Paramount acquires high resolution ground magnetic data
Tuesday, November 20 2012 - 02:52 AM WIB
Australia-listed Paramount Mining Corporation Limited has released images summarizing results of newly acquired high resolution ground magnetic data along 100 meter spaced east-west survey lines crossing areas of known mineralization and alteration within its ?brown-fields? Gunung Rosa gold, silver and base metals project in West Java Province, Indonesia.
This complements the helicopter borne data previously collected along 100 and 50 meter spaced north-south survey lines, the company said in a statement received Tuesday.
The work is being undertaken as part of the company?s detailed ongoing exploration of areas away from the main Gunung Rosa Vein and mine project development site. The objective is to delineate the extent of alteration and breccia zones that host and surround recognized mineralized veins and detect other unrecognized vein systems to the east and north of the Gunung Rosa mine area under areas of soil cover. This magnetics program is being supported by geological mapping of rock types and alteration and sampling of recognized veins. Assay results from the first batch of vein samples were announced in the ASX release dated 5th November 2012.
Based on the excellent outcomes from the 100 meter spaced survey the ground magnetic survey will now be in-filled to 25 meter spaced lines. To further improve the present mineralization definition objectives a l00m x 50m spaced soil geochemical sampling program is being run in conjunction with the infill ground magnetic survey to develop a detailed understanding of the geochemistry of the mineralization and associated alteration zones to aid in selection of specific drill targets for testing. Note should be made of the high tenor of precious and base metals carried within sections of the main vein at Gunung Rosa announced in previous releases where drilling has been undertaken.
Paramount?s Chairman Mo Munshi commented, ?The newly acquired higher resolution ground magnetics are resolving much detail of parallel veins and their altered host rocks and this gives scope to model specific features in the geology at depth such as likely vein style and width under the extensive soil cover which blankets much of the area within the Exploitation IUP license. The ground magnetic survey will now assist us greatly in planning sites for drill holes.?
The Chief Executive Officer and Managing Director of the Company, Terry Holohan, said: ?The delineation of geology, vein locations and type using the ground magnetics as a tool to recognize the parallel vein structures should help reduce exploration costs as well as permit additional resources to be delineated a lot faster we had originally planned. This should add significantly to the potential upside that this mining project already has. This work will also ensure that the new plant and infrastructure location in the present mine development planning does not sterilize any of the new vein systems being delineated?.
Editing by Reiner Simanjuntak