HIGHLIGHTS:
-
In-fill and, step-out drilling at Bau Central continues
to upgrade the resource category and expand the
prospective open-pit resource. Results received since the
previous announcement dated February 1, 2012 include:
JUDDH-32: 41.00m @ 1.79 g/t Au (including 2.00m @ 5.24
g/t Au and 5.00m @ 5.24 g/t Au).
JUDDH-35: 34.00m @ 3.01 g/t Au.
JUDDH-40: 62.00m @ 2.02 g/t Au (including 15.00m @ 3.65
g/t Au).
JUDDH-44: 52.70m @ 4.64 g/t Au (including 21.00m @ 6.80
g/t Au and 4.00m @ 11.97 g/t Au).
JUDDH-45: 39.50m @ 1.91 g/t Au (including 18.50m @ 3.39
g/t Au).
JUDDH-48: 29.30m @ 2.94 g/t Au (including 3.00m @ 10.05
g/t Au).
-
A new NI 43-101/JORC resource estimate for Bau, East
Malaysia contains 17,058,000 tonnes at 1.67 g/t Au,
containing 913,500 ounces of gold (measured and
indicated), plus 50,062,000 tonnes at 1.31 g/t Au,
containing 2,108,100 ounces of gold (inferred) (See
Olympus Press Release dated March 4, 2012). Resource
definition drilling is ongoing.
-
Definitive metallurgical studies are in progress for
substantive completion in May.
-
Mine feasibility studies are on schedule for completion
by year-end 2012.
-
Continuing geological and geophysical studies reveal
significant additional potential in Jugan deposit
extensions, as well as elsewhere within the Bau Central
Gold Trend.
Toronto, April 2, 2012 - Olympus Pacific Minerals Inc.
Chief Executive Officer, John Seton, is pleased to announce
continuing exploration success and progress with mining
feasibility studies in the Jugan Sector of the
Company's Bau Central property in Sarawak, East
Malaysia.
John Seton, said: "Drilling at Bau Central of the
Bau Gold Trend continues to return highly encouraging
results and mining feasibility is becoming increasingly
certain. The recent resource estimate announcement at Bau
Central reflects growing confidence in Olympus' ability
to sequentially develop other deposits within the Bau Gold
Trend. This enhances our belief that Bau has the potential
to ultimately be ranked as one of Southeast Asia's
important producing goldfields".
Jugan Hill Drilling
In-fill and step-out drilling on the Jugan gold deposit
continues to yield positive results demonstrating higher
than expected gold grades within the core of the deposit
and good continuity of mineralization. Resource categories
have been significantly upgraded, and ongoing exploration
of open-ended mineralization extensions is expected to
further expand the deposit beyond the current resource
figures.
Full drill assay results are presented in Appendix A.
Important recent results include
True Widths Undetermined
Assays by SGS Laboratory
|
JUGAN DEPOSIT: Drill Intercept Table (as of March 22,
2012)
|
|
Hole No
|
From (m)
|
To (m)
|
Au (g/t)
|
|
JUDDH-32
|
241.00
|
282.00
|
41.00
|
1.79
|
|
JUDDH-35
|
53.50
|
87.50
|
34.00
|
3.01
|
|
JUDDH-35 - incl
|
54.50
|
63.50
|
9.00
|
7.60
|
|
JUDDH-36
|
256.40
|
297.00
|
40.60
|
1.51
|
|
JUDDH-36 - incl
|
317.00
|
320.00
|
3.00
|
5.22
|
|
JUDDH-37
|
190.00
|
234.00
|
44.00
|
1.10
|
|
JUDDH-38
|
9.00
|
93.00
|
84.00
|
0.78
|
|
JUDDH-40
|
44.00
|
106.00
|
62.00
|
2.02
|
|
JUDDH-40 - incl
|
56.00
|
71.00
|
15.00
|
3.65
|
|
JUDDH-43
|
33.00
|
73.00
|
40.00
|
1.18
|
|
JUDDH-44
|
2.70
|
55.40
|
52.70
|
4.64
|
|
JUDDH-44 - incl
|
6.00
|
27.00
|
21.00
|
6.80
|
|
JUDDH-44 - incl
|
23.00
|
27.00
|
4.00
|
11.97
|
|
JUDDH-45
|
26.00
|
65.50
|
39.50
|
1.91
|
|
JUDDH-45 - incl
|
47.00
|
65.50
|
18.50
|
3.39
|
|
JUDDH-47
|
32.00
|
74.95
|
42.95
|
1.36
|
|
JUDDH-48
|
0.00
|
29.30
|
29.30
|
2.94
|
|
JUDDH-48 - incl
|
19.00
|
22.00
|
3.00
|
10.05
|
|
JUDDH-48
|
42.70
|
96.00
|
53.30
|
1.41
|
Jugan is a near-surface gold deposit at the northern end of
the Bau Central gold trend. It comprises disseminated,
sediment-hosted (Carlin style) mineralization, hosted
within a thick shale/sandstone sedimentary sequence. The
deposit area is intruded by dacite porphyry stocks, dykes
and sills and transected by deep-seated regional faults
(concordant with the Bau Gold Trend) and cross-cutting
fault sets.
