J Resources reports encouraging drilling results at Penjom tailings dam
Tuesday, April 28 2015 - 04:31 AM WIB
IDX-listed gold mining company PT J Resources Asia Pasifik Tbk said that encouraging drilling results have been obtained from the first pass drilling program (6 holes) at the Penjom tailings dam in Malaysia in an effort to assess the amount and recoverability of gold in the tailings within a 700-meter by 400-meter area.
The company said in a statement Tuesday that all six holes (TSFBH001 to 006) intersected significant gold grades above the cutoff (0.5 g/t Au) ranging from 0.76 to 1.51 g/t average grades with thicknesses from 6 meters to 24 meters commencing from 15 meters depth.
?This gold bearing zone contains slightly coarser grained silty to sandy horizons (8m) with higher gold grades (+2 g/t),? the statement said.
J Resources, through subsidiaries J Resources GOLD (UK) and J Resources Netherland BV, operates the Penjom gold mine in Pahang, Malaysia.
The company said that the first hole (TSFBH001) returned a significant intercept of 20m @ 1.49 g/t Au (including a higher grade interval of 8m @ 2.26 g/t Au) from 15m depth to EOH. The presence of gold-bearing silty to sandy zones with higher gold grades (+2 g/t) has also been confirmed in the final hole (TFSBH-006) for 8m @ 2.27 g/t Au. Hole 4 (TFSBH-004) shows more erratic gold distribution but the entire interval contains gold above cut off (24m @ 0.76 g/t Au).
J Resources said that preliminary metallurgical testing of the tailings results in recoverable gold at a recovery rate up to 50 percent from standard RIL processing.
The company further said that a scoping study has now been commissioned to assess the commercial potential of reprocessing the tailings and a second phase drilling program of 80 holes to delineate a JORC-compliant resource.
?The second phase drilling program of 80 holes to delineate a JORC-compliant resource is expected to be completed in end of second quarter 2015,? it said.
Editing by Reiner Simanjuntak