Drilling Update
Sydney, June 28, 2012 AEST (ABN Newswire) - Drilling has advanced successfully at Indochine Mining's (
ASX:IDC) major gold/silver project at Mt Kare, in Papua New Guinea (PNG) with 47 holes completed, and 3 holes underway, for approximately 6000 metres of diamond drill core.
First phase Pre-Feasibility Study (PFS) diamond drilling was completed for 3450 metres (29 holes), mainly for metallurgical test work, with more assay results now becoming available.
Recent best results returned, since the last release, include:
9.8 metres(m) at 2.5 grams/tonne(g/t) gold, 20 g/t silver from 90.3m,
- to extend the entire mineralised interval to:
- 46.2m at 5.4g/t gold, 187g/t silver from 46.2m (Drillhole 123SD11).
7 m at 2.5 g/t gold, 6 g/t silver from 108m with further results pending (Drillhole 127SD12).
Recent results returned were mainly from less mineralised upper and lower sections of drillholes previously reported. Assay results are combined in the attached table and crosssections for intercepts around the above results are in prior releases. Mineralised sections have been prioritised for despatch and assay and therefore, part-hole results are released as assays become available. Further assays will become available as core is shipped from site and processed through the IMO and ALS laboratories in Perth.
The current second phase of diamond drilling (~2800m, 24 holes) is designed to fulfil future Bankable Feasibility Study (BFS) requirements, initially focused on further metallurgical data and infill resource definition. BFS-stage drilling has been accelerated to accommodate the extended timeline for transportation, processing and testwork. This programme is expected to be completed within two weeks, followed by a drilling phase focussed on resource extensions, new and deeper targets, and geotechnical drilling for planned infrastructure.
Metallurgical testwork in Perth continues successfully and an update will be provided in a few weeks of the Pre-Feasibility Study (PFS), which is on-track for delivery as scheduled.
Contact
Indochine Mining Limited
T: +61-2-8246-7007
F: +61-2-8246-7005
WWW: www.indochinemining.com
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