The presence of a deep NE-SW trending mineralized (feeder)
zone, parallel to the Bau gold trend, has now been
confirmed on multiple drill section lines. This zone
steeply dips NW and remains open along strike in both
directions and beyond 200m vertical depth. The drill
programme will continue to probe strike and dip projections
of this zone.
Jugan Hill Conceptual Cross Section
Barium and other trace element values increasing with depth
continue to support the Carlin analogy and suggest
potential for higher grade mineralization at depth, as
indicated in the conceptual NE facing cross-section shown
above.
A detailed, high-resolution geochemical survey, along with
alteration studies and an IP geophysical study is now at an
advanced planning stage. These surveys are expected to
yield further insights into the lateral and depth
projections of gold mineralization within the Jugan sector.
Bau Central Gold Trend
Olympus has been aggressively exploring the 17 km long Bau
Central mineralization trend (see drawing below) since
first acquiring the property in 2009. The Bau gold trend
contains 34 known gold prospects, which are at various
stages of exploration advancement. The current
NI43-101/JORC global resource stands at 3.02Moz Au (refer
to the table below right).
Geological, geophysical, and geochemical studies and
drilling programmes are in progress to further expand and
upgrade this resource.
Bau Central Mining Feasibility Study
Measured + indicated resources comprising 15,541,000t @
1.56 g/t Au (containing 779,500 oz gold), plus inferred
resources comprising 11,145,000t @ 1.51 g/t Au (containing
540,000 oz gold) are the subject of mining feasibility
studies within the Jugan Hill and Young's Hill sectors
of the Central Bau gold trend (refer to table).
|
Bau Gold Project
|
|
Development Resources (Jugan & Young's Hills
Sectors)
|
|
Reserve Category
|
Tonnes
|
Gold Grade (g/t)
|
Contained Gold (oz)
|
|
Measured
|
3,425,000
|
1.44
|
158,500
|
|
Indicated
|
12,116,000
|
1.59
|
621,000
|
|
Inferred
|
11,145,000
|
1.51
|
540,400
|
|
Exploration Resources (Bau Gold Trend)
|
|
Reserve Category
|
Tonnes
|
Gold Grade (g/t)
|
Contained Gold (oz)
|
|
Indicated
|
1,517,000
|
2.75
|
134,000
|
|
Inferred
|
38,917,000
|
1.25
|
1,567,700
|
Note: Young's Hill is a translation of Bukit Young.
Jugan and Young Hills are our main focus in the area
currently in feasibility.
Jugan Hill Sector:
The Bau mining feasibility study is initially focussed on
the Jugan Hill deposit, which is the first of several Bau
Central deposits slated for development. The Jugan Hill
resource definition is now well advanced. At a grade
cut-off of 0.5 g/t Au, the current resource estimate is
13,684,000t @ 1.50g/t Au containing 659,000 oz gold
(Measured + Indicated), plus 507,000t @ 1.0g/t Au
containing 16,300 oz gold (Inferred). Resource drilling to
further expand this resource is ongoing.
