Drilling Update for Mt Kare Project, Papua New Guinea
Perth, July 17, 2012 AEST (ABN Newswire) - Near surface gold results (from 16 metres depth) continue to be returned from drilling at Indochine Mining's (
ASX:IDC) gold/silver project at Mt Kare, in Papua New Guinea (PNG).
Latest results continue to confirm the robust nature of the JORC Resource, which currently stands at 1.8Moz gold and 20Moz silver (in 28Mt @ 1.9g/t Au). In excess of 6,300 metres have now been drilled in the past eight months (50 holes), providing the basis for the Pre-Feasibility Study (PFS) due for completion by the end of August.
Recent best results returned since the last update, are from Drillhole 129SD12, and include:
47 metres (m) at 2.5 grams/tonne (g/t) gold, 20 g/t silver from 16m, including
15 metres at 4.0g/t gold, 29g/t silver from 36m.
These results are from the Company's eighth drillhole, with 42 drillhole results pending. A total of 415 diamond drill holes (~67,000 metres) have been completed in the project.
"Results delivered to date include substantial, attractive gold grades in every hole drilled by Indochine" said the CEO Stephen Promnitz.
Considerable work on relieving the bottleneck in shipping and processing the core is being conducted. Consequently, assays results should be reported on a more timely basis going forward, with the next assay results expected in a week's time.
Past results from the same cross-section as above include 112m at 5.0g/t gold, 55g/t silver (from 93m depth), with a higher grade interval of 25m at 13.9g/t gold, 73g/t silver (from 141m) in drillhole MK06-84.
The PFS is on schedule for completion by the end of August, with its public release before 28 September, after discussions with the regulatory authorities in PNG. Subject to the regulatory process, the company is targeting production of 125-150,000 ounces gold per year, plus silver, in three years.
To view the complete Indochine Mining announcement including Tables and Figures, please click the link below:
http://media.abnnewswire.net/media/en/docs/ASX-IDC-686273.pdf
Contact
Indochine Mining Limited
T: +61-2-8246-7007
F: +61-2-8246-7005
WWW: www.indochinemining.com
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