EXPLORATION

ANNUAL
REPORT 2014

PT ISCO IRON
POLEWALI MANDAR
SULAWESI BARAT

Kris R, Luki N, Sharman A, Trisnadi

P
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1 TABLE OF CONTENTS

List of Figures ................................................................................................................................. 2

List of Tables .................................................................................................................................. 3
Executive Summary ........................................................................................................................ 4
2 Background .............................................................................................................................. 5
3 Work Location ......................................................................................................................... 6
4 Time Frame ............................................................................................................................. 6
5 Exploration Work .................................................................................................................... 7
5.1 Geological Mapping ......................................................................................................... 7
5.1.1 Regional Mapping ..................................................................................................... 7
5.1.2 Detail Mapping ......................................................................................................... 8
5.1.3 Trenching / Test Pitting ............................................................................................ 9
5.2 Geochemical Sampling .................................................................................................. 10
5.2.1 Soil Sampling .......................................................................................................... 10
5.3 Geophysics Survey ......................................................................................................... 10
5.3.1 Induced Polarization (IP) ........................................................................................ 10
5.3.2 Ground Magnetic .................................................................................................... 12
5.4 Drilling ........................................................................................................................... 12
5.4.1 Initial / Scout Drilling ............................................................................................. 12
5.4.2 Advanced Drilling ................................................................................................... 14
5.4.3 Resource Definition Drilling................................................................................... 14
5.5 Internal Lab .................................................................................................................... 15
5.5.1 Lab Analysis ........................................................................................................... 15
5.5.2 QaQc Sample .......................................................................................................... 17
5.6 Survey............................................................................................................................. 18
5.6.1 Topography ............................................................................................................. 18
5.6.2 Stakeout / Pick-up Survey Driller ........................................................................... 19
5.7 Land acquisition and General Survey ............................................................................ 20
Appendix ....................................................................................................................................... 21

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LIST OF FIGURES
Figure 2.1 Pie diagram IUP Area .................................................................................................................. 5
Figure 5.1 Mapping Progress ........................................................................................................................ 8
Figure 5.2 Induced Polarization Progress .................................................................................................. 11
Figure 5.3 Ground Magnetic Progress ....................................................................................................... 12
Figure 5.4 Initial/Scout Drilling Progress .................................................................................................. 13
Figure 5.5 Internal Lab Exploration Sample Analyses ............................................................................... 16
Figure 5.6 Internal Lab Exploration Samples Vs. Production Samples ...................................................... 16
Figure 5.7 RPD of Standard 63.78% ........................................................................................................... 17
Figure 5.8 Blank Sample............................................................................................................................ 18
Figure 5.9 Pitard Plot of Standard 63.78% ................................................................................................ 18
Figure 5.10 Topography Progress ............................................................................................................... 19

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LIST OF TABLES
Table 4.1 Time Frame Explorations ............................................................................................................. 6
Table 5.1 Trenching Activity ...................................................................................................................... 10
Table 5.2 Cummulative Meter IP Survey ................................................................................................... 11
Table 5.3 Drill Hole Intercept Target.......................................................................................................... 14
Table 5.4 Land of Compensation ................................................................................................................ 20

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EXECUTIVE SUMMARY

Officially the exploration activity PT ISCO IRON has started in Mei 2014 with hiring one
internal geologist in site base and assisted with one external geologist (senior level) in Jakarta
base.
The board of top management PT ISCO IRON has decided to start mining operation on the iron
ore outcrops of block 4 and re-activation old pit mine in block 3 due to iron ore barging
schedule has near and the previous data shown iron ore resources which sufficient. Parallels with
that, the exploration team decided to collect geological data surfaces in around the block 3 and 4
and some drilling activities to support the mining operations and test hypotheses while the results
of detailed mapping of blocks 3 and 4.
Exploration re-conducted after mining operations have finished mining in outcrops of block 4
caused there is no longer the iron ores exposed on the surface and top management decided to
focus on exploration activities.
With limited human resources (geology), the exploration team has embarked on a detailed
mapping around the block 3 and 4. On month of June 2014 soil sampling has been conduct by
consultant university consultant Veterans National Development University (UPNVY). Regional
geological mapping has also been carried out by 2 (two) student thesis UPNVY fully assisted by
geologists ISCO. Starting from August 2014 the volume of exploration work has increased with
the addition surveyors and laboratory supervisor for internal PT ISCO. The exploration programs
had conduct geophysical IP survey with volume almost 40 km line in the potential block, ground
magnetic survey and had a MoU with the drilling contractor for the drilling campaign in the
1000m and engagement contract also with an independent laboratory to analyze samples
(Intertek Services).
The goals of exploration programs are to answering the availability of iron ore deposit in PT
ISCO IRON tenement with do exploration which have responsible in accordance with the
scientific rules. The exploration team decided to begin exploration activity from the beginning,
starting with conduct geological surface data regional map with scale 1:25,000; detail geological
map scale 1:2,000; geochemical sampling; geophysical survey; topographic survey;
trenching/test pitting and stages drilling , etc.