Bau mineralization styles range from non-refractory to
moderately refractory nature. In the case of the Jugan Hill
deposit, the ore is moderately refractory. Two alternative
metallurgical process routes (Albion and pressure
oxidation) are currently undergoing bench scale test work,
which is scheduled for substantive completion by May. Prior
metallurgical testing has indicated that gold recoveries in
the order of 85% may be achievable. Based on a target
production capacity of >100,000 oz Au/annum, resource
definition, mine planning, civil engineering, financial
modelling, environmental and demographic studies and a
community consultation programme are progressing and are on
schedule for completion by late 2012. Subject to continuing
positive results, this will lead into a construction phase
during 2013, with startup production being scheduled for
mid or late 2014.
Young's Hill Sector:
While the Jugan Hill deposit has been selected for initial
development, a feasibility study of resources within
Young's Hill is also in progress for planned sequential
development. The Young's Hill Sector currently contains
indicated resources of 1,857,000t @ 2.02 g/t Au containing
120,400 oz gold, plus inferred resources of 10,638,000t @
1.53 g/t Au containing 524,100 oz gold. Exploration to
expand this resource is ongoing.
Other Sectors:
Other sectors of the Bau Gold Trend contain additional
resources. The current NI 43-101/JORC estimate is
1,517,000t @ 2.75 g/t Au, containing 134,000 oz Au
(indicated category) and 38,917,000t @ 1.25 g/t Au,
containing 1,567,700 oz Au (inferred category). These
exploration resources are spread along the 17 km long Bau
Central gold trend and are at varying stages of exploration
and feasibility assessment. Drilling and related
exploration activities during 2012 are expected to continue
to expand and upgrade these for subsequent mining
feasibility assessment.
Bau Project Background
The Bau property is a brown-field project, spread over a
large geographic area in which the Company owns rights to
consolidated mining tenements covering much of the historic
Bau Goldfield in Sarawak, East Malaysia.
The Bau Goldfield has been intermittently mined since the
mid 19th Century. Historic production is estimated in
excess of 3M oz gold. The most recent was the Tai Parit
mine, which closed in 1996 after producing 1.2M oz gold
from a single open-pit about 350m long, 84m deep, averaging
about 7 g/t Au.
The Bau Goldfield lies within the Borneo metalliferous
belt, which contains many other important gold mining
camps, including Kelian, Mamut (gold-copper) and Mt Muro.
The geology and mineralization of the Bau Goldfield have
been compared with that of the Carlin District of Nevada,
USA (cumulative production > 60M oz). (Ref: Percival,
T.J., Radtke, A.S. and Bagby, W.C., 1990.
"Relationships among Carbonate Replacment Gold
Deposits, Gold Skarns and Intrusive Rocks, Bau Mining
District, Sarawak, Malaysia". Mining Geology, 40 1,
1990, pp. 1-16
The property was acquired under the Company's merger
with Zedex Minerals Ltd in 2009.
The Bau Goldfield has previously been explored by many
companies, including Menzies Gold NL, Cameco, Gencor and
RGC, but this is the first time that detailed and
systematic exploration has been conducted using modern
state-of-the-art exploration techniques over the whole
goldfield for a sustained period.
Company equity in the Bau Goldfield Project operating
company (North Borneo Gold Sdn Bhd) currently stands at
83.25%. The company has an agreement to acquire an
additional interest to bring its total stake to 93.55% by
January 2014 (See Olympus press release date September 30,
2010).
Olympus is a diversified gold company focused on four
advanced properties; the Bau Goldfield in East Malaysia,
Bong Mieu and Phuoc Son in Central Vietnam, and Capcapo in
the Philippines. Olympus expects to expand existing gold
production capacity in Vietnam over the next two years and
simultaneously introduce new production capacity from Bau
Central. The company also contemplates a large increase of
its attributed gold resources through the exploration of
advanced properties having demonstrably large upside
potential.
Olympus Pacific Minerals Inc.
