KLG regains control of Jelai project
Tuesday, October 2 2012 - 08:25 AM WIB
Vancouver-based mineral exploration firm Kalimantan Gold Corporation Limited (KLG) announced on Tuesday that Tigers Realm Metals (TRM) had completed phase one exploration activities on KLG's Jelai epithermal gold project in East Kalimantan, Indonesia.
TRM focused on drilling advanced stage greenfield targets in the northwest Mewet Prospect of the Jelai IUP (Mining license).
TRM completed 12 holes, for a total 3,318.9m. TRM's objective was to test continuity of high grade at depth and in shoots along strike, to define an initial gold resource at the Mewet Prospect.
A total of eight holes were completed at the Mewet prospect, two deep holes into north and south Sembawang prospect and two scout holes at central and south Nyabi Prospect.
TRM did not see the results it expected in this modest 6-month drill test and they have provided notice to withdraw from the Option Deed effective September 30, 2012 having spent $2,000,000.
?Now that the Jelai prospect reverts to being wholly owned by KLG, we will be reviewing the best way of taking the Jelai prospect forward once conclusions have been reached following the review of the drill results,? Faldi Ismail, CEO, remarked.
?We are currently in discussions with a number of parties that have expressed interest in the project,? he added.
Editing by Benget Besalicto Tnb.