ENCOURAGING results have been received from drilling at Harmony Gold’s Kili Teke Copper-Gold Project in the Papua New Guinea Central Highlands, west of the operating Porgera mine. The drilling is being carried out in a bid to expand the maiden Kili Teke resource along strike and down dip.
|Drilling at Harmony Gold’s Kili Teke Copper-Gold Project in Hela Province of Papua New Guinea.|
The initial Kili Teke resource, which was announced last November, comprises 128 million tonnes @ 0.4% copper and 0.3 grams/tonne (g/t) gold for 506,000 tonnes of copper and 1.2 million ounces of gold. The deposit contains two main areas of higher-grade quartz stockwork related mineralisation.
There has been 6820 metres drilled since the resource was announced and the best result is 584.4 metres from 4.6 metres @ 0.52% copper and 0.35 g/t gold, including 287.4 metres @ 0.56% copper and 0.44 g/t gold.
New zones of near-surface, stockwork related copper-gold mineralization has been identified within the current footprint and best results are 206 metres from 482 metres @ 0.59% copper and 0.42 g/t gold; and 376 metres from 495 metres @ 0.47% copper and 0.29 g/t gold.
The latest drilling has confirmed depth extensions of porphyry related quartz vein stockwork mineralization with best result being 7.8 metres from 920.2 metres @ 12.98% copper and 11.45 g/t gold.
Results also include high-grade massive sulphide chalcopyrite-bornite skarn mineralisation intersected at depth.
Harmony’s chief executive officer Peter Steenkamp said, “It is a rare phenomenon, in this day and age, to drill a 584 metre borehole and achieve grades averaging over 0.5% copper and 0.35 g/t gold from surface. Massive sulphide lodes averaging 13% copper and 11.4 g/t are even rarer - which is what we are seeing from our Kili Teke drill results.”
Drilling at the prospect continues with two drill rigs. A revised mineral resource estimate incorporating the latest drill results was planned for release during the September quarter.
“The latest drilling results support our belief that Kili Teke has the potential to develop into a major new porphyry copper-gold system. Developing a portfolio of world-class copper-gold assets in PNG - replacing ounces at a discovery cost of less than US$10 per gold equivalent ounce - creates excellent long-term value for our shareholders,” he said.