East Sumbawa Mining Finds Bigger Onto Copper- Gold Reserves Potential

Assets
Summary

PT Sumbawa Timur Mining (STM) announced the assay result of the latest drilling hole VHD096, a vertical borehole of 2,042.72 meters deep into the potential mineral resources of the Onto Mine. The latest finding confirms Onto's copper-gold resource in Sumbawa, West Nusa Tenggara, extends to more than 500 meters from the endpoint of the previous drilling hole. With the assay result that has successfully passed a complete quality testing process, STM reported an intercept of 1,594.7 meters with a copper grade of one percent and gold 0.40 grams per ton (g/t). This includes a 100-meter gold intercept with 5.99 percent copper grade and 1.11 grams per ton of gold.

The latest drilling result indicates significant progress regarding the estimation of the mineral resources of the Onto Mine. The finding also makes STM one of the leading copper producers in Indonesia. “We are very enthusiastic about the results of the VHD096 hole drill. This is a fairly difficult hole drill and was achieved through the hard work of the STM team and contractors in the field. Moving forward, we will focus more on assessing the opportunities presented by this latest result," STM President Director Bede Evans wrote in a statement on Thursday (10/22).

Besides, STM released the testing result of the VHD091 borehole of 1,420.2 meters deep towards the Southwest section of the Onto mineral resource from the same drilling location. The VHD091 hole drill's cut point is at a depth of 1,010.2 meters with copper grades of 1.11 percent and gold of 0.84 grams per ton, including the 318-meter long intercept with a copper grade of 1.81 percent and gold 1.32 grams per ton. “The results from the VHD096 and VHD091 drill holes provide many opportunities for STM. We are sure that these results will provide a solid basis for the continued development of the Hu'u Project," STM Vice President Director Bronto Sutopo said.

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