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Fiji – Sabeto - (Gold)
The Sabeto licence is situated approximately 25km from the major centre and International Airport at Nadi (Figure 1). The licence is in a key position in the Western Viti Levu goldfields and previous work by Mincor has demonstrated that the Banana Creek gold prospect (Figure 2) is prospective for bonanza grade epithermal veining of similar style to the nearby Tuvutu deposit (1.64 million tonnes @ 8.5g/t gold for 450,000 ounces) or that at the Vatukoula Mine (10 million ounces) operated by Emperor Gold Mines Limited. The prospect comprises significant coincident gold-in-soil (robust 1 km x 0.3 km, greater than 0.5 g/t gold) and potassium radiometric anomalies, outcropping gold mineralised epithermal veining (some of which have returned bonanza grade gold assays of up to 72 g/t gold), and a significant gold-bearing vein intercept (0.4 m @ 23.4 g/t gold).

Alcaston completed a major exploration program at Sabeto comprising geological mapping, rock chip sampling and diamond drilling from September to November 2002.

Geological mapping at Banana Creek delineated at least five significant zones of stockwork, quartz-sulphide veining. These zones trend north-northwest, strike for at least 200m, and range in width from 10 to 20m. All zones are open along strike and down dip. The largest of these zones, the Republic Zone, is at least 300m long and 20m wide.

Rock chip samples from these mineralised zones returned bonanza grade gold assay results. Best grab rock chip sample results are 46.3 g/t, 32.0 g/t and 10.6 g/t gold. Best channel rock chip results are 20m @ 2.1 g/t gold (including 2 m @ 18.9 g/t gold) and 4 m @ 4.42 g/t gold.

A diamond drilling program comprising three holes (BCDH6 – BCDH8), for a total of 595.3m was completed at Banana Creek to test the mineralised zones (Figure 3). Holes ranged from 182.8m to 212.5m in depth and were drilled in a single line (10000N) across the strike of the gold-in-soil anomaly and the gold-bearing veining. Early assays from the drilling confirmed that the significant sulphide stockwork vein zones delineated in the mapping do not host any significant gold, and that significant gold is related to epithermal quartz veins only. As such the focus for exploration shifted to locating and delineating the thickest and most strike extensive quartz veins. Holes BCDH6 and BCDH7 were designed to test the depth extent of the bonanza, 40cm wide, epithermal quartz vein (“Iliesa Vein”) intercepted in hole BCDH4 drilled by Mincor. These holes were drilled 5m and 90m respectively below BCDH4, and approximately 25m to the northeast of BCDH4. Both holes failed to intercept the vein. In the expected vein position in BCDH6, a significant gold anomalous fault was located, suggesting the vein may have been faulted and possibly displaced.

Hole BCDH8 intercepted a new significant “bonanza-style” epithermal quartz vein (“Republic Vein”), 60cm in width, and very similar in appearance to the Iliesa Vein (Figure 3). The vein is thinly banded with dark quartz layers perhaps due to very fine sulphides. The vein margins are irregular and there is evidence of brecciation. The vein returned an intercept of 0.6 m @ 3.42 g/t gold, 0.88 g/t silver (from 32.4 to 33.0m). This larger vein is hosted in a 17.9m wide hydrothermal breccia zone, which is quartz veined, altered and anomalous in gold (zone averages 0.22 g/t gold). Drill core in this mineralized zone is very broken and core recoveries were low, as poor as 35%. The Republic Vein, lies 190 m southeast of the Iliesa Vein and remains open at depth and along strike. Although the gold intercept from the Republic Vein is not as high as the intercept from the Iliesa Vein it is still considered very significant as the grade in these bonanza-style vein systems (such as in the Vatukoula and Tuvatu deposits) are known to be highly variable. In addition, due to the poor core recovery, the grade of the Republic Vein intercept can only be considered indicative. Alcaston is planning a further geological mapping program at Banana Creek in May 2003 to better understand the structural controls on the location of the bonanza veins prior to considering further drilling.

At the Tuvatu North prospect, Alcaston confirmed that the gold-bearing epithermal veining from Emperor Gold Mines’ Tuvatu gold deposit extends north into Alcaston’s tenement area (Figure 2). Alcaston located veining similar to that at Tuvatu, on a prominent northeast-trending ridge. This veining was originally discovered by Pan Continental in 1988. The best rockchip sample result obtained by Pan Continental from this veining was 8.5 g/t gold, 4 g/t silver, and 0.28% lead. The veining lies approximately 80 m north of the tenement boundary and sits in a distinctive alteration zone (approximately 160 m wide), which trends north from the Tuvatu deposit. The alteration zone is characterized by orange brown soil (argillic alteration) and a deeper soil profile compared with the greenish grey, shallow soil cover over the relatively fresh monzonite to the east and west. Pan Continental obtained anomalous soil samples from this altered zone, with a best result of 0.54 g/t gold. No follow-up of these highly significant rock chip and soil results has been conducted. No drilling has been conducted. Access to the Tuvatu North prospect is poor, as is the level of outcrop. During November 2002 Alcaston attempted to doze a track through the altered zone to try and expose further veining. The dozing was halted by the start of the “Wet Season” before the zone of interest could be reached. Alcaston plans to recommence dozing this track following the end of the “Wet Season” in April/May 2003. A geological mapping and rockchip sampling program will be conducted in conjunction with the dozing.

Alcaston has successfully negotiated compensation agreements with the three landowner groups covering the Banana Creek and Tuvatu North prospects. The local landowners are highly supportive of exploration.