John A.G. Seton
Chief Executive Officer
For further information contact:
James W. Hamilton,
Vice-President Investor Relations
T: (416) 572-2525 or TF: 1-888-902-5522
F: (416) 572-4202
info@olympuspacific.com
www.olympuspacific.com
The material in this announcement that relates to
Exploration Results and Mineral Resources is based on
information compiled by or under the supervision of Mr R
Murfitt, who is a member of the Australasian Institute of
Mining and Metallurgy (AusIMM). Mr Murfitt has sufficient
experience which is relevant to the style of mineralisation
and type of deposit under consideration and the the
activity which he is undertaking to qualify as a Competent
Person, as defined in the 2004 Edition of the
"Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserve" (the JORC
Code). Mr Murfitt is a fulltime employee of Olympus Pacific
Minerals Inc. Mr Murfitt consents to the inclusion in this
report of the Information, in the form and context in which
it appears.
APPENDIX A: Jugan Drill Results
True Widths Undetermined
|
JUGAN DEPOSIT: Drill Intercept Table (as of March 22,
2012)
|
|
Hole No
|
From (m)
|
To (m)
|
Length (m)
|
Au (g/t)
|
|
JUDDH-06
|
No ore grade intercept
|
|
|
|
|
JUDDH-07
|
4.00
|
6.00
|
2.00
|
0.79
|
|
JUDDH-08
|
0.00
|
2.00
|
2.00
|
0.77
|
|
JUDDH-09
|
0.80
|
9.00
|
8.20
|
1.26
|
|
JUDDH-10
|
22.70
|
25.00
|
2.30
|
0.55
|
|
JUDDH-10
|
233.00
|
236.00
|
3.00
|
1.04
|
|
JUDDH-10
|
243.00
|
244.00
|
1.00
|
0.55
|
|
JUDDH-10
|
264.00
|
265.00
|
1.00
|
0.70
|
|
JUDDH-10
|
287.00
|
295.00
|
8.00
|
1.21
|
|
JUDDH-10
|
320.00
|
322.00
|
2.00
|
0.75
|
|
JUDDH-10
|
328.00
|
333.00
|
5.00
|
1.07
|
|
JUDDH-10
|
352.00
|
353.00
|
1.00
|
0.66
|
|
JUDDH-10
|
360.00
|
361.00
|
1.00
|
1.10
|
|
JUDDH-10
|
367.00
|
370.00
|
3.00
|
0.65
|
|
JUDDH-10
|
450.00
|
451.00
|
1.00
|
0.54
|
|
JUDDH-10
|
457.00
|
458.35
|
1.35
|
1.06
|
|
JUDDH-11
|
0.00
|
78.30
|
78.30
|
2.01
|
|
JUDDH-11 - incl
|
0.00
|
11.00
|
11.00
|
4.40
|
|
JUDDH-11 - incl
|
17.00
|
28.00
|
11.00
|
3.90
|
|
JUDDH-11 - incl
|
39.00
|
43.00
|
4.00
|
4.05
|
|
JUDDH-12
|
18.00
|
21.00
|
3.00
|
0.84
|
|
JUDDH-12
|
28.60
|
36.00
|
7.40
|
0.84
|
|
JUDDH-12
|
40.00
|
51.80
|
11.80
|
1.23
|
|
JUDDH-12
|
58.00
|
82.00
|
24.00
|
2.32
|
|
JUDDH-12 - incl
|
65.00
|
74.00
|
9.00
|
3.87
|
|
JUDDH-13
