Last checked at 10 Jun 2013 07:00
Kalimantan Gold Corporation Limited ("KLG")(TSX-V: KLG) (LSE: KLG) is pleased to announce further drill results from its ongoing delineation and scout drilling programs at Beruang Kanan, a planned extension program at Beruang Kanan and an update on its deep drilling program.
Highlights:
Definition drilling continues to intersect significant copper mineralization at the Beruang Kanan Prospect, including: BK044-01 18.7 meters 1.22% Cu, from surface BK044-02 21.0 meters @ 1.57% Cu, from 4 meters BK045-01 20.4 meters @ 2.65% Cu, from 1.4 meters BK046-01 85.1 meters @ 0.54% Cu, from 6 metersIncluding 31.8 meters @ 0.74% Cu, from 47.5 meters BK048-01 15 meters @ 1.21% Cu, from 4.5 meters BK050-01 16.0 meters @1.03% Cu, from 0.6 meters Deep drill locations being prepared at Tumbang Huoi and Baroi prospectsBeruang Kanan
The table below sets out drill results (drill widths) of definition and scout drilling at Beruang Kanan since our last announcement which covered holes up to BK038. 13 further holes have now been drilled and assayed. Geological modeling of results is presently being undertaken.
Beruang Kanan copper mineralization occurs in a series of easterly dipping, dacitic volcaniclastic rocks of the Cretaceous age. Chalcopyrite occurs largely in bedding-parallel and cross-cutting quartz-pyrite-chalcopyrite veins that are interpreted to be hydrothermal fluid channel-ways in the upper silicified zone of a VHMS (volcanic-hosted massive sulphide) system. Where these fluids vented to the sea floor, sulphide minerals accumulated as layers in bedded volcaniclastic rocks. Copper mineralization in the upper part of the mineralized zone is overprinted by supergene covellite and chalcocite. A deep causative porphyry intrusion to this mineralization remains a viable target.
| Beruang Kanan Prospect (based on a 0.3% cutoff) | |||||||||||||
| Hole ID | Azimuth/ | From | To | Length | Cu | ||||||||
| Dip | (m) | (m) | (m) | (%) | Comments | ||||||||
| BK039-01 | 270/-60 | NSA | NSA | NSA | NSA | Breccia and veinhosted high gradecoppermineralization | |||||||
| BK040-01 | 270/-60 | NSA | NSA | NSA | NSA | ||||||||
| BK041-01 | 270/-60 | NSA | NSA | NSA | NSA | ||||||||
| BK042-01 | 270/-60 | NSA | NSA | NSA | NSA | ||||||||
| BK043-01 | 270/-60 | NSA | NSA | NSA | NSA | ||||||||
| BK044-01 | 270/-60 | 0.0 | 18.7 | 18.7 | 1.22 | ||||||||
| BK044-01 | 270/-60 | 33.4 | 68.4 | 35.0 | 0.30 | ||||||||
| BK044-01 | 270/-60 | 168.1 | 189.1 | 21.0 | 0.59 | ||||||||
| BK044-02 | 090/-60 | 4.0 | 25.0 | 21.0 | 1.57 | ||||||||
| BK044-02 | 090/-60 | 41.4 | 62.3 | 20.9 | 0.63 | ||||||||
| BK044-02 | 090/-60 | 198.5 | 225.5 | 27.0 | 0.80 | ||||||||
| BK045-01 | 270/-60 | 1.4 | 21.8 | 20.4 | 2.65 | ||||||||
| BK046-01 | 270/-60 | 6.0 | 91.1 | 85.1 | 0.54 | ||||||||
| Including | 47.5 | 79.3 | 31.8 | 0.74 | |||||||||
| BK046-01 | 270/-60 | 144.0 | 178.5 | 34.5 | 0.61 | ||||||||
| BK047-01 | 43.6 | 58.6 | 15.0 | 0.49 | |||||||||
| BK048-01 | 270/-60 | 4.5 | 19.5 | 15.0 | 1.21 | ||||||||
| BK048-01 | 270/-60 | 31.5 | 112.0 | 80.5 | 0.55 | ||||||||
| Including | 67.5 | 97.5 | 30.0 | 0.73 | |||||||||
| BK048-01 | 270/-60 | 147.9 | 166.0 | 18.2 | 0.48 | ||||||||
| BK049-01 | 270/-60 | 19.0 | 37.0 | 18.0 | 0.30 | ||||||||
| BK050-01 | 270/-60 | 0.6 | 16.0 | 15.4 | 1.03 | ||||||||
| BK050-01 | 270/-60 | 38.3 | 47.0 | 8.7 | 0.42 | ||||||||
| BKD03-02 | 090/-80 | 8.5 | 22.5 | 14.0 | 0.96 | ||||||||
Hole locations are indicated on the map further below. True thickness of intercepts cannot be determined. *NSA – no significant assays
Beruang Kanan Planned Extension Program
At Beruang Kanan, drilling completed to date has closed off the main zone of copper mineralization to the north in the northern part of Beruang Kanan where drill holes BK29 to BK50 have now covered a north south strike length of 850m on approximately 100m drill centers including previous holes drilled. Within this strike length copper mineralization has been intersected over 750m with widths of up to 300m. Drilling continues to the southern part of Beruang Kanan to cover a possible southerly extension of mineralization. Current drilling and previous drill results indicate similar styles of mineralization in the south as to those found in the northern area, eg BK5 102m @ 0.62% Cu from 3m, including 63m @ 0.75% Cu.