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2 BACKGROUND
PT ISCO IRON IUP (Mining Permit) with a coverage area in 940Ha and in which there is a
protected forest area covering + 610 Ha. PT ISCO IRON has divided the area into 10 blocks
prospects outside protected areas (HL). (Figure 2.1 Pie diagram IUP Area)
Generally in the area of 940 Ha IUP has been filled with a massive village and rice plantations
occupy nearly 30% of the IUP and 70% filled with cocoa plantations.
The exploration team has decided to start exploration programs from beginning, started to
conduct regional mapping scale 1:25,000; detail mapping scale 1: 2000; topography survey all
block; ; geochemical sampling; trenching/ test pitting; geophysical survey; initial/ scout drilling
and internal laboratory for analysis sample, etc.

Block 8 Block 9
4% Block 10
Block 7 1% 3%
4%

Block 6
HL Area Other 2%
65% 35% Other
Block 5
3% 10%

Block 4
4% Block 3
Block 2 Block 1
1% 2% 1%

Figure 2.1 Pie diagram IUP Area

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3 WORK LOCATION
PT ISCO IRON tenement located at Ds. Reamambu and Tapango, Kec. Tapango, Kab. Polewali
Mandar, Prop. Sulawesi Barat, can be reached from Makassar with traveling time as long 5 hours
through Propinsi main roads Trans Sulawesi Makassar to Palu.

4 TIME FRAME
Exploration time frame is planned for one year starting from month of May 2014 with scope of
work to support mining activity and do exploration programs. The time frame shown in Table
4.1 showing blue lines is the actual activity and the grey ones is planned activity:

Table 4.1 Time Frame Explorations

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5 EXPLORATION WORK
5.1 GEOLOGICAL MAPPING
5.1.1 Regional Mapping
Geological mapping regional had been conducted in early week of July until August 2014 by 2
(two) geology thesis student from Universitas Pembangunan Nasional Veteran Yogyakarta. This
regional mapping produced regional geological map with scale 1:25,000. The regional mapping
focused to knowing geological frame works in large scale, this mapping activity fully assisted by
internal geologist PT ISCO IRON.
From regional mapping, unknown 3 main rock packages, from older to younger there is:
 Sedimentary rock packages?
Referring to Regional Geological Map “Majene and West part of Palopo Sheet” (P3G
Bandung, 1998), this volcanic rock have similar characteristic with Latimojong Formation
Late Cretaceous aged, this sedimentary rock dominantly is Clay stone has changes to meta-
sediment rock and hornfellsic texture (metamorphic rock).
In ISCO IUP this lithology not found, while in geological map scale 1:25,000 Claystone unit
occupy + 10% in East part and has contact angular unconformity with Volcanic Clastic
Sandstone basaltic and lifted with Volcanic Basaltic. The Claystone dominantly has silica
altered and chlorite+ epidote selvage.
 Volcanic rock package
Referring to Regional Geological Map “Majene and West part of Palopo Sheet” (P3G
Bandung, 1998), this volcanic rock have similar characteristic with Walimbong Formation
(Tmpv) which age Mio-Pliocene.
The typical volcanic rock which found is Basaltic type-intermediate rock, have characterized
with dark color, massive, aphanitic texture, mineral composition is
plagioclase+pyroxene+olivin+opaque. In regional geology map scale 1:25000 this Basaltic
unit has found at east part area and in the ISCO tenement, this lithology found with outcrops
in southern part of block 2 bounded with northern part of block 4; on LP.42 Basaltic outcrops
found contains of lead (Pb) minerals.
Generally Basaltic rock had altered by silica and over printed with weak-medium
chlorite+carbonate+epidote-hematite alteration, in coring sample this lithology shown as wall
rock fragment in Granitic Intrusion and some of part as lithology unit.
 Volcanic Clastic- Pyroclastic rock package
This lithology dominant occupy in ISCO IUP tenement (around 50%), have contact angular
unconformity-intruded with Granitic intrusion and Rhyolitic dyke. The Volcanic clastic rock
package consisted by:
o Volcanic Clastic Sandstone-Siltstone Basaltic (Vsb); composed of material volcanic
rework/ re-transported clastical which is have Basaltic rock feature, aphanitic, massive,
have grains size fine sandstone-silt. Generally in area contact such as lithology contact or
structure, these Vsb rocks are affected to metamorphism process weak-medium and
shown weak hornfellsic texture.
Generally Vsb unit has altered with chlorite+carbonate+epidote-hematite at local
structure/contact minerals garnet+epidote thrived along the structure zone. In ISCO
tenement lithology Vsb occupies almost 45% in the Northern part; this unit has intruded
with Granitic and dyke Rhyolitic.

