THE DRILL SERGEANT: Intrepid Mines has expanded the Inferred Resource estimate at its Tujuh Bukit copper-gold project in Indonesia.
The increase resulted from assay results the company recently received from a drilling program the company completed throughout the last six months around the known porphyry copper-gold zone of the Tumpangpitu area of the Tujuh Bukit project.
Updated Tumpangpitu porphyry resource outline to December 2011. Source: Company announcement
The expanded Inferred Resource estimate at the project now stands at 1.7 billion tonnes at 0.41 per cent copper and 0.46 grams per tonne gold, at a cutoff grade of 0.2 per cent copper.
The previously resource estimate released by the company in May 2011 was 990 million tonnes at 0.40 per cent copper and 0.45 grams per tonne gold at a 0.2 per cent copper or 0.2 grams per tonne gold cut-off.
The latest estimate is based on 41 drill holes in excess of 700 metres for approximately 36,600 metres.
In addition to these, five deep holes failed to intersect porphyry mineralisation.
Intrepid explained that although this latest Inferred Resource estimate may be a significant increase to the May 2011 estimate, the company remains confident the porphyry copper-gold resource at
Tumpangpitu can continue to grow, as it undertakes additional drilling.
The Tumpangpitu oxide gold-silver zone, which stands at 130Mt at 0.55 g/t gold and 18 g/t silver for 2.4 million ounces of contained gold and 80 million ounces of contained silver, is not included in the latest estimate.
“While we are pleased to have tripled the size of this porphyry resource in just a little over a year, we still have not reached the limit of the resource at Tumpangpitu, let alone across the entire Tujuh Bukit project,” Intrepid Mines chief executive officer Brad Gordon said in the company’s announcement to the Australian Securities Exchange.
“We will soon have 11 drill rigs available, including one capable of drilling to depths of almost two kilometres.
“We look forward to initiating drilling at the Salakan porphyry and continuing to expand our exploration program across this exciting project area.”