Paramount: Gunung Rosa project may hold bigger prize
Tuesday, March 25 2014 - 02:22 AM WIB
ASX-listed Paramount Mining Corporation Ltd released Tuesday images summarizing results of high resolution ground magnetic surveying over its Gunung Rosa gold, silver and base metals project in West Java Province.
The surveying was undertaken along 25 meter spaced east-west survey lines crossing areas of poorly exposed mineralization and alteration.
The objective was to delineate new mineralization associated with poorly exposed alteration and breccia zones that host and surround recognized mineralized veins and detect other mineralized vein systems to the east and north of the Gunung Rosa mine.
?The magnetic data highlights the possibility of a deeper porphyry source to the high grade Gunung Rosa mine. Two drill targets have been identified by the modelling of the data. The first target is 800 meters to the north of the Gunung Rosa Mine site at Legok Kadu and the second target a further 600 meters north at Mala,? the company said in a statement.
Paramount?s Chairman, Mo Munshi commented, ?The results from this new higher resolution ground magnetic survey mean that the Gunung Rosa Project may hold a bigger prize in the form of a porphyry mineralized system that is the feeder to the high grade veins in the Gunung Rosa mine. The next step is to plan some deeper drilling to test these targets.?
Editing by Reiner Simanjuntak