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o Dacitic Vitric Tuff (Vtr); composed of mix material of pyroclastic tuff with volcanic
Dacitic rework/ re-transported material. This unit is predominantly found in the northern
part (map scale of 1: 25,000). In ISCO tenement this unit is not found.
Generally the Vtr unit has altered with weak-medium silica, in some places sericite
alteration shown as selvage.
 Intrusion rock package.
Referring to Regional Geological Map "Majene and Western parts of Palopo Sheet" (P3G
Bandung, 1998), these intrusive rocks have similar characteristics to the Intrusive rock
Formations (Tmpi) the Mio-Pliocene aged. In ISCO tenement of this rock Formation can be
divided into:
o Granitic Intrusion plutonic-calc alkali (felsic) type can be stock type intrusion (Ig).
This rock unit occupies almost 50% in Southern part area of ISCO tenement and intruded
all unit rock above, generally have altered with strong Silicified and in the deepest part
altered with weak-medium Potassic.
o Rhyolitic Dyke (Rhd)
This rock unit presence as a dyke intrusion, crosscut to all rock units including on
Granitic rocks, suspected as the last intrusion stage. In ISCO tenement, the Rhyolitic
dyke has associated infill flow with cryptocrystalline-holohyaline rock such as Obsidian
(hydrothermal process?).

5.1.2 Detail Mapping

Detailed mapping activities have focused on blocks 3 and 4; this plan has been taken to support
the mining operations in the second block. Detailed geological mapping focused on mapping the
iron ore outcrop lineament and float iron distributaries along the blocks 3 and 4 with a total
coverage map 45Ha. (Figure 5.1 Mapping Progress)

Figure 5.1 Mapping Progress

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Throughout blocks 3 and 4 have found 4 outcrops of iron and many floats iron, iron ore has been
marked with a dark black color; metallic luster; hard (5-7); weight; Fe-Oxide; magnetic
compound + hematite + silica + chlorite + garnet-epidote.
On the block 3, the iron outcrops measured at the pit mines the iron ore are associated with the
structure of reverse fault with layer which folded, these structures have plunging in iron ore
outcrops of block 4. The reverse fault has trend lineation SWW-NEE with dipping 65º-78º to
NNW and iron veins thickness around 0.4m and 0.6m with assay grade around 48%-61%Fe, the
iron ore has a geometry vein system in along the fault zone, the iron vein have association with
garnet+epidote+chlorite alteration and along the folding axis of reverse fault. The alteration of
minerals clay has been presence such as illite+kaolinite+smectite+alunite, this indicates a
hydrothermal process has occurred.
Differences on block 4, the iron outcrops have a thickness around 1.2m with grade assay 63%Fe.
This iron has a trend lineation in E-W with dipping 70º to South. Typical iron ore block 4 is
slightly different from existing block 3 undeveloped minerals garnet. The iron continuity
between both of block has cross cutter with Rhyolitic dyke and dividing in the iron clusters.
The iron outcrops of block 4 already to mine and have tonnage 900Mt ore with variation grade
assay around 48%-63%Fe.
The potential iron floats has found in block 4 at “Pak Nurdin” plantation, this floats already to
measure with estimation total volumetric is 170.98M3 and this time in progress to ore getting, the
grade assay not yet finish analysis.

