Paramount hits new gold intersection at Gunung

/in /by

THE DRILL SERGEANT: Paramount Mining Corporation has received assay results from the final four diamond drill-holes from the company’s first stage due diligence drilling program conducted at its Gunung Rosa gold-silver project in West Java Province, Indonesia.

 

Map showing location of Gunung Rosa in West Java in relation to major cities. Source: Company announcement

 

According to the company the results have continued to build on encouraging results the company had received from previous nine diamond drill-holes carried out on the project.

These final last four holes of the program were designed by Paramount to test at the bottom or below the level of previously drilled vein mineralisation to assess changes in vein widths and grades going to depth.

Best results from the latest drilling include:

–    1 metre at 1.17 grams per tonne gold, 1.80 grams per tonne silver;

o    0.7m at 1.35 g/t gold, 1.20 g/t silver; and

o    0.6m at 7.44 g/t gold, 12.5 g/t silver

–    2.55 metres at 1.02 grams per tonne gold, 4.0 grams per tonne silver, 0.17 per cent copper, Including:

o    0.95m at 2.00 g/t gold, 5.60 g/t silver, 0.23 per cent copper, Including 0.65m at 2.57 g/t gold, 6.90 g/t silver, 0.26 per cent copper;

o    18.30 metres at 3.57 grams per tonne gold, 4.22 grams per tonne silver, 0.40 per cent copper, Including:

o    5.50m at 4.12 g/t gold, 0.35 per cent copper, Including 4.40m at 3.12 g/t gold, 0.38 per cent copper, Including 3.20m at 5.77 g/t gold, 0.94 per cent copper.

–    1.20 metres at 0.81 grams per tonne gold, 0.3 grams per tonne silver; and

o    0.4m at 2.15 g/t gold, 56.4 g/t silver, 0.82 per cent copper, 0.53 per cent zinc.

The first two holes tested the base metal-rich Cisudi vein below previous drilling, while the final two holes tested beneath the southern and central sections of the more pyritic copper bearing Cap Palu section of the vein.

“These results have added to our confidence in the Inferred Resources of gold and base metal mineralisation recognised at Gunung Rosa and potential to add to this with additional drilling,” Paramount Mining Corporation chairman Mo Munshi said in the company’s announcement to the Australian Securities Exchange.

“The variation in grade and intersection widths seen in this program was anticipated and is normal in epithermal and mesothermal vein systems.

“Significant is the persistence of wide intersection widths achieved at depth giving scope for increased resources over that previously estimated.

“We can now comfortably move our program of bulk metallurgical and beneficiation testing of ores collected from existing underground development forward, undertake a planned detailed helicopter borne magnetic survey to support ongoing exploration and extend our drill program to systematic testing of recognised veins and new target discoveries.”