JAKARTA (Yosefardi) – TSX Venture-listed Southern Arc Minerals Ltd claimed significant gold and copper in an initial NI 43-101 compliant resource estimate for its West Lombok, West Nusa Tenggara province.
Southern Arc informed TSX Ventures this week that SRK Consulting (Canada) Inc has estimated an Inferred Resources totaling 1.49 million ounces of gold, 1.82 million ounces of silver, and 397 million pounds of copper from three open-pittable epithermal gold deposit and one porphyry copper deposit.
West Lombok property is one of Southern Arc Minerals’ projects in Indonesia. The company claimed the West Lombok property contains several other mineral occurrences and only a small portion of the favorable ground has been drilled tested to date.
“The resource estimate represents a major milestone for Southern Arc,” claimed John Proust, chairman and CEO of the company.
Southern Arc shares, however, ended substantially lower by 4.17% Friday to make a market cap of $12.41 million.