Thursday, May 31, 2012
PT Investa Aceh
Triangle registers Company for award of Pase PSC 30 May 2012: Triangle Energy (Global) Limited (Triangle Energy) (ASX: TEG) is pleased to announce the incorporation of Aceh Global Energy Pte Ltd (AGE), a company registered in Singapore and jointly owned by Triangle Energy (80) and PT Investa Aceh (PTIA) (20) an entity wholly owned by the Government of Aceh for the operation of the Pase Block. TRIANGLE ENERGY (GLOBAL) LIMITED has issued similar announcements seven times before, most recently about 0 minutes ago on Thursday 08 December 2011. The announcement 'Triangle Registers Company for Award of Pase PSC' was issued to the ASX on Wednesday 30 May 2012. Notice Type: Mergers, acquisitions, takeovers
Monday, May 28, 2012
Sunday, May 27, 2012
Friday, May 25, 2012
Prosperity Resources: Recent golden drill results from Aceh tenements to generate future bounty
Prosperity Resources (ASX: PSP) is an Australian explorer focused on the evaluation of potentially very significant gold-copper porphyry and skarn deposits in Aceh Province, Indonesia.
The Company has a two-pronged attack within this large project area, namely;
- in the short to medium term – to investigate the possibility of developing mines accessing the shallower ‘oxide cap’ gold associated with the identified Skarns in order to generate ‘quick’ cash-flow; and
- in the medium to long term – to delineate a number of the copper-gold porphyry systems that the Company believes are present below these oxide caps.
- in the short to medium term – to investigate the possibility of developing mines accessing the shallower ‘oxide cap’ gold associated with the identified Skarns in order to generate ‘quick’ cash-flow; and
- in the medium to long term – to delineate a number of the copper-gold porphyry systems that the Company believes are present below these oxide caps.
Capital Raising
In April, the Company completed a share placement to a key Asian investor. The placement raised $2,000,000 through the issue of 20,000,000 fully paid ordinary shares at an issue price of 10 cents per share. That the capital raising was completed at a premium to prevailing share price indicates the growing confidence with the company’s exploration outlook and upside potential.
The raising will support ongoing exploration activities at the Company’s 41,000 hectare porphyry gold-copper project area in Aceh Province, Indonesia.
The Company is in the early stages of a very ambitious large scale green fields exploration effort in a country noted for large deposits. Many of the currently defined target areas have historic and present artisanal mining activities within the region.
The Aceh licenses have never been subjected to systematic modern exploration that is now producing very impressive early stage development targets.
Helicopter-borne magnetic surveying followed by mapping and geochemical sampling have already produced 10 porphyry intrusive targets with related mineralised skarn and alteration zones. This early phase of exploration confirms the huge potential of the entire land package that covers 410 square kilometres.
The raising will support ongoing exploration activities at the Company’s 41,000 hectare porphyry gold-copper project area in Aceh Province, Indonesia.
The Company is in the early stages of a very ambitious large scale green fields exploration effort in a country noted for large deposits. Many of the currently defined target areas have historic and present artisanal mining activities within the region.
The Aceh licenses have never been subjected to systematic modern exploration that is now producing very impressive early stage development targets.
Helicopter-borne magnetic surveying followed by mapping and geochemical sampling have already produced 10 porphyry intrusive targets with related mineralised skarn and alteration zones. This early phase of exploration confirms the huge potential of the entire land package that covers 410 square kilometres.
Share Price: $0.07
Issued Shares: 382.7m shares
Market Cap: $27.0m
Cash: $2m raising in April
ANALYSIS
Prosperity holds a 41,000 hectares land package aligned along the coast of Southern Aceh, covering an unexplored, but potentially highly prospective, mineralised belt adjacent to the Sumatra Fault. This is an important feature controlling the location of mineralisation in Sumatra.
In 2010 to 2011 the Company completed a very successful regional helicopter borne magnetic survey that has already identified 10 magnetic intrusive targets with associated mineralised skarn on surface and completed mapping as well as surface sampling programs at the Pala, Jelatang, Panton Luas, Mutiara, Pelumat, Kuini and Samadua prospects.
Some early drilling has been completed at Pala, Jelatang, Kuini and Panton Luas and has commenced at Pelumat.
The drill intersections achieved in the first hole at Pelumat South achieved significant results, including 17 metres at 6.18 g/t gold from 219 metres including 3 metres at 13.91 g/t gold and 1 metre at 60.0 g/t gold.
Together with encouragement from early stage results from ongoing exploration in the project area, Prosperity Resourcesis one to watch.
That Prosperity Resources achieved good results in the first hole paints a picture of the portent to come for investors.
It also provides investors with an early gauge of the potential that exists in Prosperity Resource’s Aceh tenements. With a modest market cap of $27 million these results provide much promise for the eagle eyed investor, willing to embark on investment in early stage exploration.