5.1.3 Trenching / Test Pitting

Excavation activities conducted to determine trends lineation of iron floats and continuity of ore
in the ground. Total of 3 locations already done trenching that is 2 in block 4 (TTP401 and
TTP402) and 1 in block 6 (TTP601). The two iron floats in block 4 has shown lineation of iron
ore and has been drilled in TPG 401 and TPG 403. (Table 5.1 Trenching Activity)
At TPG 401 iron ore is found at a depth of 6m and 25m, to assay has not been done.

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Table 5.1 Trenching Activity
Trenching Block Outcrops Description
Id
Point 150504 OC/TF
Iron-vein massive: dark-black, high magnetic, oxidation, metallic
TTP401 4 luster, float-boulder 40cm-80cm,intensity 70%,area 5mx10,showing
lineament trend to E-W, dip direction unknown (to south?).

Point 250505 OC/TF

Iron-vein massive: dark-black, high magnetic 60%+hematite 40%,
TTP402 4 oxidation, metallic-dull luster, float-boulder-OC, thickness ~0.6m,
showing lineament trend relative E-W, dip direction to N and dip
angle 55º.
TTP601
TTP601 6 Iron bedding? In VSB/siltstone package;magntc60%+hemtite40%, dip
direction to NW/ dip 55º, thick 0.4m-0.6m, OC length 1.20m on strike
and not continue.

5.2 GEOCHEMICAL SAMPLING

5.2.1 Soil Sampling

As much 63 geochemical samples of soil sampling has been taken in block 3 and 4, the soil
sample point have distance 50m to each point (longitude and latitude) and over lapping each
sides. All soil sample has been analyzed using Niton Xlt (XRF Methods) and have high grade
value 7.17% Fe and lowest value 1.26%Fe and average in 3.30%Fe.
The soil sampling method refers to The AusIMM, 2001 “Field Geologist Manual Fourth Edition,
Monograph 9” and ALS Minerals 2012 “Technical note Geochemical Soil and Sediment
Sampling/ Analysis Consideration”.

5.3 GEOPHYSICS SURVEY

Geophysics survey is needed in minerals exploration; this is a good approach to knowing sub
surface geology configuration using a geophysics tool, this usually used before drilling and if
limited data of geological surface. The IP survey collecting 2 main data there is resistivity (Ohm)
and chargeability (mSec).

5.3.1 Induced Polarization (IP)

To covering sub surface geological data, PT ISCO IRON already hired 2 geophysics contractors
to collecting IP data in ISCO tenement, there is PT ADI MANDIRI EXPLORER (PT AMEX)
and PT GLOBAL BUMI SEJAHTERA (PT GBS). (Table 5.2 Cummulative Meter IP Survey)

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Table 5.2 Cummulative Meter IP Survey
IP Contractors Total meter Total meter Area of Total lines Remark
regular infill (Km) survey IP
(Km)
PT Adi Mandiri 13.254 12 Block 8-9-6- 88 On progress,
Explorer* 1-3-4-7 estimate
(Team 1) ended on 1st
week in Dec
PT Global Bumi 10.80 5 Block 11-2-5 19 Already
Sejahtera** finish in Nov
(Team 2) 22th 2014
* Ares 48 Channel Geophysics tools
** Iris 48 Channel Geophysics tools

To more clearly knowing lithology unit, the contractor (PT AMEX) already do survey of
“vertical sounding” as much 22 point in block 1-3-4 and 2. The contractor already submit IP
daily progress in 2D section and for 3D features will be submitted 2 weeks after work finish and
the contractors receive electrode survey by TS (Total Station).
Team IP 2 has finished conducting a survey and team IP 1 in completing the work, according to
the plan, the survey will finish in 1 week in December 2014. (Figure 5.2 Induced Polarization
Progress)

