Intrepid announces resource estimate for E. Java gold project

Australia-listed firm Intrepid Mines Limited estimated the Tumpangpitu area of the Tujuh Bukit project in East Java has an initial Inferred Resource of 500 million tons at 0.4% copper and 0.5 g/t gold, at a cut-oft grade of 0.2% copper.

The resource estimate covers a roughly circular area of approximately 1,400 meters diameter. The vertical extent of mineralisation defined to date is up to 800 meters, the company said in statement on Thursday.

The estimate is based on 13 deep drill holes and data from the deeper holes designed to test the near-surface oxidised gold and silver zones that also intersect the underlying porphyry zone. The 13 deep holes ? GTD 29, 35, 42, 46, 56, 112, 138, 139, 146, 162, 163, 165, and 166 ? delivered intersections that are spaced at approximately 200 meters intervals, it said.

Holes 162, 165 and 166 were being drilled and were still in mineralisation at the time of close off for the resource estimate.

This initial resource has been estimated by Independent Consultants Hellman and Schofield Pty. Ltd. and reported in accordance with the JORC Code.

Intrepid is confident that the porphyry copper-gold resource base at Tumpangpitu will continue to grow as additional drilling is completed over the next 6 months. This drilling will comprise additional exploration laterally to the current resource but still within the area. The system remains open in all directions, and at depth to the NE and SW. The company?s best hole, GTD163, was on the north east margin (589.5 metres at 0.57g/t gold and 0.65% copper). The program will also explore the domain covering in excess of one kilometer to the south east where hole GTD 137 intersected 85.85 meters at 1.11 g/t gold and 0.56% copper at approximately 600 meters vertical depth.

This current resource estimate is in addition to the oxide gold-silver zone of 95.3 million tons at 0.66g/t gold and 25.9 g/t silver for 2 Mozs contained gold and 79.4 Mozs contained silver, and which is also continuing to grow with ongoing drilling, it added.

CEO Brad Gordon said: ?This inaugural porphyry resource estimate firmly identities Tujuh Bukit as potentially a world-class copper-gold project. It has already delivered beyond our expectations and we look forward to continuing to extend the as yet undefined boundaries of this system. It?s still early days for us but we are aggressively advancing both the sulphide and oxide components of this exceptional project and, with US$40 million in the bank, we remain well funded.? (kanti)