The program will be assessed and amended on an ongoing basis depending on results and drilling requirements at other prospects. However, the current plan, as illustrated below, is to drill out a total north-south strike length of more than 1750m. This does not include the Beruang Kanan polymetallic zone that is located approximately 1000m north of BK42 on the far northern end of the prospect area. Drilling of this zone, where outcrops of massive VHMS (volcanic-hosted massive sulphide) lodes occur, will be considered once the airborne gravity survey currently being undertaken has been completed.
Beruang Kanan Drill Program Map
To view the Beruang Kanan Drill Program Map, click onto the following link:http://www.usetdas.com/maps/kalimantan/kalimantanjune102013002.gif
Deep Drilling Update
Deep drilling at Beruang Tengah is continuing at the Bukit Dea zone located 1200m east of drill hole BTD06-02. Surface grab samples from this prospect returned up to 9.7 gpt gold from quartz veins related to northwest trending structures.
BTD 07-01 drilling results are set below, indicating epithermal style mineralization at depth. Whilst holes BTD06-02 and BTD08-01 did not produce any significant assays, both the soil geochemical and deep magnetic anomalies have only been partially tested at Beruang Tengah and there remains a substantial area to the north and south of the drilled portion of the prospect in which to host a mineralized porphyry intrusion. In particular, intense phyillic alteration and sheeted quartz veins in the North West area have yet to be drill tested. The results of drilling to date are presently being reviewed to determine further programs at this prospect.
| Hole ID | From | To | Length | Cu | Au | Ag | Mo | CuEq | Comments | |||||||||
| (m) | (m) | (m) | (%) | (g/t) | (g/t) | ppm | (%) | |||||||||||
| BTD07-01 | 380.00 | 410.00 | 30.0 | 0.56 | Gold mineralization in | |||||||||||||
| Epithermal Style Veins |
Beruang Tengah alteration and drill hole location map. Drill hole BTD06-01 produced 170m @ 0.32% Cu Au equivalent from 231m and 3m @ 25 gpt Au from 48m.
To view the Beruang Tengah alteration and drill hole location map, click onto the following link:http://www.usetdas.com/maps/kalimantan/kalimantanjune102013006.gif
Drill hole FO01-01 at the Focus 1 prospect has been completed to 1200m to test a gold soil geochemical anomaly and partially test a magnetic anomaly. Whilst no significant copper and gold mineralization was intersected, the hole did intercept strong alteration and skarn typical of peripheral porphyry intrusion settings. Results and geophysical data are being assessed to determine further programs at the prospect.
Drilling continues at the Mamuring prospect where a well-developed copper-gold soil geochemical anomaly 800m by up to 800m wide that remains open to the north, south and east has been defined, with rock samples returning up to 6.66 gpt Au and up to 1.15% Cu.
To view the Mamuring prospect map, click onto the following link:http://www.usetdas.com/maps/kalimantan/kalimantanjune102013008.gif
Follow-up mapping and sampling at both Tumbang Huoi and Baroi is now underway and drilling is expected to commence at both prospects in late June or early July.
Faldi Ismail, CEO, commented “We are very encouraged by the copper grades at Beruang Kanan recovered in the definition drilling and the size potential at the prospect. At the same time, the deep drilling program is making good progress in defining areas where a major porphyry may occur.”
All data, as disclosed in this press release, has been reviewed and verified by the Company's Qualified Person for the KSK Project, Dr. Peter Pollard, who is a Member of the Australasian Institute of Mining and Metallurgy (Chartered Professional). Dr Pollard acts as a technical consultant to KLG and has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person under the JORC Code.
About Kalimantan Gold
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 two exploration projects in Kalimantan: the Jelai epithermal gold project in East Kalimantan and the KSK Contract of Work in Central Kalimantan with potential for multiple porphyry copper and gold prospects. For further information please visit www.kalimantan.com
To view Figure 4, click onto the following link:http://www.usetdas.com/maps/kalimantan/kalimantanjune102013009.jpg
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements that are based on the Company’s current expectations and estimates. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “suggest”, “indicate” and other similar words or statements that certain events or conditions “may” or “will” occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
Kalimantan GoldDeputy Chairman and CEOFaldi IsmailMobile: +61 (0) 423 206 324faldi.ismail@kalimantan.comorDirector Corporate DevelopmentGerald Cheyne, +44 (0) 2077311806Mobile: +44 (0) 7717473168gerald.cheyne@kalimantan.comorVSA Capital LimitedKatrina Damouni/ Peter Damouni+44 20 3005 5005/ +44 20 3005 5007pdamouni@vsacapital.comorKLG's Nominated AdviserRFC Ambrian LimitedStuart Laing, +61 8 9480 2506stuart.laing@rfcambrian.com
Copyright Business Wire 2013