Intrepid Mines updates Indonesian gold exploration activity
Friday, July 25 2008 - 07:40 AM WIB
Indonesia - Tujuh Bukit exploration project, East Java
Exploration at Tujuh Bukit has been ongoing and has focused on drilling at Tumpangpitu prospect. Two diamond drilling rigs are on site.
The first pass of drilling at Zone C was completed and assay results were released to the market on 27 May 2008. A total of 16 holes were drilled into the oxide and sulphide domains of the near surface high sulphidation mineralisation. The mineralisation in Zone C is open to the north and south so follow-up drilling is required, both to continue to delineate the gold-silver zones lateral to the area of existing drilling, but also to infill the area drilled to date to map higher grade zones more accurately.
A resource calculation by independent consultants for Zone C is nearing completion, based on the approximate 80 x 80 metre grid of diamond drill holes GTD-04, GTD-011, GTD-15 to GTD-32 and it is expected that an announcement will be made to the market shortly.
Two deep holes were completed in the area of Zone C. Hole GTD-08-026 was drilled away from the oxide mineralisation and intersected altered rock but with no significant mineralised intervals. Hole GTD-08-029 was drilled under the Zone C oxide zone and intersected a significant porphyry copper-gold interval. Results were released on 27 May 2008.
Four bulk samples from Zone C drill core of differing lithologies and oxidation levels from the high sulphidation zone were collected and sent to the Metcon laboratory in Sydney, Australia for metallurgical testing. It is expected that results will be available in mid September.
Drilling in Zone A, located approximately 900m northeast of Zone C, commenced during the quarter. Approximately 12 holes are expected to be drilled to further define the oxide mineratisation in this area, as previously identified in historical drilling from previous explorers. The results from the first two holes, GTD-08-033 and GTD-08-034, were released subsequent to the period end. It is expected that the first pass drilling at Zone A will be concluded in early September.
The Indonesian Forestry Law restricts non forestry activities within protected forests and prohibits mining using an open pit method in protected forest areas. Accordingly, Intrepid?s Alliance partner, PT IMN, is working with relevant Indonesian authorities to allow for a review of forest land status.
The final report for the baseline flora and fauna survey has not yet been received. The Foundation for Development Co-operation has been engaged to assist Intrepid Mines Ltd. and its Joint Venture partner, PT Indo Multi Niaga (IMN), to develop a Corporate Social Responsibility and Community Development strategy for the project. (end of edited excerpt)