Agincourt confirms new gold, silver deposit in Kapur prospect

Australian mining firm Agincourt Resources Limited said that drilling results has confirmed the presence of a new epithermal gold and silver deposit at the Kapur prospect in Martabe gold and silver project on North Sumatra.

Uncut mineralised envelopes of 55.1m @ 3.0g/t gold from surface in ASKD014 and 109.7m @ 2.7g/t from 11.3m in ASKD015 have confirmed the continuity of a thick blanket of near surface oxide gold and silver mineralisation, Agincourt said in statement on Tuesday.

The new results include 4.0m @ 47.1g/t gold and 17.6g/t silver, including 1.2m @ 146.0g/t gold and 48.0g/t silver from 11.3m, 0.5m @ 47.0g/t gold and 62.0g/t silver from 20.2m and 2.4m @ 17.9g/t gold and 4.1g/t silver from 27.3m hosted in highly oxidised, drussy silica and colloform banded quartz veins typical of Low Sulphidation vein mineralisation.

Further analytical testwork has also upgraded the result from ASKD010 to 2.0m @ 62.0g/t gold and 49.0g/t silver from 2m.

Agincourt said that there are potentials to develop a high grade satellite mill feed for the Martabe project which would considerably raise the projected production profile or alternatively develop into a new stand alone project.

Agincourt commences the first drilling at Kapur prospect on Oct. 15, 2006 and plans to drill 15,000m at the prospect. (denny)