A recent four-hole drill program at Indochine Mining’s Mt Kare gold-silver project in Papua New Guinea has revealed bonanza gold zones. Best result was 10 metres @ 6.3 grams/tonne gold including 5 metres @ 10 grams/tonne.
The holes were closely-spaced in a bid to define the extent of the quartz roscoelite bonanza gold zone at the site. One further drill hole is under way and will complete the investigation of the zone in this phase of exploration.
Indochine Mining’s chief executive officer Stephen Promnitz says, “High-grade ‘bonanza’ zones of this type are the focus of ongoing work, to grow the project resource, under the guidance of Tony Burgess, a consultant with considerable experience at the adjacent world-class Porgera Mine. Another series of drill holes has commenced on a separate bonanza gold zone within the WRZ Zone at Mt Kare and we are expecting initial drill results from these bonanza zones soon.”
The best results from the 2012 drill program include 9 metres @ 4.2 grams/tonne gold and 11 grams/tonne silver from 92 metres depth including 3 metres at 9.9 grams/tonne gold and 15 grams/tonne silver from 96 metres downhole in the WRZ (Western Roscoelite Zone). Another hole in the WRZ assayed 10 metres @ 6.3 grams/tonne gold and 6 grams/tonne silver from 20 metres downhole, including 5 metres @ 10.2 grams/tonne gold and 4 grams/tonne silver from 20 metres down hole.
The company is also re-assaying 275 samples from 23 drill holes with silver assays over 100 grams/tonne silver from the BZ and WRZ Zones. Three of these drill holes showed silver values of between 400 grams/tonne silver to >1500 grams/tonne silver.
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 which has established major road and power infrastructure.
After acquiring the project in June 2011, the company is planning the development of a large open cut mine to produce up to 150,000 ounces of gold and silver each year. (Read more about Indochine Mining in the current edition of The ASIA Miner which can be downloaded from www.asiaminer.com)