Kalimantan Gold announces initial resource statement for E. Kalimantan gold project
Tuesday, November 11 2008 - 01:36 PM WIB
The Indicated Resource, at a cutoff grade of 1.0 g/t gold is 256,000 tonnes @ 3.44 g/t gold and 3.2 g/t silver, contains an estimated 28,000 ounces of gold and 26,000 ounces of silver. The Inferred Resource, at the same cutoff grade is 690,000 tonnes @ 2.81 g/t gold and 3.7 g/t silver, contains an estimated 62,000 ounces gold and 82,000 ounces silver
The Mewet Vein resource block is based on 23 drill holes and is contained within a 250 metre section within a known vein structure of more than 2,000 metres in strike length with mineralisation beginning on surface down to 225 metres below surface.
Rahman Connelly, CEO of Kalimantan Gold, stated, "The Mewet Vein resource model is an important milestone, as it starts to quantify our view that Jelai has potential for yielding a significant gold resource. The emphasis will now be towards growing the resource in quantity and quality. The geological model generated will greatly assist us in drill targeting in the Mewet Vein area, where extensions of the higher grade areas have not been closed off, particularly down plunge to the north."
Since mid-August, additional infill drilling in the Mewet Vein area has provided enough confidence in the data to complete this first resource model of the vein structure outlined. This includes data derived from the recent Kalimantan Gold drilling and the previous exploration conducted by Ivanhoe Mines Ltd.
Kalimantan Gold Corporation Limited is a junior exploration company listed on both the TSX Venture Exchange in Canada and on AIM. The Company is focused on gold, coal and copper prospects in Indonesia and has exploration rights in three areas: the Jelai epithermal gold prospect in East Kalimantan, five coal prospects, also in East Kalimantan and porphyry copper and gold prospects in Central Kalimantan.(alex)