Robust Resources (ASX: ROL) has two large multi-commodity projects in Indonesia on Romang Island, both concentrated on volcanic centres. Robust is exploring prospective ground previously owned by Billiton during the 1990s, and the Ashton Mining Group using owner-operated drilling rigs.
Lakuwahi, in the south of Romang, has near-surface gold and silver, while a significant poly metallic base metal discovery also exists with thick intersections of economic base metals underlying the gold and silver deposit. At the North Romang Project, initial exploration has demonstrated a porphyry system with a focus on gold and silver.
Robust Resources to add fourth drill rig to Romang Island programme
Robust Resources (ASX: ROL) has now completed 46 diamond drill holes for 4,310.85 metres at its Romang Island project in Eastern Indonesia.
Only three of the 46 holes, from which assay results have been received, have failed to intersect precious and/or base metal mineralisation, this mineralisation remains open in all directions and at depth.
The drilling program begain on 8 November 2008 at Batu Mas, Batu Hitam and Batu Jagung prospects.
During the quarter, Robust reported final assay results for diamond hole LWD 051 which contained a world-class, high-grade gold intersection of 57.5 metres at 6.78 g/t Au equivalent, including 27 metres at 9.36 g/t Au equivalent.
Not two days later, Robust announced that it had intersected more than 60 metres of continuous gold from surface at its Batu Mas Prospect.
Diamond hole LWD 048 assayed 61 metres @ 2.54 Au equivalent from surface, and 15 metres @ 0.8% Cu from 40 metres. Results from hole LWD 049 were also released, and included 40.5 metres at 2.44 g/t Au equivalent.
Significant base metal intersections were encountered at the Batu Mas Prospect including: 12.5 metres at 5.63% combined Cu+Pb+Zn3 including 4 metres at 12.25% combined Cu+Pb+Zn (LWD 046) and 15 metres at 0.8% Cu (LWD 048).
These results returned from diamond drilling would seem to substantiate the large precious and base metal resource potential for the Lakuwahi Project area. With further identified potential for Romang Island to host a large gold/copper porphyry in the North of the Island.
Investors agreed boosting the stock price and valuation by 218% to $2.23 during the quarter. Institutional investors ponied up $7.4m in a placement.
During the quarter, Robust expanded management ranks, appointing Andrew Wilson as Non Executive Director. Mr Wilson was BHP Billiton Indonesia President Director from 2000 to 2008 and a director of the Indonesian Mining Association.
Robust now has three owner-operated NQ Core diamond drilling rigs on its Romang exploration program. A fourth rig, has been purchased to accelerate the program, and is currently in construction.
Drilling has commenced at the highly prospective Batu Jagung Base Metal Prospect. This is also located within the Lakuwahi Caldera, approximately 1.7 Km north of Batu Hitam. Billiton scout drilling in the late 1990s intersected broad zones of potentially economic lead-zinc and silver mineralisation.
Results from Robusts’ first hole, LWD 057, received during January 2010, included: LWD 057: From 4m to 31m: 27 metres at 74 g/t Ag; and from 56m to 131m (end of hole): 75 metres at 2.0% combined Cu+Pb+Zn.
In perspective, only a very small proportion of the prospective Lakuwahi Caldera has been drilled. Interpretation of remodelled magnetic survey data indicates a mineralising system approximately 13 km2 in extent.
Robusts’ drilling to date has only tested less than 0.02 km2 or less than 0.2% of the system, indicating strong news flow in 2010.
Robust intends to commence a 3D Induced Polarisation (IP) / Resistivity Survey in February 2010 which aims to detect and map base-metal sulphide mineralisation to a depth of between 300 and 400 metres over the majority of the Lakuwahi Caldera.
This IP survey will be used in conjunction with drilling and further detailed geological mapping to delineate further precious and base metal targets across the Lakuwahi Caldera.
Drilling will continue with three rigs and a fourth will be added to the fleet in March 2010. Robust now has three owner-operated NQ Core diamond drilling rigs on its Romang exploration programme. A fourth rig was recently purchased to accelerate the exploration programme and is expected to be commissioned on Romang Island during March. This rig will be capable of drilling to depths of up to 250 metres using NQ diamond drilling.
Robust had $10.4m in cash and receivables and no debt at the end of the quarter.
