Paramount reports new gold intersection at Gunung Rosa
Monday, February 20 2012 - 02:24 AM WIB
Australian-listed Paramount Mining Corporation Limited announced a significant new gold intersection based on the assay results from the final four diamond drill-holes at its Gunung Rosa gold-silver project in West Java province.
The company said in Jakarta over the weekend that the final four diamond drill-holes---GRD0010, GRD011, GRD012 and GRD013---were parts of its first stage due diligence drilling program.
It stated that the results continued to build on the very encouraging results from its previous nine diamond drill-holes (GRD001 to GRD009) disclosed in the company?s 12 September and 13 October 2011 and 8 February 2012 announcements.
These last four holes were designed to test at the bottom or below the level of previously drilled vein mineralization (800-750m RL meters, 200 meters below level 2 development) to assess changes in vein widths and grades going to depth.
Holes GRD0010 and GRD011 tested the base metal-rich Cisudi vein below previous drilling, while holes GRD012 and GRD013 tested beneath the southern and central sections of the more pyritic copper bearing Cap Palu section of the vein.
?These results have added to our confidence in the inferred resources of gold and base metal mineralisation recognised at Gunung Rosa and potential to add to this with additional drilling," Paramount?s Chairman Mo Munshi said.
"We can now comfortably move our program of bulk metallurgical and beneficiation testing of ores collected from existing underground development forward, undertake a planned detailed helicopter borne magnetic survey to support ongoing exploration and extend our drill program to systematic testing of recognised veins and new target discoveries," he said.
Editing by Benget Besalicto Tnb.