Paramount reports positive assay results at Gunung Rosa
Wednesday, February 8 2012 - 02:54 AM WIB
Australia-listed Paramount Mining Corporation Limited has reported positive assay results from diamond drill-holes and from its extended due diligence drilling program at its Gunung Rosa gold-silver project in West Java province.
The company said in Jakarta on Tuesday that the results continued to build on the very encouraging results from its previous five diamond drill-holes (GRD001 to GRD005) disclosed in the Company?s 12 September and 13 October 2011 announcements.
?What we continue to see in these results is confirmation of the recognised gold and base metal mineralisation at Gunung Rosa, however perhaps more significant is the much wider than anticipated intersection widths achieved in some sections of the vein system giving scope for increased resources over that previously recognized," Paramount?s Chairman, Mo Munshi said.
"The results continue to support our expectation for an early initiation of trial mining to firm up full scale mining options and installation of a pilot plant for large scale beneficiation testing of ores following satisfactory results from metallurgical testing of bulk samples being collected from existing underground development," he said.
The new results from drill-holes GRD006, GRD007, GRD008 and GRD009 were first announced to the ASX on 8 September 2011.
It stated that hole GRD006 further tested the vein system at Cap Palu in the north while holes GR0007 and GRD008 tested the base metal-rich Cibitung section at the southern end of the 900 meter main vein system.
Hole GRD009, drilled through the central Cisudi section of the vein system, is the first of a series to test the vein system persistence to depth. The drilling program has been extended from an initial 6 holes to a 13-hole program.
All holes have now been logged and assayed and results for the remaining holes will be released as compilation of the information is completed.
Editing by Benget Besalicto Tnb.