MANAGEMENT AND SHAREHOLDERS
Mo Munshi serves as Chairman and Managing Director. He is a geologist with 30 years experience in exploration, development and corporate management in a global setting and has worked for a number of major resource development and production companies that include ACM Ltd, Posgold/Normandy Mines, Great Central Mines NL, Ashanti Goldfields Ltd, JCI Ltd and Ivanhoe Mines Ltd. He is also a Director of Paramount Mining Corporation Ltd.
John Arbuckle serves as a Non- Executive Director, and is also a Director of Paramount Mining Corporation Ltd and Maybach Consulting Pty Ltd which provides specialist corporate advisory services to a number of companies. He has served as CFO and Company Secretary for Mount Gibson Iron Ltd, CFO for Perilya and held senior management positions with Rio Tinto Ltd, North Ltd and Anaconda Nickel Ltd.
Sebastian Hempel serves as a Non-Executive Director, who is an accomplished corporate attorney with 20 years of experience in corporate advisory work in particular for publicly listed companies in the resources sector.
Mufti Habriansyah serves as a Non-Executive Director. He is a highly skilled Indonesian attorney who was a partner in Freehills’ Jakarta office and is a specialist in Indonesian natural resources, energy, and corporate law, and has advised a number of major international resource entities with interests in Indonesia. He is also a Director of Paramount Mining Corporation Ltd.
Garry Taylor and Lionel Liew serve as joint Company Secretaries.
Mo Munshi who serves as Chairman has over the last 2 years increased his shareholding in the Company from 5.0m to 19.65m shares for a 5.1% interest.
Major shareholders include Resource Global Finance Ltd with 59.15m shares for 15.45%, Der La Noble Corporation with 49.9m shares for 13.04%, Prufrock Partners Ltd with 41.2m shares for 10.77%, and Inner Mongolia Tai Xi Mei Group Co Ltd with 20.0m for 5.23% interest.
FUNDING
At the end of the last quarter the Company held $384,000 in cash, and recently secured a US$1.0m debt facility from Resource Global Finance Ltd which is repayable on 30/06/2012 to fund current exploration at Aceh. Resource Global Finance is a significant long term investor in the Company.
In April, the Company completed a share placement to a key Asian investor. The placement raised $2,000,000 through the issue of 20,000,000 fully paid ordinary shares at an issue price of 10 cents per share.
The Company has also issued 14.45m unlisted options that are exercisable over a range of $0.04 to $0.30 from 31/10/2012 to 30/11/2014.
ACEH PROVINCE PROJECT, SUMATRA
The Aceh project is located in the southern coastal portion of Aceh Province in northern Sumatra. The licences extend for a distance of approximately 60 kilometres from the towns of Labuhan Haji in the north to Tapaktuan in the south. Most of the project areas can be accessed by road from coastal towns or by tracks from local villages.
The land package includes six exploration and mining licences known as IUPs that cover 410 square kilometres and contain an unexplored and highly prospective mineralised belt. The Company has already identified 10 porphyry intrusive and related mineralised skarn and alteration zones at prospects known as Pelumat, Mutiara, Panton Luas, Nilam, Pulo Kambing, Pala , Kuini, Jelatang and Samadua.
The geology within the IUPs forms part of a late Jurassic to early Cretaceous age andesite-volcanic dominated island arc. Geology and particularly age relations are not fully resolved at this early stage of the project but it appears likely that Tertiary-age island arc-related magmatism led to the emplacement of microdiorite to granodiorite intrusives along the volcano-sedimentary belt and it is these later intrusives which host the alteration and ore mineralisation. The region has a strong structural character which appears to influence the emplacement location and bounds of the intrusive centres.
The mineralised intrusive systems are clearly defined by airborne and ground-based magnetic surveys. Site visits to these locations often show intense hydrothermal magnetic alteration, which can be present as gold and copper bearing mineralised magnetite skarns in contact with carbonate-rich sediments and at limestone contacts, as well as endoskarn within the diorite intrusive bodies.
Also present are zones with well developed, hydrothermal magnetite veins seemingly forming aureoles about the intrusive centres, or occupying major related structures and intense local development of magnetite in intrusive breccias, or as vein and stockwork development.
At some sites magnetite alteration is observed destroyed by a late often gold-bearing silica-clay (or chlorite in some cases) pyrite event that demonstrates multiphase alteration and introduction of mineralisation. Regionally the helicopter-borne magnetics reflect this as magnetic highs fully or partially encircled by discrete aureoles of magnetic low zones.
SAMADUA, A NEW DISCOVERY
Issued Shares: 382.7m shares
Market Cap: $27.0m
Cash: $2m raising in April
ANALYSIS
Prosperity holds a 41,000 hectares land package aligned along the coast of Southern Aceh, covering an unexplored, but potentially highly prospective, mineralised belt adjacent to the Sumatra Fault. This is an important feature controlling the location of mineralisation in Sumatra.
In 2010 to 2011 the Company completed a very successful regional helicopter borne magnetic survey that has already identified 10 magnetic intrusive targets with associated mineralised skarn on surface and completed mapping as well as surface sampling programs at the Pala, Jelatang, Panton Luas, Mutiara, Pelumat, Kuini and Samadua prospects.
