Indochine Mining Limited (ASX:IDC) Very High Gold and Silver Assays from Mt Kare, Papua New Guinea
Sydney, May 4, 2012 (ABN Newswire) - Indochine Mining Limited (ASX:IDC) Intercepts Very High Grade Gold and Silver at Mt Kare, PNG. Large intercepts of very high grade gold/silver assays have been returned from the mineralised zones in a further 3 drillholes, and highlight the potential at Indochine Mining's (ASX:IDC) major gold/silver project at Mt Kare, in Papua New Guinea (PNG).
Best results include:
17.7 metres(m) at 100.3 grams/tonne(g/t) gold, 134 g/t silver from 59m, including
4 m at 420 g/t gold, 170 g/t silver from 67m, (Drillhole 122SD11; twinned hole);
in comparison to prior results of 34m at 7.2g/t gold in MK98-132
27 m at 3.1 g/t gold, 4.3 g/t silver from 77m, including
7 m at 6.5 g/t gold, 7.8 g/t silver from 85m, (Drillhole 125SD12; new hole);
16.9 m at 3.9 g/t gold, 20g/t silver from 19.1 g/t, including
8 m at 7.5 g/t gold, 21 g/t silver from 26m, and including
1 m at 50g/t gold, (Drillhole 127SD12; new hole).
Over 25 holes are pending assays, the results of which will be released when available.
The results above are mineralised intervals selected for metallurgical testwork in Perth. The currently unsampled portions of the holes are a lower priority, are expected to be less mineralised and not considered of consequence, and will be assayed in due course.
Additional results were received from the previously reported drillhole 126SD12, including:
23.2m at 2.0g/t gold, 33g/t silver from 26.8m,
16 m at 2.9g/t gold, 6g/t silver from 26.8m,
including 10 m at 4.4 g/t gold from 74m, and
21 m at 5.5 g/t gold, 625 g/t silver from 99m (Drillhole 122SD11; twinned hole).
Drillhole 122SD11 was designed to 'twin' a past hole, MK98-132, for metallurgical test work, while Drillholes 125SD12 and 127SD12 were within the mineralised zone identified for the pre-feasibility study (PFS), scheduled for completion in August 2012. No further significant results were received from Drillhole 123SD11, apart from the previously reported:
36.4 metres at 6.2 g/t gold, 232 g/t silver from 56.8m (Drillhole 123SD11).
Indochine Mining Limited is progressing one of the largest, near term gold projects in Papua New Guinea (PNG), the Mt Kare gold/silver deposit within EL1093 ('The Project'). The Project is located 15 kilometres from one of the world's Top 10 gold mines, Barrick's giant 28Moz Porgera gold mine, which has produced over 500,000 ounces of gold per year for 21 years. Mt Kare shares similar geology, ore types, structures and age of mineralisation to Porgera, which has significant infrastructure (road & power).
Mt Kare has the potential for a high grade, large open cut mine, operating at 125-150,000 ozs gold & silver per year, which is being investigated in the PFS. Ongoing drilling is anticipated to both improve the quality and increase the current resource. The Project is developing as one of the next major gold projects in PNG.
Commenting on the results, Indochine's CEO Stephen Promnitz said, "These results support our confidence in the potential of the Mt Kare gold/silver project. As each new drillhole comes in, our confidence is elevated further."
View the Full Release including tables and charts here:
Contact: Indochine Mining Limited T: +61-2-8246-7007 F: +61-2-8246-7005 WWW: www.indochinemining.com