Last checked at 17 Sep 2012 07:00
Kalimantan Gold Corporation ("KLG") is pleased to announce new gold-silver results returned from recent drilling by Tigers Realm Metals ("TRM") as part of their first stage exploration activities on the Jelai Epithermal Project. The northwest quadrant of the Jelai IUP license hosts at least three discrete, sub-parallel, north-south trending epithermal structures, the Mewet, Sembawang and Nyabi vein systems.
A program of 11 holes (all drilled towards the East), for 3,129.4m of drilling, has been completed. Drill holes targeted high grade shoots at deeper levels of the epithermal gold - silver vein systems at north Mewet, north Sembawang, south Sembawang and along the untested central and southern extensions of the Nyabi vein system.
Mewet
A total of eight TRM holes have tested 400 meters of strike length along the North Mewet vein system, to depths of up to 300 meters. All assays have been received assays have been received for the Mewet (MEW series) drill holes.
Sembawang
Two holes have been drilled along the Sembawang vein system to date. A single hole drilled at the northern end of the Sembawang vein, near the summit of Bukit Cinta, and the second hole tested the southern limits of the mapped portion of the vein. Assays have been received for north Sembawang DDH (SEM6700-01), and pending for south Sembawang DDH (SEM5700-01).
Nyabi
The first hole targeted a strong gold in soil geochemical anomaly defined at the poorly exposed southern strike extension of the Nyabi vein. A second hole is currently underway, targeting the central portions of the Nyabi structure where three interpreted veins (i.e. linear ridges) intersect. Assay results from the first hole are pending.
Results from TRM drilling are listed in Table 1, and are now being analyzed by KLG's consulting geologist and conclusions will be released as soon as they are available.
| Table 1. Significant assays for TRM drill holes | |||||||||||||
| Hole | Dip | From (m) | To (m) | Interval (m) | Au(g/t) | Ag(g/t) | |||||||
| MEW6300-01 | -67 | No Significant Assays | |||||||||||
| MEW6400-01 | -61 | 226.0 | 228.6 | 2.60 | 0.51 | n/a | |||||||
| MEW6500-01 | -61 | 198.0 | 203.5 | 5.50 | 2.73 | 6.3 | |||||||
| incl. | 199.0 | 202.1 | 3.10 | 4.02 | 10.2 | ||||||||
| incl. | 201.5 | 202.1 | 0.60 | 12.80 | 40.1 | ||||||||
| MEW6500-02 | -74 | 249.0 | 250.0 | 1.00 | 1.47 | 1.3 | |||||||
| MEW6600-01 | -56 | 61.8 | 66.5 | 4.70 | 1.72 | 18.4 | |||||||
| incl. | 63.8 | 65.9 | 2.10 | 2.42 | 30.0 | ||||||||
| MEW6600-01 | -56 | 72.0 | 77.0 | 5.00 | 0.69 | 1.4 | |||||||
| MEW6600-02 | -50 | 161.4 | 164.3 | 2.90 | 5.16 | 12.3 | |||||||
| incl. | 162.8 | 164.3 | 1.50 | 8.43 | 21.7 | ||||||||
| MEW6600-02 | -50 | 176.0 | 180.0 | 4.00 | 0.92 | 0.8 | |||||||
| MEW6600-02 | -50 | 185.0 | 186.0 | 1.00 | 1.36 | 0.8 | |||||||
| MEW6600-02 | -50 | 200.0 | 215.0 | 15.00 | 0.37 | 0.4 | |||||||
| incl. | 209.0 | 213.0 | 4.00 | 0.83 | 0.5 | ||||||||
| MEW6600-03 | -70 | No Significant Assays | |||||||||||
| MEW6700-01 | -65 | No Significant Assays | |||||||||||
| SEM6700-01 | -45 | No Significant Assays | |||||||||||
| SEM5700-01 | -45 | Assays Pending | |||||||||||
| NYA5900-01 | -45 | Assays Pending | |||||||||||
| NYA6225-01 | Drilling in Progress | ||||||||||||
Drill intercept lengths only are reported in the tabulations; it is estimated that true width will be less than the reported drill intercept length.
Figure 1: Jelai IUP, showing TRM drill hole locations
To view Figure 1, click onto the link below or copy and paste into your browser:http://www.usetdas.com/maps/kalimantan/klgsept17003.jpg
Figure 2: Jelai IUP, showing prospect locations
To view Figure 2, click onto the link below or copy and paste into your browser:http://www.usetdas.com/maps/kalimantan/klgsept17004.jpg
Community Programs
The current Corporate & Social Responsibility ("CSR") livelihood activities of KLG include three main activities - vegetable gardens, fish ponds and rubber seedling nurseries - for which interest groups have been established. These are based in the villages of Bunau and Terindak. Each village has made an annual development plan and elected a management group to implement the plan.
The vegetable group has been harvesting produce from the plot and selling into the local market. The success of this is attracting others to join in the activity. The ponds have been stocked with catfish fingerlings that are growing well and being managed by each village. The two rubber groups in each village have established a nursery plot and planted rootstock for grafting. Experts from this village have begun providing training to the rubber groups.
In Mewet village, close to the exploration camp, the CSR program is also supporting the provision of mother and child care by the subdistrict health clinic. Malnutrition and tuberculosis are serious concerns and this is the first time they have had access to professional health care.
All data, as disclosed in this press release, has been reviewed and verified by the Company's Qualified Person for the Jelai Project, Dr. Peter Pollard, who acts as a technical consultant to KLG and is a consulting economic geologist with over 20 years experience.
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 (which is optioned to Tigers Realm Metals Pty Ltd) and the KSK Contract of Work in Central Kalimantan with multiple porphyry copper and gold prospects. For further information please visit www.kalimantan.com
To view Figure 3, click onto the link below or copy and paste into your browser:http://www.usetdas.com/maps/kalimantan/klgsept17005.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 GoldFaldi IsmailDeputy Chairman and CEOMobile: +61 (0) 423 206 324faldi.ismail@kalimantan.com\orCorporate Development (UK)Gerald Cheyne, +44 (0) 2077311806Mobile: +44 (0) 7717473168gerald.cheyne@kalimantan.comorVSA Capital LimitedNick Redfern / 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 2012