Paramount starts W. Java gold drilling campaign

Australian metal exploration firm Paramount Mining Corporation Limited said on Wednsday that a diamond core drilling program has commenced at the high grade Gunung Julang gold-silver project in West Java.

The program is to test the continuity of the structures down dip in the quartz veins system to follow up the high grade gold and silver results sampled in the veins near surface, the company said.

An initial 10 hole, 2,500 metre program of NQ core is planned, using a Drillcorp man portable drilling rig. The holes are planned to intersect the vein structures at depths of between 80 metres and 300 metres.

The proposed drilling program is expected to take eight to ten weeks to complete. The assays will be completed by Intertek Jakarta, it said.

In Oct 20, Paramount through its Indonesian subsidiary, PT Paramindo reached an agreement to acquire a 90% interest in the 1,000 hectare Gunung Julang gold-silver license (KP) from PT Sumber Alam Cipta Nusantara (SACN).

The Gunung Julang project is located 20 kilometres west of Pongkor gold mine, owned by state miner PT Aneka Tambang Tbk. (denny)