Intrepid reports resource result from E. Java gold project
Thursday, December 18 2008 - 03:17 AM WIB
The inferred resources of the zone is 1.47 million ounces gold equivalent at a cut-off of 0.5 grams per tonne gold equivalent in the oxide and partial oxide zones. This includes 1.10 million ounces gold equivalent in the near surface oxide only zone and mineralisation in many holes commenced at or near the surface, the company said.
Zone A is one of four zones of known oxide and sulphide gold-silver mineralisation within the Tumpangpitu Prospect. The Zone C resource was announced in July 2008 at 1.1 million ounce gold equivalent at a cut-off of 0.5 grams per tonne gold equivalent.
The resource has been estimated by Independent Consultants Heliman and Schofield Pty. Ltd. and reported in accordance with the JORC Code.
The new results do not include deeper sulphidic copper-gold mineralisation previously discovered by Intrepid near Zone A. In particular hole GTD-08-35 intersected 627.2 metres of 0.44% copper and 0.45 grams per tonne gold from 222 metres downhole.
According to the company, Zone A and Zone C combined Inferred Resource estimates contribute 1,493,000 ounces of gold and 68.3 million ounces of silver (2.57 million ounces gold equivalent) to Intrepid?s rapidly increasing resource inventory.
CEO Brad Gordon said: This new resource brings the total to 257 million ounce gold equivalent and confirms the potential of Tujuh Bukit as an internationally significant resource and company-making find. This resource is based only on Zones A and C with two zones at Zone B now being drilled.
Data are shown for Gold Equivalent (AuEq) cut-off values. The gold equivalent ratio for silver has been set at 65:1 based on US$6501oz gold and US$1O/oz silver. Historical bottle roll tests have shown recoveries of 83% Au and 84.5% Ag, supporting a 65:1 ratio.
Recently received GIL metallurgical testing results from Zone C achieved recoveries of approximately 90% for both Au and Ag at a grind of 80% passing 75 um. (denny)