Exploration Update on High Grade Zones at Mt Kare Gold/Silver Project, PNG
Sydney, Oct 3, 2012 AEST (ABN Newswire) - Three high grade zones have been identified for detailed drilling in a recent review of activities by an experienced consultant at Indochine Mining's (
ASX:IDC) Mt Kare gold/silver project, in Papua New Guinea (PNG).
Data Review - High Grade Zones
The consultant, Tony Burgess, was the Senior Resource Geologist and Competent Person for Resource Definition at the nearby Porgera mine during a period of multi-million ounce discoveries by focusing on high grade zones. Mr Burgess conducted a recent 3 week data review of historical and recent drilling at Mt Kare, including a detailed site visit, designed to focus the future drilling programme.
He has identified three high grade zones with potential extensions at depth and along strike, in a report just tabled with the Board. Mr Burgess believes the high grade zones are "bonanza gold occurrences" with "an identical signature to the 'bonanza' quartz roscoelite zones at Porgera" which includes Zone VII (5.1Moz at 27g/t Au in 5.8Mt, historically).
A considerably improved geological model is being prepared which will drive the drill targeting, defined by the on site team and Mr Burgess, including new areas not adjacent to current mineralisation. The confidence in the resource potential is driven not solely by the presence and extent of the quartz roscoelite mineralisation, but also by the similar style and age of intrusive rocks, similar host rocks, and a similar structural setting.
"The company engaged Mr Burgess because of his unique experience and insight. His report has provided support to the Board and management for their long-held view of the significant upside that exists at Mt Kare", the CEO Stephen Promnitz said.
Potential New Discovery - Drillhole 175SD12
Visible gold had been identified intermittently over 33m of drillcore in a new prospect, in drillhole 175SD12, approximately 1 kilometre south of the current resource. Assay results returned did not produce a significant gold mineralised interval for reporting purposes. This is a problem that is not uncommon when sampling particulate gold. However, the nature of the drillhole still indicates further drilling is required to assess the potential target.
Contact
Indochine Mining Limited
T: +61-2-8246-7007
F: +61-2-8246-7005
WWW: www.indochinemining.com
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