Intrepid intersects new zone copper-gold porphyry at E. Java prospect

Australian mining firm Intrepid Mines Limited said on Wednesday that diamond drilling of the GTD-10-137 hole at its Tujuh Bukit copper-gold project in East Java has intersected significant gold and copper in a new zone of porphyry mineralization.

The hole is located 1.2 km southeast of the Tumpangpitu porphyry zone. The hole was targeted on the basis of porphyry clasts found in shallower holes targeting the Zone B oxide resource, the company said in statement.

The result from GTD-09-137 is 86 metres at 1.11 grams/ton gold and 0.56 percent copper below Zone B, it said.

The intersected mineralization is adjacent to a post-mineralization intrusive which has "stoped out" a portion of the porphyry zone. New shallower targets have been defined to the west and will be drilled in the middle of the year. It has not yet been established if this is a separate new porphyry or if it is part of the main Tumpangpitu porphyry.

?This latest gold rich hole continues our track record of intersecting mineralisation in every hole we drill,? said Intrepid CEO, Brad Gordon. ?More importantly, it is a significant breakthrough for the project as it considerably enhances the size potential of the porphyry system.? (denny)