Kalimantan Gold resumes Kalimantan exploration
Thursday, October 3 2002 - 01:14 AM WIB
The ongoing program has so far concentrated on two of almost forty prospect areas within the CoW: the Focus 1 - a gold/silver prospect located within the Rinjen area and the Mansur porphyry copper/gold prospect, said the company.
The company also said the government of Indonesia approved the application for a further suspension on the KSK CoW to August 28, 2003. The suspension is a "stop-the-clock" allowance on required major exploration activities and time schedules outlined in the CoW
Focus 1 Prospect
The current exploration program on the Focus 1 prospect is to follow up a soil geochemical gold anomaly 800 by 400 metres discovered by the Company in 1997. The anomaly is strongly leached and silicified andesite. Fresh sulphide bearing rock must be tested to determine the potential mineralization of the deposit. Only one outcrop of fresh rock has been located within this anomaly thus far which assayed 2.1 grams per tonne gold ("gpt") and 39 gpt silver over 6 metres. Extensions to this zone, measuring 24 metres of highly leached and weathered rock assayed between 0.1 to 0.35 gpt gold and 1 to 9 gpt silver. It is conceivable that the grades should increase within fault and stockwork zones at depth. A petrol-driven jackhammer drill will be used on selected areas to sample fresh sulphide bearing rock at depths of between 5 and 10 metres under the leached zone. Results of this program will determine whether diamond drilling is warranted. The prospect is interpreted to be the upper portions - mesothermal levels - of a telescoped alteration system related to a porphyry intrusion at depth. This is reflected in aeromagnetic data of the area.
Mansur Prospect
The phased program for the highly prospective medium-depth Mansur copper/gold prospect is to drill intersect greater than 1% high-grade equivalent copper gold porphyry mineralization over intersections of greater than 100 metres in one or more drill holes. Trenching and sampling of this crescent shaped zone some 2 kilometers long by up to 500 meters wide is in progress and assays are pending. Results of this program will determine whether diamond drilling is warranted.
The regional setting, the geology, the styles of alteration and mineralization, and the geochemical and geophysical signatures in the Mansur Prospect are characteristic of classic Southwest Pacific porphyry copper-gold systems. Drilling to date by the Company and Cyprus Amax did not test the coincident copper and chargeability anomalies that form a 1 kilometre wide halo around a low-grade core. Previous drilling however has indicated that significant copper-gold mineralization (40 meters @ 0.24% copper and 0.24 gpt gold) can be intersected at Mansur. (alex)