Paramount notches up Gunung Rosa resource

By Ruli Setiawan

ASX-listed Paramount Mining Corporation recently announced a new total Inferred Resource of 634,000oz Au with significant silver and base metals credits.

At a cut-off grade of 1.5g/t Au, the added Inferred Resource is 2,467,000 tons containing 436,000oz Au, 1,045,200oz Ag, 8,230t Cu, 13,020t Pb and 43,800t Zn.

It is important to note that the new Inferred Resource has only been determined for areas below the 900 metre reduced level (RL).

Areas above this were subject to earlier Inferred and Measured Resource estimation by Century Metals and Mining NL

"The Paramount drill program has improved the understanding of the geological controls and distribution of the mineralisation; the program also highlighted much wider zones of mineralisation than previously determined and enabled assessment of changes in vein and breccia host width, alteration types and grades within the main mineralised zone," the company said in its third quarterly report.

Company CEO and MD Terry Holohan said that the result underpins Paramount's immediate plans to refurbish the shafts, commencing with the construction of a gold recovery plant in the first half of next year.

?It is clear to us from our ongoing field exploration that the full potential of the mineral resources lying beneath soil cover elsewhere in the mining licence has not yet been appreciated. The strike of the main vein system has been delineated over approximately 2.5km and we have also located and sampled several parallel veins within the license area during follow up of our recent aeromagnetic program. It will be interesting to confirm if the grade further improves with underground sampling as noted by our predecessors,? company chairman Mo Munshi said

Editing by Er Audy Zandri