Intrepid Mines announces new gold-copper porphyry discovery

Australian mining firm Intrepid Mines Limited said on Monday that assay results from the initial drilling at the Candrian Prospect have confirmed the discovery of a new gold-copper porphyry system, exhibiting high gold to copper ratios in some intervals. Candrian is located 2.2km east of the main Tumpangpitu copper-gold deposit.

Candrian drill hole CND-11-002 intersected 138m at 0.8g/t gold and 0.21% copper from just 6m below surface, including an interval of 40m at 1 .6g/t gold and 0.36% copper. The mineralization is in a tonalitic intrusive complex with minor breccia domains.

Holes CND-001 to 004 cover an area of 600m by 400m, and the broader Candrian prospect, due to be covered by an additional six holes in the current first pass drilling program, covers an area of 2.5km by 1.0km - an area of comparable scale to the main Tumpangpitu system.

CEO Brad Gordon said, ?This is a significant discovery and opens up a large area of prospective geology and anomalous geochemistry for further exploration, which increases our confidence that we can deliver multiple new discoveries from the Tujuh Bukit project area. We will continue drilling in this area with the aim of delivering results that may add to the overall resource base.? (romel)