Some early drilling has been completed at Pala, Jelatang, Kuini and Panton Luas and has commenced at Pelumat.
The drill intersections achieved in the first hole at Pelumat South achieved significant results, including 17 metres at 6.18 g/t gold from 219 metres including 3 metres at 13.91 g/t gold and 1 metre at 60.0 g/t gold.
Together with encouragement from early stage results from ongoing exploration in the project area, Prosperity Resourcesis one to watch.
That Prosperity Resources achieved good results in the first hole paints a picture of the portent to come for investors.
It also provides investors with an early gauge of the potential that exists in Prosperity Resource’s Aceh tenements. With a modest market cap of $27 million these results provide much promise for the eagle eyed investor, willing to embark on investment in early stage exploration.
MANAGEMENT AND SHAREHOLDERS
Mo Munshi serves as Chairman and Managing Director. He is a geologist with 30 years experience in exploration, development and corporate management in a global setting and has worked for a number of major resource development and production companies that include ACM Ltd, Posgold/Normandy Mines, Great Central Mines NL, Ashanti Goldfields Ltd, JCI Ltd and Ivanhoe Mines Ltd. He is also a Director of Paramount Mining Corporation Ltd.
John Arbuckle serves as a Non- Executive Director, and is also a Director of Paramount Mining Corporation Ltd and Maybach Consulting Pty Ltd which provides specialist corporate advisory services to a number of companies. He has served as CFO and Company Secretary for Mount Gibson Iron Ltd, CFO for Perilya and held senior management positions with Rio Tinto Ltd, North Ltd and Anaconda Nickel Ltd.
Sebastian Hempel serves as a Non-Executive Director, who is an accomplished corporate attorney with 20 years of experience in corporate advisory work in particular for publicly listed companies in the resources sector.
Mufti Habriansyah serves as a Non-Executive Director. He is a highly skilled Indonesian attorney who was a partner in Freehills’ Jakarta office and is a specialist in Indonesian natural resources, energy, and corporate law, and has advised a number of major international resource entities with interests in Indonesia. He is also a Director of Paramount Mining Corporation Ltd.
Garry Taylor and Lionel Liew serve as joint Company Secretaries.
Mo Munshi who serves as Chairman has over the last 2 years increased his shareholding in the Company from 5.0m to 19.65m shares for a 5.1% interest.
Major shareholders include Resource Global Finance Ltd with 59.15m shares for 15.45%, Der La Noble Corporation with 49.9m shares for 13.04%, Prufrock Partners Ltd with 41.2m shares for 10.77%, and Inner Mongolia Tai Xi Mei Group Co Ltd with 20.0m for 5.23% interest.
FUNDING
At the end of the last quarter the Company held $384,000 in cash, and recently secured a US$1.0m debt facility from Resource Global Finance Ltd which is repayable on 30/06/2012 to fund current exploration at Aceh. Resource Global Finance is a significant long term investor in the Company.
In April, the Company completed a share placement to a key Asian investor. The placement raised $2,000,000 through the issue of 20,000,000 fully paid ordinary shares at an issue price of 10 cents per share.
The Company has also issued 14.45m unlisted options that are exercisable over a range of $0.04 to $0.30 from 31/10/2012 to 30/11/2014.
ACEH PROVINCE PROJECT, SUMATRA
The Aceh project is located in the southern coastal portion of Aceh Province in northern Sumatra. The licences extend for a distance of approximately 60 kilometres from the towns of Labuhan Haji in the north to Tapaktuan in the south. Most of the project areas can be accessed by road from coastal towns or by tracks from local villages.
The land package includes six exploration and mining licences known as IUPs that cover 410 square kilometres and contain an unexplored and highly prospective mineralised belt. The Company has already identified 10 porphyry intrusive and related mineralised skarn and alteration zones at prospects known as Pelumat, Mutiara, Panton Luas, Nilam, Pulo Kambing, Pala , Kuini, Jelatang and Samadua.
The geology within the IUPs forms part of a late Jurassic to early Cretaceous age andesite-volcanic dominated island arc. Geology and particularly age relations are not fully resolved at this early stage of the project but it appears likely that Tertiary-age island arc-related magmatism led to the emplacement of microdiorite to granodiorite intrusives along the volcano-sedimentary belt and it is these later intrusives which host the alteration and ore mineralisation. The region has a strong structural character which appears to influence the emplacement location and bounds of the intrusive centres.
The mineralised intrusive systems are clearly defined by airborne and ground-based magnetic surveys. Site visits to these locations often show intense hydrothermal magnetic alteration, which can be present as gold and copper bearing mineralised magnetite skarns in contact with carbonate-rich sediments and at limestone contacts, as well as endoskarn within the diorite intrusive bodies.
Also present are zones with well developed, hydrothermal magnetite veins seemingly forming aureoles about the intrusive centres, or occupying major related structures and intense local development of magnetite in intrusive breccias, or as vein and stockwork development.
