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MASUPARIA COPPER-GOLD CONTRACT OF WORK Location The Masuparia Copper-Gold Project is located in Central Kalimantan in Indonesia. The project covers some 335 sq. km of Tertiary-aged felsic volcanics, sediments and intrusives, including porphyries. Within this highly prospective geological belt, both the Kelian (7Moz gold) and the Mt. Muro (1.3 Moz gold, 25 Moz silver) are located. The Mt Muro mine, 30km to the east of Masuapria, recently re-commenced operations with an initial resource of 600,000 oz gold. Past Exploration Masuparia is highly prospective for porphyry coper-gold and epithermal gold-silver deposits. Exploration in the early 1990's by a number of companies located high grade epithermal quartz veins at the Ongkang and 290 veins, both of which are being worked by local miners. These two vein systems were drilled producing spectacular results, as shown below in Table 1. Table 1: Ongkang / 290 Vein Drilling Results
Little exploration, other than limited rock chip sampling has been conducted away from the Ongkang-290 veins, and the prospectivity of the greater epithermal system is unknown, and presents itself as a priority target. Exploration in 2001/02 by Phelps Dodge Corporation was successful in proving that porphyry copper-gold mineralisation exists within the Masuparia Project. At the Rina Prospect, drill-hole RDH-02 intersected 310m @ 0.18% copper and 0.32 g/t gold from surface, with the last 172 metres ending in mineralisation averaging 0.26% copper and 0.50 g/t gold. Subsequent geophysical surveying suggests that this drilling has only tested the periphery of a much larger system with potentially higher grades, which has not been drill tested.
Current & Future Exploration Analysis in mid 2005 by independent geologists indicated that the Rina Prospect may be a very large intrusive body of up to 7 kilometres long. To the north of the Rina Prospect, a new large potential porphyry intrusive body has also been interpreted that has not been drill tested. Field mapping has noted alteration (magnetite, biotite) common to porphyry systems including Grasberg and Batu Hijau at Rina. In September 2005 Prosperity announced that reconnaissance geological mapping and rock chip sampling at the Bunga Desa epithermal gold-silver prospect had discovered new high grade gold/silver veins (view map). Diamond drilling is also underway at the Rina prospect. Further mapping and sampling within the greater Ongkang – Bunga Desa epithermal system is being undertaken, with the aim of defining additional potential high grade vein systems for drill testing.
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