Last checked at 31 Jul 2014 07:00
Kalimantan Gold Corporation Limited ("KLG") announces that it has engaged Duncan Hackman to complete a maiden resource estimate for its flagship Beruang Kanan Main (BKM) Prospect.
The National Instrument 43-101 (“NI 43-101”)compliant resource report on the Beruang Kanan Main Prospect will incorporate data from KLG’s 2012-13 Phase 1 drilling program as well as historic drilling completed on the project during the 1998 - 2001 and the 2007 campaigns, totaling more than 19,000 meters. It is expected that the report will be completed in the third quarter of this year.
The BKM Prospect is located within the Beruang Kanan Project area in KLG’s Kalimantan Surya Kencana (KSK) Contract of Work (CoW), which covers an area of 620 square kilometers in Central Kalimantan, Borneo. Approximately $55 million has been incurred in exploration expenditures on the KSK CoW including 60,000 metres of drilling. About $33 million was spent during 2012 - 2013 that resulted in:
- over 30,000 metres of deep and delineation drilling;
- 28,000 samples analysed;
- 4,762 line kilometers of airborne geophysical surveys; and
- high resolution Lidar imaging over 24,363 ha.
Drilling at the BKM Prospect has confirmed a shallow dipping zone of copper mineralization over a strike length of up to 1,100m, is up to 450m wide and varies from 20m to 90m in thickness. Mineralization is dominated by covellite and chalcopyrite in sheared and altered volcaniclastic rock types and hydrothermal breccias. Selected significant drilled intercepts at the BKM Prospect include:
79.0m @ 0.88% Cu
60.1m @ 1.03% Cu
33.0m @ 2.28% Cu
20.4m @ 2.65% Cu
21.0m @ 1.57% Cu
To view the graphic for the BK Project Area – 4 VHMS Prospects, please click here
Management is happy to announce that Duncan Hackman (who is the principal of Hackman & Associates Pty Ltd) has been engaged to complete a resource report compliant with NI 43-101 on the BKM Prospect.
Mr. Hackman (B.App.Sc., MSc, MAIG) is an independent consulting geologist based in Perth, Australia. He has wide international experience in mining and mineral exploration and has completed numerous Mineral Resource estimates on copper deposits. He is a member of the Australian Institute of Geoscientists and an Independent Qualified Person within the meaning of NI 43-101.
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 and a Qualified Person within the meaning of NI 43-101.
For further information please contact:
Faldi IsmailDeputy Chairman and CEO, Kalimantan GoldMobile: +61 (0) 423 206 324Email: faldi.ismail@kalimantan.com
Gerald CheyneDirector Corporate DevelopmentTelephone: +44 (0) 2077311806Mobile: +44 (0) 7717473168Email: gerald.cheyne@kalimantan.com
VSA Capital LimitedAndrew Raca / Justin McKeeganTelephone: +44 20 3005 5004 / +44 20 3005 5009Email: araca@vsacapital.com
KLG's Nominated AdviserRFC Ambrian LimitedAndrew Thomson / Trinity McIntyreTelephone: +61 8 9480 2500Email: andrew.thomson@rfcambrian.com / trinity.mcintyre@rfcambrian.com
About Kalimantan GoldKalimantan 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 the graphic for the KGC Projects, please click here
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.
Copyright Business Wire 2014