At some sites magnetite alteration is observed destroyed by a late often gold-bearing silica-clay (or chlorite in some cases) pyrite event that demonstrates multiphase alteration and introduction of mineralisation. Regionally the helicopter-borne magnetics reflect this as magnetic highs fully or partially encircled by discrete aureoles of magnetic low zones.
SAMADUA, A NEW DISCOVERY
The Samadua prospect is a recent addition to the prospect portfolio and is located 8 kilometres to the north of Tapaktuan, which has a seaport, airport and serves as a base for all exploration activities by the Company.
Prosperity has completed an initial round of field exploration and data compilation at Samadua that has resulted in the discovery of surface anomalism that is comparable to the prospects at Kuini and Pelumat.
Rock chip, float, channel and soil sampling have defined significantly elevated metal values over a 500 x 350 metre area, which are associated with a zone of magnetic anomalism related to magnetic alteration in sheared microdiorite.
Rock sample highlights include R04619 at 25.7g/t Au and 3.2 g/t Ag, R03147 at 16.2 g/t Au, 97.6 g/t Ag, 23.2% Cu and 4,340 ppm Mo, R00526 with 8.27 g/t Au, 2.9 g/t Ag, 0.75% Cu and 82 ppm Mo.
Soil sample highlights include S001516 with 5.55 g/t Au, 1.1 g/t Ag, 51 ppm Cu and 96 ppm Mo, S001469 with 4.46 g/t Au, 1.1 g/t Ag, 637 ppm Cu and 36 ppm Mo, and S001471 with 0.96 g/t Au, 0.4 g/t Ag, 4310 ppm Cu and 702 ppm Mo.
The highest gold values are carried by samples of chalcopyrite-rich skarn associated mineralisation and where copper values exceeding 250 ppm are very common, with some locations hosting values above 500 ppm, and more locally above 1,000 ppm Cu. Molybdenum is also anomalous in a number of limited samples.
A significant drilling target area has been defined within a 500 x 300 metre zone that is located along the main Samadua ridge and is situated next to an existing road. The Company is fast-tracking an initial drilling program of 4 to 6 drill holes that will test 4 anomalies at depth and is currently conducting channel sampling in the target area to better define drill targets.
KUINI PROSPECT
The Kuini prospect is located at the very southern end of the Aceh project area and is approximately 25 kilometres south of Tapaktuan. Magnetic data and 3D modelling have identified a target body that is approximately 600 metres in length, and lies beneath the outline of an existing shallow pit where mining activity has extended over a similar distance.
Mapping and sampling of the target area was completed within the shallow pit where current operators extract hematite ores from surface-oxidised magnetite skarn.
Surface sampling including grab sampling and continuous surface sampling traverses across the magnetic skarn outcrop and within the pit area at KU-01 returned a best interval of 22 metres at 2.04 g/t Au and 0.26% Cu, including 14 metres at 2.77 g/t Au. Best interval at KU-02 returned 8 metres at 1.21 g/t Au and 10 metres Au at 1.3 g/t Au, with a high sample returning 95 g/t Au outside of the best intervals.
Prosperity is undertaking a 1,500 metre drilling program within the pit area that is aimed into and around the 3D magnetic target. Drill hole PNGD020 intersected 63.6 metres at 0.56 g/t Au and 0.12% Cu at a depth of 166.2 metres, and was collared in sediments outside of the interpreted limits of the magnetic body and the structural corridor.
PNGD021 which intersected 20 metres at 0.23% Cu at a depth of 6 metres, and 1.2 metres at 0.7 g/t Au at a depth of 52 metres. Both holes indicate potential for a gold-copper porphyry intrusive source at depth.
The highest grade result was reported at PNGD022 which was also collared in sediments outside of the interpreted limits of the magnetic body and the structural corridor. The hole reported 39.8 metres at 2.74 g/t Au and 0.45% Cu at a depth of 36.0 metres, and 16.1 metres at 5.78 g/t Au and 0.42% Cu at a depth of 89.0 metres, and 3.0 metres at 0.22 g/t Au at a depth of 105.0 metres. The same drill hole also intersected highly anomalous Molybdenum grades which peaked at 0.24% and suggests an association with a nearby porphyry system.
JELATANG
The target at Jelatang lies to the northwest and abuts the target at Kuini.
Two holes at PNGD017 and PNGD019 were drilled in 2010 and intersected long intervals of disseminated and quartz-sulphide stock work veinlet-hosted anomalous mineralisation, along with shorter intervals of higher grade replacement magnetite endoskarn mineralisation. Drill hole PNGD017 finished in mineralisation with the last 17 metres returning an intercept of 1.27 g/t Au and 0.70% Cu, indicating the presence of a deeper mineralised system.
PANTON LUAS
Panton Luas is located approximately 20 kilometres to the north of Tapaktuan.
