www.robustresources.com.au
Robust Resources Limited (ASX: ROL) is a Sydney-based miner exploring for Gold-Silver and Base Metals on Romang Island in Indonesia’s richly endowed Banda Magmatic Arc, 650km northwest of Darwin.
Robust is exploring highly prospective ground previously explored by Biliton (1990s). An initial 2000m drilling program with the Lakuwahi Caldera Project has identified wide zones of gold-zinc-silver-lead-copper mineralisation. All holes completed in the first round of drilling by Robust were open in every direction and at depth.
Robust is accelerating its exploration program in the 2010 financial year with a target of 5000m to be drilled using owner-operated diamond drill rigs and a local labour force for continuing economic efficiency.
With experienced management who have a track record of major discoveries, Robust holds a 51% interest in five mineral titles totalling 25,000ha covering the entire Romang Island, with an option to increase to 75%.
Robust Resources in $30m capital raising, world’s largest resource investors are shareholdersRobust Resources in $30m capital raising, world’s largest resource investors are shareholders
The A$30 million heavily oversubscribed share placement by Robust Resources (ASX: ROL) will be used to move to full ownership of the Romang Island project in Indonesia.
Romang Island is located in one of the world's most mineralised and prospective domains, which currently hosts several world class gold and base metal deposits including Newmont's (NYSE: NEM) massive Batu Hijau containing; 920 million metric tonnes at 0.55% copper and 0.42 grams per tonne gold.
The placement comprised 18,181,820 new ordinary shares at A$1.65.
Robust is now in a strong cash position and will immediately accelerate exploration, including doubling the amount of rigs to eight.
Last month at Romang Robust intersected a richese polymetallic base and precious metal zone which returned; 21.1% combined base metals, comprising; Pb 12.3% + Zn 7.7% + Cu 1.1%, with 1.27 g/t Au and 58 g/t Ag intersected at the Batu Hitam prospect.
The program was designed to delineate the Batu Mas and Batu Hitam discoveries on Romang Island, with these results impressive as the hole expanded the known mineralisation at Batu Hitam beneath cover and was mineralised for an entire length of 188 metres.
The gold and silver bearing massive sulphides are the highest grade yet to be assayed in a two year exploration drilling campaign.
The placement is being made in two tranches with approximately 9.0 million ordinary shares being issued in tranche 1 pursuant to the company’s 15% capacity, and the balance of approximately 9.2 million ordinary shares being issued in tranche 2, subject to shareholder approval.
Investec Bank was the lead manager for the placement in Australia, the UK and Europe, with Helmsec Global Capital in Asia, while Casimir Capital of New York was responsible for the North American component.
