http://www.robustresources.com.au.
The JORC Resource Estimate in the Context of the Overall Exploration
Potential of Romang Island
This JORC resource estimate quantifies significant accumulations of
metals. There is strong evidence that this is only the first stage of
an even more substantial discovery within the Lakuwahi Project area.
Figure 1 shows the wireframes defining the Lakuwahi JORC resource
estimate plotted in relation to the highly prospective resistivity
anomalies, which lie within the overall Lakuwahi Magnetite Destruction
Zone (MDZ) mineralising system. Untested and minimally tested anomalies
such as Batu Jagung, Batu Perak and Batu Hitam South, are priority
drilling targets for 2012 and are considered to have a high potential
for further large-scale discovery.
Recent announcements by Robust illustrate the fact that the
substantially drilled prospects of Batu Mas, Batu Hitam and Batu Hitam
West remain largely open for further extensions and discovery. The
drilled area is a small proportion of the overall mineralising system.
While the discovery of additional mineral resources on Romang Island is
a priority for Robust, the JORC resource estimate announced today is an
important milestone that will form the basis for development studies
necessary for the commercialisation of the mineral deposits.
The Company is currently investigating the viability of mining and
treating the near-surface gold-silver deposit in the short to medium
term. Metallurgical studies are well advanced and will continue into
2012. Results so far confirm the early indications that the oxide gold
– silver mineralisation is highly amenable to standard, low-cost
The fact that two-thirds of the JORC resource estimate is classified as
“Indicated” means that these mineral resources can form the basis of a
prefeasibility study and infill drilling which will lead on to a
feasibility study if successful. It is the company’s intention to
complete the front-end work for mining, processing, marketing and
environmental pre-feasibility studies on the oxide project in 2012.
Detailed metallurgical testwork is proceeding in order to define a
treatment path for the sulphide mineralisation. The sulphide project is
potentially large and should require a greater capital outlay. The
Company is optimistic that development of the sulphides can proceed
soon after the oxide project is brought into production.
Managing Director Gary Lewis said: “The completion of the Company’s
maiden JORC resource estimate is undoubtedly a major milestone for the
company; and the results thus far confirm our initial geological
modelling and understanding of the Project.
“It is important to stress however, that this maiden JORC resource
estimate is based on the drilling results of a small area within the
Lakuwahi Project. As such, we have every confidence that this maiden
resource will continue to increase as our exploration activities
advance in 2012 and beyond. The future discovery potential for Romang
Island is significant.
“Robust intends to continue aggressively exploring Romang Island with
seven drills on-site and a $15 million exploration budget earmarked for
fiscal year 2012. This exploration is fully funded and will continue in
unison with our project development efforts.
“We are now on the path to becoming a producer and are advancing our
front-end project development studies. We will continue to update
shareholders on our exploration and development activities on Romang,
as well as on our exploration efforts in the Philippines”.
Robust Resources Limited is engaged in the discovery, exploration and
development of precious and base metal mineral deposits in Indonesia
and the Philippines. The Company’s most advanced project is the
Lakuwahi gold-silver-copper-lead-zinc deposit on Romang Island, in
eastern Indonesia. Lakuwahi is a significant greenfields discovery with
high potential for expansion of the currently stated JORC mineral
resources of 1.18 Million ounces gold equivalent plus base metal
credits. Robust’s dual focus is to become a significant low cost
precious and base metal producer on Romang Island as well as making new
discoveries from its exciting portfolio of exploration properties in
Indonesia and the Philippines. Robust trades on the Australian
Securities Exchange (ASX) under the symbol ROL.AX. More information is
available at www.robustresources.com.au.
Competent Persons Statements
The Lakuwahi mineral resource estimate is based on research and
information compiled by Mr. Serikjan Urbisinov who is a Member of the
Australian Institute of Geoscientists. Mr Urbisinov is a full-time
consultant to Micromine Pty Ltd trading as Micromine Consulting
Services and has greater than five years experience which is relevant
to the style of mineralisation and type of deposit under consideration
and to the estimation of mineral resources. Mr Urbisinov has reviewed
the contents of this announcement that refers to Mineral Resources and
has provided prior written consent to the form and context in which it
The information in this announcement that relates to Exploration Results
is based on data compiled by John Levings BSc, who is a Fellow of The
Australasian Institute of Mining and Metallurgy and who has more than
ten years experience in the field of activity being reported on. Mr
Levings is a director of the Company. Mr Levings has sufficient
experience, which is relevant to the style of mineralisation and 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 ‘Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves’. Mr Levings consents to the
inclusion in the announcement of the matters based on his information
in the form and context in which it appears.
1. Gold Equivalent = gold assay + (silver assay / 47) where the number 47 represents the ratio where 47 g/t Ag = 1g/t Au. This ratio was calculated from the average of the 12 months of Financial Year 2011 from July 2010 to June 2011 taken from published World Bank Commodity Price Data (http://econ.worldbank.org/WBSITE/EXTERNAL/EXTDEC/EXTDECPROSPECTS/0,,contentMDK:21574907 menuPK:7859231 pagePK:64165401 piPK:64165026 theSitePK:476883,00.html). The metal prices thus used in the calculation are the average Gold price of USD $1371.36 per ounce and average Silver price of USD $28.96 per ounce. 2. The Lakuwahi JORC Resource was estimated by MCS two ways: a) using no top cuts and b) applied top cuts for Au (12 g/t) and Ag (350 g/t). Please refer to thefilethat shows the resources both for uncut and top-cut values. Since not many assays are above the top cut values; therefore, the resource totals are very similar.
To view Figure 1, please click here http://files.newswire.ca/365/RobustMaps(1).pdf
SOURCE Robust Resources Ltd.