Assay results from Indochine Mining’s Mt Kare gold-silver project in Papua New Guinea have confirmed high grade mineralization in the first two of 23 drill holes.
Highlights of the first holes include 12.6 metres @ 10.1 grams/tonne gold and 104 grams/tonne silver from 72.7 metres, and 9.7 metres @ 7.8 grams/tonne gold and 587 grams/tonne silver from 58 metres.
The assay results still pending from 21 remaining holes are expected by July, which will be used in the pre-feasibility study (PFS) scheduled for completion in August.
These first two holes were designed to twin previous drill holes for metallurgical test work. Indochine says the results are consistent with past holes with variations due to the nature of gold mineralization, core size and core recoveries. Ongoing drilling is anticipated to both increase the quantity and quality of the resource.
The company’s chief executive officer Stephen Promnitz says Indochine is excited about the results. “These assays highlight the outstanding potential of the project to become one of PNG’s next major gold-silver operations.”
Mt Kare is in a region known for large mines, just 15km from Barrick’s 30 million ounce Porgera gold mine. The 2.1 million ounce gold equivalent resource is in Papua New Guinea’s central highlands. Indochine announced an initial JORC-compliant resource estimate for the deposit in January this year, which confirmed the 2007 evaluation of the gold-silver mineralization at the prospect.
The gold and silver mineralization at Mt Kare is hosted in sandstones and siltstones forming a broad north-east strike fault zone. It occurs as both sulphide-rich steeply dipping veins and localized quartz-pyrite-roscoelite veins within five zones - the Western Roscoelite containing 52% of the mineralization, Black, C9, Central and Upper.