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Posts: 12,284
Posts: 12,284
[KLG] reports that drilling of the first four holes at Beruang Kanan Main ("BKM") deposit has been completed. The rigs are positioned on section lines BKM32450 and BKM31750 and progressing westward to complete these lines before moving south to infill and extend target areas. In all four holes drilled to date, and particularly BKM32450-01 and BKM31750-02, visual copper mineralization comprising chalcocite, covellite and digenite were observed in logging. Three distinct intervals of stockwork and fracture controlled mineralization were reported in BMK32450-01, including a zone of strong near-surface chalcocite mineralization. A broad interval of stockwork and fracture controlled pervasive copper mineralization was logged in BKM31750-02, reinforcing evidence from field mapping that mineralization at the southern end of the BKM deposit is thickening and more pervasive. Completed holes have been logged, sampled and sent for analysis at PT Intertek Utama Services Laboratory located in Jakarta. The Company expects to release assay results for these first four holes next week. Drilling continues on both lines where at least seven holes are planned on line BKM32450 and ten holes on line BKM31750. Drill production has been impressive to date with each rig drilling up to 35 meters per day and individual holes taking 2-3 days to complete. KLG is planning to rapidly advance the BKM deposit through to scoping study stage over the course of 2015. An extensive program of resource infill and expansion drilling, metallurgical test work and mining studies is planned, subject to positive results and the availability of ongoing funding. Several nearby prospects, Beruang Kanan South "BKS", Beruang Kanan West "BKW" and Beruang Kanan Polymetallic "BKZ" have potential for additional mineralization and will be scout drill tested. The Beruang Kanan Project Initial Inferred Mineral Resource of 47 million tonnes averaging 0.6% Cu or 621,700,000 pounds of copper (reporting cut 0.2% Cu) including 12 million tonnes averaging 1% copper (reporting cut 0.7% Cu) (see September 26, 2014 press release). Mineral Resource estimate is for the BK Main deposit only and is based on assays from 74 diamond drill core holes drilled between 1998 - 2007 and 2012 - 2013. The Mineral Resource is contained predominately within a shallow dipping deposit that extends from near surface to a depth of approximately 120 meters over an area of 1100m (N-S) by 950m (E-W) and remains open in several directions. The near surface nature and geometry of the deposit is expected to be highly favorable for shallow open pit mining. The BK Main deposit is a part of the broader Beruang Kanan Project that also includes high priority targets for additional mineralization at the "BKS", "BKW" and "BKZ" prospects, each lying within 1.0km of BK Main. Qualified Person Kalimantan Gold Corporation Limited is a junior exploration company listed on both the TSX Venture Exchange in Canada and on AIM in London. The Company has three exploration projects in Indonesia: the KSK Contract of Work in Central Kalimantan with potential for multiple copper and gold deposits; the Jelai epithermal gold project in East Kalimantan; and the recently acquired Beutong copper-gold-silver-molybdenum project in Sumatra. For further information please visit www.kalimantan.com and view our most recent company presentation. ON BEHALF OF THE BOARD OF DIRECTORS
Posts: 12,284