Indochine Mining encounters more gold at Mt Kare deposit

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THE DRILL SERGEANT: Indochine Mining (ASX: IDC) has intersected further high-grade gold mineralisation while drilling the Western Roscoelite Bonanza Zone (WRZ) at the company’s 1.8 million ounce Mt Kare gold-silver project in Papua New Guinea.

According to Indochine the WRZ contains two of three Bonanza Zones the company is exploring via diamond drilling at the project.

The company indicated it had received high-grade assay results from the first four drill holes, which it claims has demonstrated the potential of the Bonanza Zones.

 

Mt Kare resource plan with the locations of the WRZ bonanza drill holes. Source: Company announcement

 

Best results from the recent drilling include:

–    14 metres at 15.3 grams per tonne gold, 9 grams per tonne silver from 36 metres down hole, including 7m at 22.9g/t gold and 14g/t silver, including 1 m at 57.7g/t gold and 19g/t silver;

–    26m at 6.7g/t gold, 5g/t silver from 25m down hole, including 5m at 10g/t gold and 8g/t silver, including 7m at 11.7g/t gold, 7g/t silver; and

–    15m at 5.7g/t gold, 7g/t silver from 20m down hole, within 33m at 3.7g/t gold, 16g/t silver from 2m down hole, including 8m at 8g/t gold, 6g/t silver, including 7m at 11.7g/t gold, 7g/t silver.

“These results are pleasing and will help to improve the overall grade of the Mt Kare project, thus improving the overall economics of the project,” Indochine Mining chief executive officer Stephen Promnitz said in the company’s announcement to the Australian Securities Exchange.

“Our priority at this time is to continue drilling in the Bonanza Zones before defining a larger mineral resource later in the year.”

Indochine said the results were encouraging as they will assist it in targeting new drill holes at the possible location of the feeder zones to more bonanza targets.

The company considers the results also indicate more potential along strike, on the interpreted intersection with another known mineralised fault, possibly with an associated ‘feeder’ zone.

This target is currently being drill tested.