Indochine Mining has received results from the last 58 holes in its 2012 diamond drill program which totalled 7790 metres at the Mt Kare Gold Project in PNG’s central highlands. The program achieved a number of outcomes for the company, including confirmation of historical high grades of mineralization identified prior to Indochine’s acquisition of the project in 2011.
The company’s chief executive officer Stephen Promnitz says the grades are similar or higher than previous drill results and provide increased confidence in the resource potential of the 2.1 million ounce site. “Recent results should increase total contained gold, and results from the current drilling program targeting the bonanza zones, will underpin the reclassification of material from inferred to indicated and measured status.”
Other objectives of the program were to verify the results of historical drilling across the resource zones, provide data for a new geological model, infill the resource drilling density to support upgrading of inferred resources to the indicated and measured categories, and also provide samples for the metallurgy program initiated by Indochine.
The gold and silver mineralization at Mt Kare is hosted in sandstones and siltstones forming a broad north-east strike fault zone which extends through to Barrick’s 30 million ounce Porgera gold deposit about 15km to the north-east.
The mineralization occurs as both sulphide-rich steeply dipping veins and localized quartz-pyrite-roscoelite veins within five zones: Western Roscoelite, containing 52% of the mineralization; Black; C9; Central; and Upper.