Figure 5.2 Induced Polarization Progress

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5.3.2 Ground Magnetic
Ground magnetic survey was conducted simultaneously in same lines with the IP survey (+
40km). The magnetic data will be used to compare with the IP data and will help to anomalies
ore analysis. PT ISCO IRON using ground magnetic tool belongs IP contractor PT Adi Mandiri
Explorers, not all lines have completed surveys because the tool is damaged. (Figure 5.3 Ground
Magnetic Progress)

Figure 5.3 Ground Magnetic Progress

5.4 DRILLING
Drilling activity has use internal drilling units the models is GY-200 made in china and has drill
capacity ~150m depth. This drilling unit used external power supply with capacity 40kV, this
time we are already have internal driller which has trained/work with china drill master. The
exploration team eager to used and develop the human resources which already has.

5.4.1 Initial / Scout Drilling

During June-October 2014, exploration team PT ISCO IRON already conduct 5 drill holes as an
initial drilling/ scout drilling started from TPG 401-402-403-404 and 405 in block 4. (Figure 5.4
Initial/Scout Drilling Progress)

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Figure 5.4 Initial/Scout Drilling Progress

Each point of the planned drill aims to intercept continuity of iron ore below the surface based on
geological data and straightness of iron ore on the surface. The initial /scout drilling usage using
HQ core samples with split core techniques. The drilling activities are currently not using the
down hole camera survey instruments and no core orientation. (Table 5.3 Drill Hole Intercept
Target)

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Table 5.3 Drill Hole Intercept Target

Hole Id Start End Azi Incli EOH Target Intercept Ore
Date Date mut nati (m) (m)
hº onº
TPG-401 19/06/20 05/07/20 150 70 50.90 160502TF/OC-  0.55m
14 14 iron ore out crops thick@6.20-
on surface 6.52m
 0.355m
thick@25-
25.40m
TPG-402 07/07/20 24/07/20 220 70 50.80 Structure- Structure
14 14 Rhyolitic dyke confirm-not ore
TPG-403 07/08/20 23/08/20 148 70 59.90 240505TF/OC- Not ore
14 14 iron ore-hematite
outcrops on
surface
TPG-404 10/09/20 27/09/20 205 80 126.90 IP line 5 in block Not ore
14 14 4
TPG-405 03/10/20 26/10/20 118 60  intersect NS Structure and
14 14 structr w/ cropline contact litho
reverse confirm-not ore
fault(folding axis)
assoc w/vein
magnetite
 Litho contact
granitic w/ volc
clastic basaltic

5.4.2 Advanced Drilling

Advance drilling will be conduct after geological model has complete.

5.4.3 Resource Definition Drilling

Resources definition drilling will be conduct after geological model has advance and ore has
shoots.

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5.5 INTERNAL LAB
PT ISCO IRON already make internal lab and hires one lab supervisor for sample analysis. The
internal lab have purpose to treat sample preparation with standard manners and analyze with use
tight QaQc samples. The internal lab will periodically cross check analysis to independent lab.
5.5.1 Lab Analysis
5.5.1.1 Sample Preparation
Our laboratory staff using JIS M 8100 -1992 (Japan Industrial Standard) to do sample preparation,
we have own mini milling and mini crushing which can produce 15 samples per day ready to
analyze. The samples preparation technique trough pass 105ºC and sizing~200mesh of dried
samples and produces duplicate pulp, pulp reject and coarse reject. The samples will be mixed
(homogeny) and splitter in 20 paths for sample analysis.

5.5.1.2 Sample Analysis

For the samples analysis PT ISCO IRON used XRF methods with Niton Xlt tools. From August
until last November 2014, internal laboratory already analyze 490 samples from PT ISCO IRON
IUP, consist of 367 samples from soil sampling-geology mapping all of block (Figure 5.5
Internal Lab Exploration Sample Analysis) and as much 123 samples from ROM Stockpile-
CPP/Crusher-Magnetic Separator test and 7 samples from “Bone and Mamuju” area (Due
Diligence).
Figure 5.6 Internal Lab Exploration Samples Vs Production Samples shown grade assay of
exploration sample which has in range product reject (58% Fe) is not reaches <5%, conversely
with production a sample is more than 70% of quantity in spec of product (58% Fe).