Mapping and sampling across 3D magnetic targets has confirmed the presence of gold and copper mineralisation hosted in endoskarn over a large area.
Sporadic gold-copper mineralisation and the presence of pervasive, porphyry-related silica-magnetite-chlorite alteration of the host microdiorite intrusive indicate significant potential for the discovery of a large porphyry system at depths below the axis of the ridge line that runs through the property. Extensive current and historical artisanal workings are scattered across the ridge line.
Drilling at Panton Luas was designed to test mineralisation being exploited on the surface by local artisanal miners and to test for the presence of a deeper porphyry system. A total of 6 drill holes were completed in 2011, and tested beneath magnetic anomalies related to hydrothermal magnetite alteration, and a zone of gold bearing chlorite-sericite-silica-pyrite alteration.
Highlights include PLD003 which intersected 1 meter at 8.79 g/t Au at a depth of 75 meters and 2 meters at 1.08 g/t Au at a depth of 196 meters. PLD004 intersected 4 meters at 3.84 g/t Au at a depth of 10 meters; and PLD005 intersected 5 intervals for a total of 54 meters of mineralisation including 24 meters at 0.22 g/t Au at a depth of 220 meters, along with 10 meters at 1.14 g/t Au at a depth of 38 meters.
Mineralisation recovered from the deeper holes identified features that suggest a late mineralisation event beneath Panton Luas that may relate to a deeper porphyry intrusion.
PELUMAT
Mapping and sampling of the target area was completed within the shallow pit where current operators extract hematite ores from surface-oxidised magnetite skarn.
Surface sampling including grab sampling and continuous surface sampling traverses across the magnetic skarn outcrop and within the pit area at KU-01 returned a best interval of 22 metres at 2.04 g/t Au and 0.26% Cu, including 14 metres at 2.77 g/t Au. Best interval at KU-02 returned 8 metres at 1.21 g/t Au and 10 metres Au at 1.3 g/t Au, with a high sample returning 95 g/t Au outside of the best intervals.
Prosperity is undertaking a 1,500 metre drilling program within the pit area that is aimed into and around the 3D magnetic target. Drill hole PNGD020 intersected 63.6 metres at 0.56 g/t Au and 0.12% Cu at a depth of 166.2 metres, and was collared in sediments outside of the interpreted limits of the magnetic body and the structural corridor.
PNGD021 which intersected 20 metres at 0.23% Cu at a depth of 6 metres, and 1.2 metres at 0.7 g/t Au at a depth of 52 metres. Both holes indicate potential for a gold-copper porphyry intrusive source at depth.
The highest grade result was reported at PNGD022 which was also collared in sediments outside of the interpreted limits of the magnetic body and the structural corridor. The hole reported 39.8 metres at 2.74 g/t Au and 0.45% Cu at a depth of 36.0 metres, and 16.1 metres at 5.78 g/t Au and 0.42% Cu at a depth of 89.0 metres, and 3.0 metres at 0.22 g/t Au at a depth of 105.0 metres. The same drill hole also intersected highly anomalous Molybdenum grades which peaked at 0.24% and suggests an association with a nearby porphyry system.
JELATANG
The target at Jelatang lies to the northwest and abuts the target at Kuini.
Two holes at PNGD017 and PNGD019 were drilled in 2010 and intersected long intervals of disseminated and quartz-sulphide stock work veinlet-hosted anomalous mineralisation, along with shorter intervals of higher grade replacement magnetite endoskarn mineralisation. Drill hole PNGD017 finished in mineralisation with the last 17 metres returning an intercept of 1.27 g/t Au and 0.70% Cu, indicating the presence of a deeper mineralised system.
PANTON LUAS
Panton Luas is located approximately 20 kilometres to the north of Tapaktuan.
Mapping and sampling across 3D magnetic targets has confirmed the presence of gold and copper mineralisation hosted in endoskarn over a large area.
Sporadic gold-copper mineralisation and the presence of pervasive, porphyry-related silica-magnetite-chlorite alteration of the host microdiorite intrusive indicate significant potential for the discovery of a large porphyry system at depths below the axis of the ridge line that runs through the property. Extensive current and historical artisanal workings are scattered across the ridge line.
Drilling at Panton Luas was designed to test mineralisation being exploited on the surface by local artisanal miners and to test for the presence of a deeper porphyry system. A total of 6 drill holes were completed in 2011, and tested beneath magnetic anomalies related to hydrothermal magnetite alteration, and a zone of gold bearing chlorite-sericite-silica-pyrite alteration.
Highlights include PLD003 which intersected 1 meter at 8.79 g/t Au at a depth of 75 meters and 2 meters at 1.08 g/t Au at a depth of 196 meters. PLD004 intersected 4 meters at 3.84 g/t Au at a depth of 10 meters; and PLD005 intersected 5 intervals for a total of 54 meters of mineralisation including 24 meters at 0.22 g/t Au at a depth of 220 meters, along with 10 meters at 1.14 g/t Au at a depth of 38 meters.
