Intrepid Mines to announce deep drilling on Oct

By Harry Roy Gunawan

Australia-listed mining firm Intrepid Mines Limited said that the deep drill at copper-gold-silver project in Tujuh Bukit in East Java was currently being built, and drilling was expected to be commenced in October this year.

It said that the on-going drilling at the Salakan prospect in the northern portion of Tujuh Bukit has intercepted copper and gold mineralization but has not yet delivered the significant results that had been anticipated.

This round of drilling, utilizing two of the eight drills currently on site, is expected to conclude in August 2012, after which time the Company will provide a further update.

Intrepid?s CEO Brad Gordon said, ?As we have promised our loyal shareholders all along, we remain extremely active in advancing this world class project and we have been rewarded by very positive results on several fronts. These latest drill results on the main Tumpangpitu porphyry have enabled us to define a new high grade zone on the eastern edges of the target area. However, the depth potential of this resource is still to be thoroughly tested.

Meanwhile, we are advancing the smaller, but not insignificant, oxide project as quickly as we can, with a view based on peer company valuations, that this project alone justifies our current share market capitalisation.?

There are currently eight drill rigs operating at Tujuh Bukit, including one which has just concluded in-fill drilling on the oxide resource, as well as five undertaking extension drilling on the main Tumpangpitu porphyry resource, and two more at Salakan.

It is expected that the total number of drills will be reduced to six, when the fleet will be supplemented with the deep drill, which has a capability of drilling up to 2,000 meters and will be the largest, helicopter-moveable, drill rig in the world.

The company said that assay results from deep drill holes GTD-11-254, GTD-12-256, GTD-12-286, GTD-12-288, GTD-12-292 and GTD-12-314, in the on-going drilling program at the Tumpangpitu copper-gold porphyry within the Project continue to return high grade copper and gold intersections.

?This drilling has also enabled the company to begin to define (a second / another) high grade copper-gold zone on the eastern side of the main resource area,? it said.

Editing by Adianto P. Simamora