Intrepit Mines reports E. Java gold exploration activity
Friday, May 2 2008 - 04:38 AM WIB
Indonesia - Tujuh Bukit, East Java
In April 2008, the Company entered into arrangements to amend its Alliance in respect of the Tujuh Bukit project in Indonesia. The revised Alliance Agreement sets out the framework for the Company to enter into a joint venture directly with PT Indo Multi Niaga (PT IMN), excluding former additional investors, at a cost of A$2.5 million, to earn up to 80 percent (previously 70 percent) in the gold-silver-copper project in eastern Java through funding exploration activity.
Exploration at the Tujuh Bukit Project has been ongoing and has included grid extensions, soil geochemistry, and further diamond drilling at Tumpangpitu Prospect, and mapping, grid establishment and the commencement of soil sampling at Salakan Prospect. Ten diamond drill holes were completed during the quarter from Zone C of the Tumpangpitu Prospect. Results are consistent with results previously reported for holes GT-07-15 to GT-07-20 and at this stage include preliminary results from several of the holes. Drilling is being undertaken on an approximately 80 metre grid. Detailed geological logs are being compiled, and consideration is being given to undertaking some preliminary metallurgical testing of the material drilled to date.
A second drilling rig was deployed to site in February. This rig has a greater depth capacity than the first rig and is being used to test both the oxide gold-silver zone identified in holes 15 - 20, and to test deeper interpreted porphyry copper-gold targets.
As the Indonesian Forestry Law restricts non-forestry activities within protected forest areas, Intrepid?s alliance partner, PT IMN, is working with relevant Indonesian authorities to review forest land status and, where relevant, is working through a prescribed process for potential reclassification of land from protected forest to a status that could allow open pit mining if the exploration activities supported such decision.
A baseline flora and fauna survey has been completed with the report expected to be completed during May 2008. A brief scoping study for a proposed demographic baseline study was also completed. (end of excerpt)