|
0.00
|
16.50
|
16.50
|
3.08
|
|
JUDDH-13 - incl
|
3.00
|
9.00
|
6.00
|
5.75
|
|
JUDDH-13 - and
|
3.00
|
5.00
|
2.00
|
9,13
|
|
JUDDH-14
|
0.00
|
68.50
|
68.50
|
1.00
|
|
JUDDH-14 - incl
|
27.00
|
60.00
|
33.00
|
1.46
|
|
JUDDH-14 - and
|
51.00
|
58.00
|
7.00
|
3.21
|
|
JUDDH-15
|
0.00
|
2.60
|
2.60
|
0.91
|
|
JUDDH-15
|
0.00
|
8.00
|
8.00
|
0.62
|
|
JUDDH-15
|
14.00
|
39.00
|
25.00
|
1.77
|
|
JUDDH-15
|
41.00
|
64.00
|
23.00
|
1.62
|
|
JUDDH-15
|
71.00
|
81.50
|
10.50
|
1.99
|
|
JUDDH-16
|
2.00
|
9.70
|
7.70
|
0.93
|
|
JUDDH-16
|
13.00
|
15.00
|
2.00
|
0.77
|
|
JUDDH-16
|
19.00
|
36.00
|
17.00
|
0.72
|
|
JUDDH-16
|
39.00
|
60.35
|
21.35
|
1.74
|
|
JUDDH-16 - incl
|
41.00
|
45.85
|
4.85
|
4.67
|
|
JUDDH-17
|
0.00
|
3.50
|
3.50
|
0.95
|
|
JUDDH-17
|
26.90
|
28.00
|
1.10
|
1.00
|
|
JUDDH-17
|
32.00
|
36.00
|
4.00
|
2.65
|
|
JUDDH-17
|
62.00
|
92.00
|
30.00
|
1.53
|
|
JUDDH-18
|
22.00
|
87.40
|
65.40
|
1.79
|
|
JUDDH-19
|
0.00
|
4.40
|
4.40
|
0.51
|
|
JUDDH-19
|
26.60
|
27.20
|
0.60
|
1.09
|
|
JUDDH-19
|
66.70
|
76.70
|
10.00
|
0.67
|
|
JUDDH-20
|
1.30
|
7.30
|
6.00
|
2.21
|
|
JUDDH-20 - incl
|
4.30
|
6.30
|
2.00
|
4.07
|
|
JUDDH-20
|
13.30
|
62.15
|
48.85
|
1.98
|
|
JUDDH-20 - incl
|
16.30
|
18.30
|
2.00
|
3.93
|
|
JUDDH-20 - incl
|
22.30
|
26.50
|
4.20
|
6.30
|
|
JUDDH-20 - with
|
23.30
|
24.50
|
1.20
|
15.30
|
|
JUDDH-20 - incl
|
37.50
|
40.00
|
2.50
|
4.39
|
|
JUDDH-20 - incl
|
36.50
|
42.85
|
6.35
|
2.48
|
|
JUDDH-20 - incl
|
45.40
|
62.15
|
16.75
|
2.13
|
|
JUDDH-21
|
0.00
|
15.00
|
15.00
|
1.07
|
|
JUDDH-21
|
31.00
|
32.00
|
1.00
|
0.55
|
|
JUDDH-22
|
65.50
|
71.00
|
5.50
|
2.39
|
|
JUDDH-23
|
1.70
|
11.00
|
9.30
|
0.93
|
|
JUDDH-23
|
27.00
|
65.10
|
38.10
|
3.91
|
|
JUDDH-24
|
4.00
|
20.00
|
16.00
|
1.94
|
|
JUDDH-24
|
24.00
|
38.00
|
14.00
|
1.86
|
|
JUDDH-24
|
43.20
|
44.40
|
1.20
|
0.69
|
|
JUDDH-25
|
265.00
|
291.00
|
26.00
|
0.54
|
|
JUDDH-25 - incl
|
265.00
|
272.00
|
7.00
|
0.88
|
|
JUDDH-26
|
211.00
|
235.00
|
24.00
|
1.52
|
|
JUDDH-26
|
245.00
|
247.00
|
2.00
|
0.60
|
|
JUDDH-27
|
0.00
|
2.00
|
2.00
|
2.28
|
|
JUDDH-27
|
5.00
|
5.70
|
0.70
|
0.99
|
|
JUDDH-27
|
77.10
|
94.00
|
16.90
|
2.14
|
|
JUDDH-28
|
168.00
|
169.00
|
1.00
|
1.74
|
|
JUDDH-28
|
222.00
|
252.00
|
30.00
|
0.82
|
|
JUDDH-28 - incl
|
232.00
|
240.00
|
8.00
|
1.36
|
|
