[nasional_list] [ppiindia] Asia Gold Signs Agreement to Explore the Kaputusan Porphyry Copper-Gold Prospect Bacan Island, Maluku, Indonesia
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- Date: Thu, 19 Jan 2006 23:29:49 +0100
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Press Release Source: Asia Gold Corp.
Asia Gold Signs Agreement to Explore the Kaputusan Porphyry Copper-Gold
Prospect Bacan Island, Maluku, Indonesia
Thursday January 19, 4:29 pm ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 19, 2006) - Asia Gold Corp.
(TSX VENTURE:ASG - News) is pleased to announce the signing of a Memorandum of
Understanding (MOU) with PT Harita Multi Karya Mineral (HMKM), a member of the
Harita Group of Indonesia, to set up a joint venture to explore and develop the
Kaputusan porphyry copper-gold prospect on Bacan Island, Maluku, Indonesia. The
Kaputusan prospect is within a 25,775-hectare KP (Kuasa Pertambangan)
exploration lease granted to HMKM in January, 2005. The entire lease is within
15 kilometres of the ocean and the prospect is accessed by new logging roads.
Under the terms of the MOU, an Indonesian subsidiary of Asia Gold can earn an
85% interest in the Kaputusan KP prospect from HMKM by spending US$300,000 on
exploration during the first year of the joint venture. Thereafter, the 15%
interest held by HMKM is free carried to commercial mine production.
Porphyry copper-gold mineralization was discovered at Kaputusan during a joint
Indonesian-German regional exploration program carried out between 1977 and
1979. A follow-up program during 1983-1984 included 5,550 metres of trenching
and 1,575 metres of NQ-BQ diamond drilling in 10 vertical holes. Five trenches
were re-sampled by Newcrest Mining Limited (Newcrest) between 1993 and 1997.
Surface mineralization has been mapped and trenched over an area measuring
approximately 1,500 metres by 1,000 metres.
Nine of the ten Indonesian-German drill holes intersected weak to moderate
copper-gold mineralization. The drilling did not define the limit of
mineralization in any direction. The best three reported drill intercepts are
as follows;
--------------------------------------------------------------------
Drill Hole No. From To Length (m) % Copper g/t Gold
--------------------------------------------------------------------
BH003 6.0 54.0 48.0 0.37 0.65
--------------------------------------------------------------------
BH004 27.0 90.0 63.0 0.36 0.14
--------------------------------------------------------------------
BH007 6.0 204.0 198.0 0.28 0.31
--------------------------------------------------------------------The grades
reported in the drill holes may be unrepresentative since the average core
recovery in the mineralized zones was only 41%. The best mineralization in
surface trenches graded 0.5% copper and 0.39 g/t gold over 80 metres, including
a 44 metre interval grading 0.6% copper and 0.77 g/t gold. This 44-metre
interval graded 0.6% copper and 0.5 g/t gold when re-sampled by Newcrest.
"An exploration program over 20 years ago led to the discovery of widespread
porphyry copper-gold mineralization at Kaputusan, however, the exploration was
terminated before the size or grade of the porphyry system could be
established," stated David Owens, President of Asia Gold. "We now have the
opportunity to evaluate the true potential of this strategically well located
copper-gold deposit using modern exploration technology and a better
understanding of the geological setting and controls to the porphyry style
mineralization."
Asia Gold plans to start exploration of Kaputusan in February. The first phase
program will include surface geological mapping, stream sediment geochemistry
and an Induced Polarization geophysical survey. A follow-up drilling program is
planned conditional on the results of the first phase of exploration.
The Kaputusan prospect is a typical Western Pacific island arc porphyry
copper-gold system. It is located in the active Halmahera volcanic arc and the
mineralization is hosted by a potassic altered and magnetite bearing tonalite
porphyry stock. Copper and gold mineralization is associated with a quartz vein
stockwork. Copper leaching and secondary enrichment is evident.
David C. Owens, President, and Richard Gosse, Vice President Exploration, both
qualified persons as defined by National Instrument 43-101, supervised the
preparation of the technical information in this release.
Ivanhoe Mines and BHP Billiton own approximately 47% and 7% respectively of the
issued and outstanding shares of Asia Gold.
Forward-Looking Statements: Statements in this release that are forward-looking
statements, including the planned exploration of the company's mineral
properties in Indonesia, are subject to various risks and uncertainties
concerning the specific factors disclosed under the heading "Risk Factors" and
elsewhere in the company's periodic filings with Canadian securities
regulators. Such information contained herein represents management's best
judgment as of the date hereof based on information currently available.
The TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy or this release.
Contact:
Steven Feldman
Asia Gold Corp. - Investors
(604) 681-6799
Bob Williamson
Asia Gold Corp. - Media
(604) 681-6799
www.asiagold.com
[Non-text portions of this message have been removed]
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