Intrepid says significant gold, copper intersected at Tujuh Bukit
Monday, March 22 2010 - 01:36 AM WIB
The mineralisation is hosted within a porphyritic diorite exhibiting alteration and stockwork vein characteristics consistent with a standard porphyry system, the Company said.
The coincident mapped diorite, copper, gold and molybdenum-in-soil geochemistry, and magnetic body measures 500m x 650m.
?This is the second well mineralised porphyry system we?ve found at Tujuh Bukit and, when combined with our gold-silver oxide resource, it?s the third of what we now know are multiple mineralised zones over a large area.? said Intrepid CEO, Brad Gordon. ?What makes it even more exciting is that Katak is within Production Forest, and within the recently granted IUP Operation and Production, significantly lessening the timing issues associated with access and development.
Success at Katak reinforces the potential of several other regional exploration targets that show similar characteristics. The clustering of mineralised systems at Tujuh Bukit is exhibiting similarities to other world class porphyry camps.?
The Tujuh Bukit Project area covers 11,621 hectares under mining exploration title ?IUP? the form of exploration / mining title introduced under the new Mining Act. Intrepid, through a joint venture agreement with Indonesian title holder, PT Indo Multi Niaga, has an 80% economic interest in the Project.
Tujuh Bukit comprises several mineral prospects, of which Tumpangpitu, in the south east portion of the Project area, was the major focus for exploration activity during 2009.
Five zones of known, near surface gold-silver oxide mineralisation covering a one-by-two kilometre area have been identified thus far above an area of deeper suiphide copper-gold mineralisation within the Tumpangpitu Prospect. Inferred Resources within part of the oxide mineralisation currently aggregate approximately 100 million tonnes at 1.0 g/t gold equivalent (0.5 g/t gold equivalent cut-off), contributing approximately two million ounces of gold and eighty million ounces of silver (3.3 million ounces of gold equivalent at a 0.5 g/t gold equivalent cut-off).
In addition to its continued development of both the oxide resource and the extensive deeper sulphide porphyry within the Tumpangpitu prospect, Intrepid has recently begun exploration activities on a number of newly discovered areas elsewhere on its IUP license.(alex)