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Sydney, July 24, 2012 (ABN Newswire) - High grade gold results in the current drilling programme continue to be produced at Indochine Mining's (
ASX:IDC) gold/silver project at Mt Kare, in Papua New Guinea (PNG).
Recent best results returned recently include:
Drillhole 132SD12:
53.9 metres (m) at 8.2 grams/tonne (g/t) gold, 18 g/t silver from 30m, including
13 metres at 29.0 g/t gold, 19 g/t silver from 43m depth downhole.
Drillhole 133SD12:
35 metres at 8.1 grams/tonne gold, 19 g/t silver from 11m depth downhole.
"Virtually every drillhole to date contains high grade gold, which shows the consistency of the project" said the CEO Stephen Promnitz. "Intervals of almost an ounce per tonne gold are similar to the initial grades at nearby Porgera, one of the world's Top 10 gold mines."
These results are from the Company's ninth and tenth drillhole in a drilling programme commenced last November. Results from a further 40 drillholes are pending and are expected to be released over the coming months.
In total, 415 diamond drill holes (~67,000 metres) have been completed in the project. The JORC Resource currently stands at 28Mt @ 1.9g/t Au for 1.8Moz gold and 20Moz silver, with a higher grade zone of 700,000oz gold at 3.7 g/t gold.
Results provide the basis for the Pre-Feasibility Study (PFS) due 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 and silver per year, to commence within three years.
ASX:IDC) gold/silver project at Mt Kare, in Papua New Guinea (PNG).Recent best results returned recently include:
Drillhole 132SD12:
53.9 metres (m) at 8.2 grams/tonne (g/t) gold, 18 g/t silver from 30m, including
13 metres at 29.0 g/t gold, 19 g/t silver from 43m depth downhole.
Drillhole 133SD12:
35 metres at 8.1 grams/tonne gold, 19 g/t silver from 11m depth downhole.
"Virtually every drillhole to date contains high grade gold, which shows the consistency of the project" said the CEO Stephen Promnitz. "Intervals of almost an ounce per tonne gold are similar to the initial grades at nearby Porgera, one of the world's Top 10 gold mines."
These results are from the Company's ninth and tenth drillhole in a drilling programme commenced last November. Results from a further 40 drillholes are pending and are expected to be released over the coming months.
In total, 415 diamond drill holes (~67,000 metres) have been completed in the project. The JORC Resource currently stands at 28Mt @ 1.9g/t Au for 1.8Moz gold and 20Moz silver, with a higher grade zone of 700,000oz gold at 3.7 g/t gold.
Results provide the basis for the Pre-Feasibility Study (PFS) due 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 and silver per year, to commence within three years.
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About Indochine Mining Limited
Indochine Mining Limited (ASX:IDC) is a gold-copper exploration and development company. In Cambodia, it has the largest mining property holding in a country that has had very limited modern exploration, and is within a region known for world-class gold and copper deposits.
In Papua New Guinea (PNG), also known for large gold and copper deposits, Indochine holds an option over a major gold resource at Mt Kare. In Laos, potential exploration areas are being evaluated.
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