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B1
80
B2
70
B3
60
B4
50 B5

40 B6
% Fe

30 B7

B8
20
B9
10
B10
0
SOIL
0 20 40 60 80 100 120
Sample MAP
PING

Figure 5.5 Internal Lab Exploration Sample Analyses

100
90
80
70
60
% Fe

50
40
30
20
10
0
Bone Mamuju MAPPING PIT STOCK ORE Stock Port Trial Crusher

Figure 5.6 Internal Lab Exploration Samples Vs. Production Samples

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5.5.2 QaQc Sample
All samples must be passing through tight QaQc process to minimalize errors value caused of
human or equipment/tools. Every reading 7 rock samples, the Niton XRF tool must be calibrated
readings with iron ore sample from independent lab and blank sample.
The QaQc samples use to a few parameters such as RPD (Figure 5.7 RPD of Standard 63.78%),
Precisions Binormal, Thomson and Howard and Pitard Plot, this technique use to knowing
precision, coefficient of variation (%), bias, mean-median, upper-lower limit of sample, etc.
There 2 parameters we use to check the contamination of sample preparation (Figure 5.9 Pitard
plot of standard 63.78%) and error XRF readings that is independent lab as sample standard
which we know grade assay and the blank sample (need to assure in independent lab).
The result from QaQc explained that our sample in good range (accurate but not precisely),
inversely with blank sample we still do not get good samples to be used as blank. (Figure 5.8
Blank Sample)

Figure 5.7 RPD of Standard 63.78%

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Figure 5.8 Blank Sample

Figure 5.9 Pitard Plot of Standard 63.78%

5.6 SURVEY
PT ISCO IRON already hires ones surveyor in 1st week of July 2014, the main task is due to
topography survey in IUP tenement and support mining survey in volumetric of OB (Over
Burden) and ore getting, besides that the team survey have task to stake out point of drill holes
and pick up survey of IP (Induce Polarization) electrode.

5.6.1 Topography
Previous PT ISCO IRON has had a topographic contour in blocks 1-3-4-7, but it does not match
the contour with the actual surfaces. Caused of it, PT ISCO IRON had hire a consultant PT GMS

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(Geo Maxima Selaras) to create a "Bench Mark" point in the ISCO area and as much 4 BM
ISCO has been completed, in addition to the PT GMS has matured topographic survey in block 5
as 13Ha.
During from July to November, an internal survey team has completed the topographic survey in
block 1 (12.96 Ha) and progress of work in block 3 (2.5 Ha) and 4 (9.26Ha). (Figure 5.10
Topography Progress)
The internal team survey has been using 2 units total station there is one unit that is rented Nikon
Nivo 5C series and one's own Nikon DTM 352.

Figure 5.10 Topography Progress

5.6.2 Stakeout / Pick-up Survey Driller

Team survey already stake out 5 drill holes point and pick up 121 point of IP

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5.7 LAND ACQUISITION AND GENERAL SURVEY
Exploration activity needs ones division to manage a social of responsibility which impact or
cooperated to land owners in mine area. Related with that’s, exploration has do few
compensation payment to land owners for drill site and trenching/test pit shown in chart below.
(Table 5.4 Land of Compensation)

Table 5.4 Land of Compensation

Exploration Activity Land owners Remark
1. Drill site TPG 401 H. Basri Compensation cacao tress and land rentals
2. Drill site TPG 402 H. Basri No payment-same location with TPG 401
3. Drill site TPG 403 Hasan Lands has been free (mining acquisition)
4. Drill site TPG 404 Cici Lands has been free (mining acquisition)
5. Drill site TPG 405 Cici Lands has been free (mining acquisition)
6. Trenching TTP 401 H Basri Compensation cacao tress and land rentals
7. Trenching TTP 402 Hasan Compensation cacao tress and land rentals
8. Trenching TTP 406 Compensation cacao tress and land rentals

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APPENDIX

Please writes

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