Agincourt finds new gold deposit in N. Sumatra gold project

Australian mining firm Agincourt Resources Limited announced Monday that the first hole drilled by the company at Kapur prospect in Martabe gold and silver project on North Sumatra has resulted in the discovery of a new broad zone of oxide gold.

The first hole contains a mineralised envelope of 49m @ 2.05gpt gold from surface in drill hole ASKD009. Subsequent step out drilling intersected 55.m @ 1.24gpt gold from surface in ASKD010, Agincourt said in statement.

The mineralisation is hosted within a silica-clay altered breccia and includes intercepts of 27.1m @ 3.2gpt gold from surface and 9.1m @ 4.98gpt gold from surface in ASKD009 and ASKD010 respectively.

Agincourt said that it is currently testing the eastern end of the anomaly where drill hole ASKD011 has intersected two wide zones of veining and brecciation with results pending.

Further drilling to define the limits of this new discovery is being expedited with a diamond rig now operating on double shift 24 hours a day, Agincourt added.

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