A six-hole drill program covering 706 metres at Indochine Mining’s Mt Kare gold-silver project has confirmed that targets host bonanza-type mineralization with the best result being 21 metres @ 33.8 grams/tonne gold within 49 metres @ 22.3 grams/tonne gold.  1

The company says this drill hole includes an intersection of 5 metres @ 105 grams/tonne gold (3.4 ounces/tonne gold) and up to 600 grams/tonne silver. The second significant intersection is 7 metres @ 35.2 grams/tonne gold and 83 grams/tonne silver including 29.9 metres @ 9.6 grams/tonne gold and 55.2 grams/tonne silver.

These are the first results received for the Black Zone, confirming that the targets host bonanza type mineralization.

Indochine’s non-executive chairman Ian Ross says, “These are very encouraging drilling results and confirm the fact that there is significant unlocked value in the previously identified bonanza zones at Mt Kare.”

Ongoing drilling results from the project continue to encourage the company, improving its geological understanding of resource zones and confirming the potential of the project.

Tony Burgess, the key technical consultant who first identified the bonanza zones and who has considerable experience at the adjacent world-class Porgera mine, has examined in detail the core and assay results from the 2012 drilling program. “The bonanza zone drilling program is designed to determine the controls on the high grade gold, low silver mineralization which represents 70% of the contained gold at Mt Kare.”

The deepest hole drilled during the company’s 2012 program at 375 metres depth returned 180 metres from 12 metres @ 1.8 grams/tonne gold, including 57 metres from 99 metres @ 3.3 grams/tonne gold and 19 grams/tonne silver, and 7 metres from 119 metres @ 6.2 grams/tonne gold and 17 grams/tonne silver.

Indochine completed six drill holes to define the extent of the quartz roscoelite bonanza gold zone within the BZ Zone at Mt Kare and then started drilling a separate bonanza zone within the WRZ Zone.

An initial JORC-compliant mineral resource statement for Mt Kare was released in December 2011 with 2.1 million ounces gold equivalent or 1.8 million ounces of gold. The deposit is 15km southwest of Barrick’s 28 million ounce Porgera mine. A pre-feasibility study (PFS) was completed in September 2012, with a bankable feasibility study commencing on the project based on the positive outcome of the PFS.


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