Mineralisation recovered from the deeper holes identified features that suggest a late mineralisation event beneath Panton Luas that may relate to a deeper porphyry intrusion.
PELUMAT
The Pelumat prospect is located at the most northern end of the license areas and is approximately 30 kilometres to the north of Tapaktuan.
Prosperity identified a magnetic target, completed 3D modelling, and undertook a soil sampling and mapping program that identified a 2 kilometre long mineralised magnetic target at Pelumat North, and a 3 kilometre long mineralised magnetic target at Pelumat South. These targets carry surface samples assaying up to 109 g/t Au, 37% Cu and 490 g/t Ag in skarn orebodies.
The Company has defined drill targets for an initial five-hole program. These drill holes are planned to test a broad zone of highly anomalous gold-copper-Molybdenum values in soil and rock chip samples that are associated with outcropping skarns and altered microdiorite intrusives.
The first drill hole in this program intersected significant intervals containing disseminated, fracture and vein hosted pyrite‐chalcopyrite‐molybdenite mineralisation immediately to over 300 metres down hole. The mineralisation is similar to material observed in outcrop around the drill site area, and usually has significant gold values associated with the copper.
This program will test an area that measures roughly 400 x 400 metres within the mineralised trend and skirts the boundary of the 3D magnetic target. The core of the 3D magnetic target will be tested by additional drilling at a later stage.
Pelumat South Prospect drilling
Significant gold-copper-Molybdenum intersections have been achieved by Prosperity in the first hole at Pelumat South in the BAM joint venture licence.
The Company completed its first hole, PMDH001, at the South Pelumat Prospect in its 80% owned BAM Joint venture area in southern Aceh.
Results are clearly very useful and encouraging and offer support for the mapping and geochemistry undertaken in the area.
Best intercepts included:
-17 m at 6.18 g/t Au from 219 metres including: 3 m at 13.91 g/t Au and: 1 m at 60.0 g/t Au;
-10 m @ 0.97% Cu from 227 metres
-26 m @ 1.5 g/t Au; 0.43% Cu from 254 metres Including: 2 m at 15.4 g/t Au; 1.40% Cu
and 2 m at 1.84 g/t Au with 1 m at 2.05% Cu and: 1 m at 2.05% Cu and 2 m at 0.06% Mo
and: 4 m at 0.06% Mo
-2 m at 4.64 g/t Au from 310 metres
The Pelumat Prospect is one of ten known magnetic endoskarn and intrusive targets recognised by Prosperity along 60 kilometres of strike length in Prosperity’s 410 square kilometre Aceh Project.
MUTIARA
Mutiara abuts Panton Luas and both prospects have similar characteristics.
Trenching and soil sampling at Mutiara delineated a mineralised zone across a 1 x 1.3 kilometre area that included trenches at M1 which recorded 18 metres at 2.61 g/t Au and 0.71% Cu, M18 recorded 18 metres at 0.93 g/t Au and 0.44% Cu, M23 recorded 12 metres at 4.77 g/t Au and 3.62% Cu and M26 recorded 18 metres at 1.39 g/t Au and 0.42% Cu.
AUSTRALIAN PROJECTS
Prosperity maintains a number of Australian projects that are currently held on a care and maintenance basis. These include the 100% owned Tennant Creek Project, in the Northern Territory, that covers 220 square kilometres and are prospective for gold and copper resources.
Prosperity identified a magnetic target, completed 3D modelling, and undertook a soil sampling and mapping program that identified a 2 kilometre long mineralised magnetic target at Pelumat North, and a 3 kilometre long mineralised magnetic target at Pelumat South. These targets carry surface samples assaying up to 109 g/t Au, 37% Cu and 490 g/t Ag in skarn orebodies.
The Company has defined drill targets for an initial five-hole program. These drill holes are planned to test a broad zone of highly anomalous gold-copper-Molybdenum values in soil and rock chip samples that are associated with outcropping skarns and altered microdiorite intrusives.
The first drill hole in this program intersected significant intervals containing disseminated, fracture and vein hosted pyrite‐chalcopyrite‐molybdenite mineralisation immediately to over 300 metres down hole. The mineralisation is similar to material observed in outcrop around the drill site area, and usually has significant gold values associated with the copper.
This program will test an area that measures roughly 400 x 400 metres within the mineralised trend and skirts the boundary of the 3D magnetic target. The core of the 3D magnetic target will be tested by additional drilling at a later stage.
Pelumat South Prospect drilling
Significant gold-copper-Molybdenum intersections have been achieved by Prosperity in the first hole at Pelumat South in the BAM joint venture licence.
The Company completed its first hole, PMDH001, at the South Pelumat Prospect in its 80% owned BAM Joint venture area in southern Aceh.
Results are clearly very useful and encouraging and offer support for the mapping and geochemistry undertaken in the area.
