Avocet reports positive drilling results in North Sulawesi

U.K.-based mining firm Avocet Mining PLC reported Tuesday that the results of drilling at its Mongondow concession, North Sulawesi showed reserves of gold that were higher than the initial expectation announced last year.

The concession's Osela prospect in the Bakan district had "the potential to add over 500,000 ounces of gold to the company's resource base," the company said in a statement.

Avocet said during most the drilling program, it discovered significant intercepts. These include 41m @ 2.31 g/t Au (incl. 4m @ 9.24 g/t Au), 54m at 2.58 g/t Au (incl. 4m @ 21.2 g/t Au), 50m at 2.79 g/t Au, 56m at 2.13 g/t Au, 54m @ 2.58 g/t Au (incl. 4m @ 28.7 g/t Au) and 30m @ 3.16 g/t Au (incl. 12m @ 6.01 g/t Au).

Avocet said metallurgical test work is underway to confirm preliminary results that show the ore is amenable to the low cost dump leaching process employed at North Lanut.

Drilling rigs are currently collecting additional sample for comprehensive metallurgical test work, including coarse particle column leach tests, and the company will commence infill reserve drilling shortly, Avocet added.

Bakan district is located close to Avocet?s North Lanut gold mine, which a part of Mongondow Contract of Work (CoW). Avocet has 80 percent interest in the concession. (Robert)