Paramount says Gunung Rosa vein system extended to over 2 km
Tuesday, November 8 2011 - 07:55 AM WIB
?The high values shown in the rock chip samples away from the main zone of mineralization support the view that potential mineable resources are likely to exist in other vein systems in the license,? the company said.
The work was undertaken as part of its due diligence validation program.
The program is ongoing and new results will be released when they are received. Diamond drilling is continuing along the Cap Palu-Cibitung Zone.
?The geological mapping and rock chip geochemical results further confirm our belief in the wider potential for significant additional economic gold, silver and base metal mineralization within the exploitation IUP license,? Paramount?s Chairman Mo Munshi said.
?These results allow us to plan and commence drilling a number of the more promising of these veins, including the extensions to the main Cap Palu to Cibitung vein system currently being drilled by the company. Delineation of other new veins and vein extensions should permit satellite mining operations to be undertaken to increase the overall production rate from within the license,? he said.
The company said numerous veins similar in character to the Cap Palu-Cisudi-Cibitung precious and base metal mesothermal mineralization are recognized within the 2,475 hectare Gunung Rosa exploitation IUP license.
Most lie within a zone extending up to about 1.5 kilometer distance to the east and northeast of the Cap Palu-Cibitung system.
It said these have been located, mapped and sampled by Paramount geological staff as part of a license wide geological mapping project. In addition veins have been located which show little evidence of prospecting. (josef)