Best intercepts included:
-17 m at 6.18 g/t Au from 219 metres including: 3 m at 13.91 g/t Au and: 1 m at 60.0 g/t Au;
-10 m @ 0.97% Cu from 227 metres
-26 m @ 1.5 g/t Au; 0.43% Cu from 254 metres Including: 2 m at 15.4 g/t Au; 1.40% Cu
and 2 m at 1.84 g/t Au with 1 m at 2.05% Cu and: 1 m at 2.05% Cu and 2 m at 0.06% Mo
and: 4 m at 0.06% Mo
-2 m at 4.64 g/t Au from 310 metres
The Pelumat Prospect is one of ten known magnetic endoskarn and intrusive targets recognised by Prosperity along 60 kilometres of strike length in Prosperity’s 410 square kilometre Aceh Project.
MUTIARA
Mutiara abuts Panton Luas and both prospects have similar characteristics.
Trenching and soil sampling at Mutiara delineated a mineralised zone across a 1 x 1.3 kilometre area that included trenches at M1 which recorded 18 metres at 2.61 g/t Au and 0.71% Cu, M18 recorded 18 metres at 0.93 g/t Au and 0.44% Cu, M23 recorded 12 metres at 4.77 g/t Au and 3.62% Cu and M26 recorded 18 metres at 1.39 g/t Au and 0.42% Cu.
AUSTRALIAN PROJECTS
Prosperity maintains a number of Australian projects that are currently held on a care and maintenance basis. These include the 100% owned Tennant Creek Project, in the Northern Territory, that covers 220 square kilometres and are prospective for gold and copper resources.
Western Australian projects also include an 80% interest in the Mount Gibson Joint Venture, which encompasses the Woolshed and Warriedar iron ore projects.
ANALYSIS
Prosperity holds a huge land package of over 41,000 hectares of a highly prospective mineralised belt that have not been subjected to modern exploration techniques. Many of the defined target areas are liberally sprinkled with artisanal mining activity.
Prosperity has increased its interest in the Aceh gold-copper IUP licenses to 80%. The balance is held by a strong local partner.
Prosperity’s 81%-owned Indonesian subsidiary PT Prosperity Surya Persada (PT PSP)
earned 80% of the BAM exploration IUP license through the expenditure of over USD1,250,000 on the highly prospective Pelumat gold-copper porphyry target since the project was acquired in October 2009.
Prosperity has maintained a district wide exploration effort on a limited budget, and produced results that much larger exploration outfits may covet. The licenses at Aceh have the look and feel of true green fields ‘elephant country’ type plays.
The big picture approach has generated a multitude of large gold and copper targets that carry strong magnetic signatures and some have artisanal workings that are also producing high grade surface resources.
Exploration and development focus is still in its very early stages and recent drilling has barely scratched the surface.
The Pelumat Prospect is one of ten known magnetic skarn and intrusive targets recognised by Prosperity along 60 kilometres of strike length in Prosperity’s 410 square kilometre Aceh Project.
The drill intersections achieved in the first hole at Pelumat show promise particularly when taken together with the encouragement from ongoing exploration in the project area. The intersections have also added significantly to the regional understanding of the controls of mineralisation in the local district and elsewhere in Aceh where mineralisation has been found and will assist with planning the subsequent drill programs regionally.
These new drill intersections achieved at the start of Prosperity’s drilling program at Pelumat also support the very encouraging geochemical results obtained.
These early drill results are significant as they will improve understanding of the physical attributes of the targets located in Aceh as well as the controls on mineralisation distribution within them. Results to date from Prosperity promote the promise of things to come.
Together with encouragement from early stage results from ongoing exploration in the project area, Prosperity is one to watch.
The results from Pelumat South provide investors with a potential early gauge of the potential that exists in Prosperity’s Aceh tenements. With a modest market cap of $27 million these results provide much promise for the eagle eyed investor, willing to embark on investment in early stage exploration.
That the recent $2 million capital raising was struck at a premium to prevailing share price indicates the growing confidence in the company’s exploration outlook and upside potential in valuation for investors.
ANALYSIS
Prosperity holds a huge land package of over 41,000 hectares of a highly prospective mineralised belt that have not been subjected to modern exploration techniques. Many of the defined target areas are liberally sprinkled with artisanal mining activity.
Prosperity has increased its interest in the Aceh gold-copper IUP licenses to 80%. The balance is held by a strong local partner.
Prosperity’s 81%-owned Indonesian subsidiary PT Prosperity Surya Persada (PT PSP)
earned 80% of the BAM exploration IUP license through the expenditure of over USD1,250,000 on the highly prospective Pelumat gold-copper porphyry target since the project was acquired in October 2009.
Prosperity has maintained a district wide exploration effort on a limited budget, and produced results that much larger exploration outfits may covet. The licenses at Aceh have the look and feel of true green fields ‘elephant country’ type plays.
The big picture approach has generated a multitude of large gold and copper targets that carry strong magnetic signatures and some have artisanal workings that are also producing high grade surface resources.
Exploration and development focus is still in its very early stages and recent drilling has barely scratched the surface.
