Intrepid Mines says the latest assay results from a deep drill hole at the Tumpangpitu copper-gold porphyry deposit within its Tujuh Bukit project in Indonesia have returned the highest grade copper and gold intersection to date.
The intersection is from a position east of the previously known porphyry mineralization boundary and returned 689 metres @ 1.0% copper and 0.85 grams/tonne gold. Intrepid says the intersection includes higher grade intervals of 244 metres @ 1.42% copper and 1.06 grams/tonne gold and 466 metres @ 1.19% copper and 1.05 grams/tonne gold.
The intersection occurs at a higher level than and east of the 1.7 billion tonne inferred porphyry resource @ 0.41% copper and 0.46 grams/tonne gold which the company announced in December 2011. Intrepid says the current evidence suggests it is a separate intrusion and associated stockwork vein system.
“Drilling at Tujuh Bukit continues to deliver outstanding results, further supporting the view that the Tumpangpitu copper-gold oxide and porphyry system represents an emerging world-class discovery. The fact that this latest deep hole intersected very high grade copper and gold east of the known Tumpangpitu mineralization and potentially represents a new porphyry discovery is very exciting,” says Intrepid chief executive officer Brad Gordon.
“We are confident that the aggressive drilling program will continue to increase the porphyry resource, infill the oxide resources at Tumpangpitu and deliver new discoveries.”
Eleven drill rigs remain active at the 11,621 hectare Tujuh Bukit project, one of which is drilling ahead on the second Salakan hole. It is in the East Java province, about 200km southeast of the provincial capital Surabaya.
Brad Gordon says the Pre-Feasibility stage of the oxide heap leach project is also advancing as planned.
Intrepid is also working with the relevant Indonesian authorities to prompt a review of forest land status, as the current porphyry and oxide resource estimate areas fall within a protected forest area. Indonesian forestry law prohibits open pit mining activities in protected forests. Intrepid’s partner PT IMN has received an extension of the July 2010 forestry permit which allows for exploration activities to take place.