Latest drilling results strengthen upside potential of Gunung Rosa project
Thursday, April 3 2014 - 02:53 AM WIB
ASX-listed Paramount Mining Corporation Limited released Thursday the results from seven additional diamond drill holes completed at its high grade gold-silver-base metals mine at Gunung Rosa, West Java Province.
The company said in a statement that these holes have intersected and highlight high grade mineralization extending over 150 meters to the north of the previously known limits at Cap Palu as well as continuity of mineralization to depth beneath the lower limits of historic mining and drill testing. A northward plunge of the mineralization is interpreted from the results and remains to be tested by drilling.
?The results from this drilling in the previously untested northern extension of the ore body adds additional mineralization amenable to early stage mining and high grade mineralization at depth for a later stage of mining,? the company said.
The company added it plans a further diamond drilling program, which will be completed over the second half of 2014. The drilling program is designed to collect additional geotechnical data to establish a mine development model; drill the northern open plunge of Cap Palu mineralization; and drill test extensions to depth between 900m RL and 700m RL southward along strike of the vein system into the Cisudi and Cibitung zones of the Gunung Rosa vein.
Chairman of the company, Mo Munshi, said: ?These drilling results continue to increase our confidence in the Gunung Rosa project and again demonstrate the upside potential within the license. Our future drilling programs will continue to test the high grade cluster of veins recognized and the potential for deeper porphyry targets generated from our field programs.?
A revised JORC 2012 compliant Mineral Resource estimate incorporating this drilling is anticipated to be completed by third quarter of 2014, the company said.
Editing by Reiner Simanjuntak