The Pelumat Prospect is one of ten known magnetic skarn and intrusive targets recognised by Prosperity along 60 kilometres of strike length in Prosperity’s 410 square kilometre Aceh Project.
The drill intersections achieved in the first hole at Pelumat show promise particularly when taken together with the encouragement from ongoing exploration in the project area. The intersections have also added significantly to the regional understanding of the controls of mineralisation in the local district and elsewhere in Aceh where mineralisation has been found and will assist with planning the subsequent drill programs regionally.
These new drill intersections achieved at the start of Prosperity’s drilling program at Pelumat also support the very encouraging geochemical results obtained.
These early drill results are significant as they will improve understanding of the physical attributes of the targets located in Aceh as well as the controls on mineralisation distribution within them. Results to date from Prosperity promote the promise of things to come.
Together with encouragement from early stage results from ongoing exploration in the project area, Prosperity is one to watch.
The results from Pelumat South provide investors with a potential early gauge of the potential that exists in Prosperity’s Aceh tenements. With a modest market cap of $27 million these results provide much promise for the eagle eyed investor, willing to embark on investment in early stage exploration.
That the recent $2 million capital raising was struck at a premium to prevailing share price indicates the growing confidence in the company’s exploration outlook and upside potential in valuation for investors.
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How Will Partai Aceh Govern?
Sidney Jones, Tempo | 19 Apr 2012
The extraordinary victory of Partai Aceh (Aceh Party) raises questions about how Aceh will develop in the next five years. Will it grow into an authoritarian one-party enclave in the middle of democratic Indonesia or become a model for the transformation of a guerrilla movement into a responsible political force?
It is worth looking at why Partai Aceh won by such huge margins: close to 55 per cent overall and more than 70 per cent in the populous districts along the east coast. Intimidation, while significant, cannot explain these numbers.
Acehnese told us repeatedly last week that the election was about peace and security – avoiding any return to conflict and ensuring a sense of personal safety. Partai Aceh leaders successfully portrayed themselves as both the leaders of the guerrilla struggle and the architects of the 2005 peace. They also suggested vaguely, however, that if they weren’t elected, there could be trouble.
The KPA has no legal status, but its senior members are often powerful local warlords, grown rich through securing construction contracts and other concessions. As former combatants, they are used to obeying orders from above and securing obedience from below. When a political party is superimposed on this structure, the result has been an often autocratic organisation with little tolerance for dissent.
In Langsa, we were sitting with a group of NGO leaders discussing the election, when suddenly one lowered his voice and whispered, “Careful, it’s not sterile here.” In the Soeharto days, that used to be the reaction when a suspected military or intelligence agent appeared. This time, it was a local Partai Aceh man who had entered, and our friends were afraid of being overheard; the party is widely believed to have its own network of informers. Several local offices of the election oversight body, Panwas, said it was difficult to follow up reports of Partai Aceh violations because witnesses were afraid to come forward.
If the party is to lead Aceh in a positive direction it needs to disassociate itself from and/or dissolve the KPA, gradually rid itself of military attributes (the party’s paramilitary task force or satgas wears red berets and camouflage uniforms) and recruit new blood on college campuses. A younger, better educated faction of the party says it is trying to open the party up and make it less exclusive, but it won’t happen overnight.
This raises the question of what Partai Aceh’s political agenda will be going forward, now that it controls both the executive and legislative branches of the provincial government. While the campaign was devoid of specifics, the party has a detailed platform for preserving the peace, improving government, reducing poverty, and strengthening Achenese culture and values. If the party uses it as a guideline for policies, it could win over some sceptics, although the track record of the party’s legislators is poor.
One party worker said the top legislative priority was the draft regulation on the Wali Nanggroe, an institution agreed on in Helsinki as a ceremonial position for the late Hasan di Tiro. Malek Mahmud, GAM’s former “prime minister” and Partai Aceh’s founder, has since assumed the title and role that some in the party’s old guard see as a kind of constitutional monarch. How the final version of this regulation emerges will send important signals about the party’s willingness to let go of some of its feudal tendencies.
Aceh’s development will also depend on Jakarta and the willingness of national institutions to confront the party if it challenges the constitution or acts outside the law. Local police have shown a distinct reluctance to move against the KPA. When several members were implicated in the killings of Javanese workers in December and January, it took the elite Detachment 88 from Jakarta to make the arrests, and many Acehnese doubt that there is much interest in probing the case further.
Likewise when the party last year refused to accept a Constitutional Court ruling, Home Affairs seemed to take its side, on the grounds that the largest party in Aceh had to be “accommodated” – and it was. The lesson may be that defiance of national institutions carries no costs, particularly as 2014 draws closer.
Many Acehnese we met assume that if its elected officials don’t deliver, they will be thrown out in five years. But with an absence of checks and balances, combined with an ability to direct significant resources to members, the party may be difficult to dislodge.
Whatever happens, Aceh’s experiment in post-conflict governance will be closely watched.
Sidney Jones is senior adviser to the Asia Program of International Crisis Group
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