Borneo Oil Berhad’s wholly-owned subsidiary, Borneo Oil & Gas Corporation Sdn Bhd, has completed the interim exploration works on Zones D and H at Bukit Ibam Gold Prospect and has prepared an Interim Report, however, the company asserts that it is not in accordance with the Australasian Code of Reporting of Exploration Results, Mineral Resources, and Ore Reserves “JORC Standards”.
Further to the last announcement dated 6 August 2020 under JORC standard of the gold resources of Zone B (1st Zone), which has stated the Gold Resources as follows:-
- Measured resources of 7,730 oz / 216,550 gm of Gold in 80,000 metric tons of ore with an average grade of 2.88 g/t.
- Indicated resources of 10,650 oz / 298,352 gm of Gold in 730,000 metric tons of ore with an average grade of 0.45 g/t.
- Inferred resources of 3,820 oz / 107,015 gm of Gold in 850,000 metric tons of ore with an average grade of 0.14 g/t.
Total resources of 22,200 oz / 621,917 gm of Gold in 1.66 million metric tons of ore with an average grade of 0.42 g/t.
The Company has recently embarked on a detailed sampling and drilling program on several other of its primary gold targets. This program has been carried out in Zone D and H, comprising 15 diamond drill holes(1,390.5 metres), 127 blast drill holes (1,143 metres) and 77 Reverse Circulation (“RC”) drill holes (4,964 metres). A total of 1,962 samples from Zone H
and 4,425 samples from Zone D were analysed. The overall potential for this combined area is estimated to be 400,000 tons of ore containing approximately 200kgs of gold with an average grade of between 0.3 and 0.5 g/t Au.
However, these figures remain to be proven and confirmed by a systematic diamond drilling program and ground geophysical survey covering the 1.6 km trend.
The Bukit Ibam Gold Prospect is located in the south-eastern state of Pahang of Peninsular Malaysia, about 40 km to the north of Muadzam Shah’s city. The Prospecting Area covers two mining licenses comprising of 187 ha (462.08 acres) and 175.04 ha (432.53 acres). Zone D and H cover an area of 14.29 ha (35.59 acres)in the licensed mining area.
Following the confirmation of JORC gold resources on Zone B dated 5th August 2020, the Company has recently embarked on a detailed sampling and drilling program on several other of its primary gold targets, mainly Zone H and Zone D, with a total of 15 diamond drill holes. Trenching was also used to explore some zones where mineralisation was observed at the surface, including 135 samples in Zone H and 107 samples in Zone D.
Based on the recently detailed drilling, the southern half of Zone D, which extends over about 100m, represents a potential of about 25,000 tons of ore at an average between 0.3 and 0.5 g/t Au. By extrapolation to the whole of the 1.6 km trend, the overall potential for this combined area is to be estimated to be 400,000 tons of ore containing approximately 200kgs of gold with an average grade of between 0.3 and 0.5 g/t Au.
However, these figures remain to be proven and confirmed by a systematic drilling and ground geophysical survey covering the 1.6 km trend.
The Company intends to continue the detailed survey of the whole project and particularly in Zones D and H, to achieve and be in compliance with JORC Standards.