JUDDH-29
|
0.00
|
3.00
|
3.00
|
1.34
|
|
JUDDH-30
|
2.00
|
6.00
|
4.00
|
0.62
|
|
JUDDH-31
|
0.00
|
40.00
|
40.00
|
3.99
|
|
JUDDH-31 - incl
|
2.00
|
19.00
|
17.00
|
5.69
|
|
JUDDH-32
|
241.00
|
282.00
|
41.00
|
1.79
|
|
JUDDH-32 - incl
|
247.00
|
249.00
|
2.00
|
5.24
|
|
JUDDH-32 - incl
|
276.00
|
281.00
|
5.00
|
5.24
|
|
JUDDH-33
|
128.00
|
151.00
|
23.00
|
0.87
|
|
JUDDH-33 - incl
|
128.00
|
139.00
|
11.00
|
1.04
|
|
JUDDH-33 - incl
|
146.20
|
151.00
|
4.80
|
1.40
|
|
JUDDH-34
|
33.00
|
52.00
|
19.00
|
0.87
|
|
JUDDH-34 - incl
|
33.00
|
45.00
|
12.00
|
1.19
|
|
JUDDH-35
|
36.00
|
44.10
|
8.10
|
1.09
|
|
JUDDH-35
|
53.50
|
87.50
|
34.00
|
3.01
|
|
JUDDH-35 - incl
|
54.50
|
63.50
|
9.00
|
7.60
|
|
JUDDH-36
|
256.40
|
297.00
|
40.60
|
1.51
|
|
JUDDH-36 - incl
|
313.20
|
320.00
|
6.80
|
2.73
|
|
JUDDH-36 - with
|
317.00
|
320.00
|
3.00
|
5.22
|
|
JUDDH-37
|
163.00
|
169.00
|
6.00
|
0.78
|
|
JUDDH-37
|
182.00
|
186.00
|
4.00
|
0.93
|
|
JUDDH-37
|
190.00
|
234.00
|
44.00
|
1.10
|
|
JUDDH-38
|
9.00
|
93.00
|
84.00
|
0.78
|
|
JUDDH-38 - incl
|
9.00
|
12.00
|
3.00
|
1.22
|
|
JUDDH-38 - and
|
16.00
|
93.00
|
77.00
|
0.79
|
|
JUDDH-38 - and
|
25.10
|
36.00
|
10.90
|
1.02
|
|
JUDDH-38 - and
|
50.00
|
74.00
|
24.00
|
0.98
|
|
JUDDH-38 - and
|
80.00
|
93.00
|
13.00
|
1.31
|
|
JUDDH-39
|
276.00
|
291.20
|
15.20
|
1.32
|
|
JUDDH-40
|
44.00
|
106.00
|
62.00
|
2.02
|
|
JUDDH-40 - incl
|
56.00
|
71.00
|
15.00
|
3.65
|
|
JUDDH-41
|
157.00
|
163.00
|
6.00
|
0.67
|
|
JUDDH-41
|
168.00
|
184.00
|
16.00
|
1.08
|
|
JUDDH-41
|
195.30
|
200.00
|
4.70
|
0.46
|
|
JUDDH-42
|
416.40
|
417.00
|
0.60
|
0.35
|
|
JUDDH-43
|
7.00
|
14.00
|
7.00
|
0.89
|
|
JUDDH-43
|
33.00
|
73.00
|
40.00
|
1.18
|
|
JUDDH-44
|
2.70
|
55.40
|
52.70
|
4.64
|
|
JUDDH-44 - incl
|
6.00
|
27.00
|
21.00
|
6.80
|
|
JUDDH-44 - incl
|
23.00
|
27.00
|
4.00
|
11.97
|
|
JUDDH-45
|
4.00
|
10.00
|
6.00
|
0.66
|
|
JUDDH-45
|
26.00
|
65.50
|
39.50
|
1.91
|
|
JUDDH-45 - incl
|
47.00
|
65.50
|
18.50
|
3.39
|
|
JUDDH-47
|
0.00
|
1.50
|
1.50
|
0.85
|
|
JUDDH-47
|
14.30
|
25.00
|
10.70
|
1.02
|
|
JUDDH-47
|
32.00
|
74.95
|
42.95
|
1.36
|
|
JUDDH-48
|
0.00
|
29.30
|
29.30
|
2.94
|
|
JUDDH-48
|
36.00
|
37.00
|
1.00
|
0.62
|
|
JUDDH-48
|
42.70
|
96.00
|
53.30
|
1.41
|
|
JUDDH-48 - incl
|
19.00
|
22.00
|
3.00
|
10.05
|
Recommend:
