Visible gold has been confirmed at intermittent locations within a drill core from a new prospect at Indochine Mining’s Mt Kare project. The 33 metre drill core was taken about 1km south of the current Mt Kare resource. Fine grained disseminated visible gold has been identified from 170 metres depth and the hole is now being extended.
Indochine says the style of mineralization within a sheared siltstone/sandstone host appears to differ from the currently identified resource to the north, although it is interpreted to occur in the same stratigraphic sequence.
In July, the company posted high grade results from the current drill program including 53.9 metres @ 8.2 grams/tonne gold and 18 grams/tonne silver from 30 metres, and 35 metres @ 8.1 grams/tonne gold and 19 grams/tonne silver from 11 metres.
Indochine’s chief executive officer Stephen Promnitz says, “Virtually every drill hole to date contains high grade gold, which shows the consistency of the project. Intervals of almost an ounce per tonne gold are similar to the initial grades at nearby Porgera, one of the world's Top 10 gold mines.”
Results from a further 40 drill holes are expected to be released during the coming months, which will provide the basis for a pre-feasibility study of a 125,000-150,000 ounce per year operation.
In total, 415 diamond drill holes over 67,000 metres have been completed at the project which has a current JORC resource of 28 million tonnes @ 1.9 grams/tonne gold for 1.8 million ounces of gold and 20 million ounces of silver, with a higher grade zone of 700,000 ounces of gold at 3.7 grams/tonne gold.
Mt Kare is one of the largest near-term gold projects in Papua New Guinea. It is 15km from one of the world’s biggest gold mines, Barrick’s 28 million ounce Porgera mine, which has produced more than 500,000 ounces of gold each year since 1990. Indochine says Mt Kare shares similar geology, ore types and structures of mineralization to Porgera.
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