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Block D-7 Diamond Project (ORP 18% with option to 27%)
Location Chhattisgarh, Central India The Block D-7 case is presently awaiting a final determination in the Chhattisgarh High Court to facilitate the State Government's reinstating the Prospecting Licence. JV partners are confident fieldwork will resume at the outset of the next field season (October 2005), commencing with bulk sampling of some of the known pipes.
Commodity Diamonds
Style Kimberlitic Pipe
Best Intersection 5 macro & 85 micro diamonds - stream sed sample of Behradih pipe
Aegis Equities Comments
Projects:A succession of excellent drill intercepts reported at Sihayo 1 North over the June quarter from four diamond drill holes included 21.7m @ 3.21g/t (hole SHDD055) and 24m @ 2.67g/t (SHDD056) within the resource footprint. Re-testing of surface trenching has also been highly encouraging and other work included metallurgical testing. Regarding the Indian diamond project, the release of the case by the High Court back to the Chhattisgarh State Government for the reinstatement of a prospecting licence is anticipated.
Potential:There are some 20 known prospects on the two blocks held under the Pungkut CoW. The main focus to date has been Sihayo 1 North. The entire 66.2 sq km CoW and the 3km Sihayo corridor provide excellent potential. The highly prospective Tarutung epithermal gold prospect in the southern block is a target of future drilling. Block D-7 is potentially very large and has drawn the interest of major mining companies.
Overall:The Pungkut Gold resource displays the grade and potential additional tonnage to go on to prove itself to be economic. This was reinforced by recent drill testing of a newly formulated geological model that identified extended mineralisation. Current resources (ORP 75%) stand at 7.1Mt @ 2.7 g/t (1.0g/t cut-off) containing 609koz, excluding the recently tested breccia zones. Equity funds were raised recently and shareholder approval given for the issue of more shares to assist in financing continued work in Indonesia.


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Source: Bloomberg