Kalimantan Gold Corporation Limited Bk Copper Project - First Assay Results Confirm Potential
May 13 2015 - 2:03AM
UK Regulatory
TIDMKLG
Kalimantan Gold Corporation Limited ("KLG") is pleased to announce assay
results from the first four holes drilled at its flagship Beruang Kanan
copper project in 2015. As previously reported the first four holes
drilled on section lines BKM32450 and BKM31750 intersected visual near
surface copper mineralization predominately hosted in stock work
fractures and quartz veins, and as open space fill.
RESULTS
Final assays were received for a total of 323.1 meters in the four drill
holes reported to date. A drill hole location plan and a table of full
assay results are provided in Figure 1 and Table 1 respectively.
Hole BKM32450-01 (92.4m end of hole ("EOH")) drilled as an infill hole
on section line BKM32450 intersected strong near surface copper
mineralization in brecciated and silicified volcaniclastic rocks. Three
wide intervals of mineralization were reported as follows:
14 meters at 2.02% Cu (from 4.7 meters depth)
-- Including 6.0 meters at 3.71% Cu (from 4.70 meters)
22 meters at 0.88% Cu (from 32.0 meters depth)
-- Including 5.0 meters at 1.10% Cu (from 35.0 meters)
-- Including 6.0 meters at 1.57% Cu (from 45.0 meters)
15 meters at 0.57% Cu (from 76.0 meters depth)
BKM32450-02 (70.6m EOH) also drilled as an infill hole on section line
BKM32450 hit a post mineral dyke and failed to intersect the key target
zone of mineralization. Three narrow mineralized intervals were
intersected; including a small interval assaying 2m at 2.08% Cu (from
49.5 meters depth).
Hole BKM31750-01 (75.1m EOH) drilled on section line BKM31750
intersected a cumulative 23m interval (over 3 individual intersections)
of highly elevated copper mineralization in centimeter to meter scale
quartz veins. Better assays received from this interval include 9.0
meters at 0.73% Cu (from 19.0 meters depth)and 10.0 meters at 0.57% Cu
(from 41.0 meters depth).
BKM31750-02 (85.0m EOH) also collared as an infill hole on section line
BKM31750 intersected a broad zone of copper mineralization comprising
covellite and chalcocite in centimeter scale quartz veins and zones of
strong silicification. Copper mineralization is more pervasive than
previous holes located nearby and extends beyond the current limits of
the BKM deposit. Better results include:
54 meters at 1.10% Cu, (from 16.5 meters depth)
-- Including 16 meters at 1.67% Cu (from 17.5 meters)
-- Including 19 meters at 1.22% Cu (from 37.5 meters)
The drilling program planned for the Beruang Kanan Main deposit (BKM) in
2015 is designed to increase confidence and expand the deposit beyond
the known resource. The first four holes have confirmed continuity of
mineralization on each section line and drill hole BKM31750-02 indicates
copper mineralization is potentially more pervasive in the southern part
of the BKM deposit than previously recognized.
The potential for additional mineralization in the southern part of the
BKM deposit is also supported by recent field mapping which identified
strong veining and stockwork copper mineralization in sub-crop and
outcrop over more than 400 meters to the west of drill hole BKM31750-02.
Further drilling is planned to fully define the extent of mineralization
in this area.
Resource in-fill and expansion drilling is continuing on both of the
section lines reported above. At least seven holes are planned on line
BKM32450 and ten holes on line BKM31750. Once these two sections are
completed, drilling will move to section lines BKM31650 and BKM32350
located 100m to the south of current drilling. A list of drill hole
details is provided in Table 2.
Tony Manini, Kalimantan Gold's Chief Executive Officer commented:
"We are very pleased with the initial assay results from the 2015 drill
program at the BK project. The continuity of copper mineralization
observed to date has fully met our expectations and we have already
identified an area to the south of current drilling with potential to
further expand the BKM deposit. We have a comprehensive program of
drilling and test work proposed for the BKM deposit and nearby prospects
in 2015 and we look forward to progressively reporting further results
as they become available"
HOLE ID From To Length Copper (%)
BKM31750-01 19.0 28.0 9.0 0.73
BKM31750-01 41.0 51.0 10.0 0.57
BKM31750-01 66.0 70.0 4.0 0.59
BKM31750-02 1.5 6.5 5.0 0.93
BKM31750-02 16.5 70.5 54.0 1.10
Including 17.5 33.5 16.0 1.67
Including 37.5 56.5 19.0 1.22
BKM32450-01 4.7 18.7 14.0 2.02
Including 4.7 10.7 6.0 3.71
BKM32450-01 32.0 54.0 22.0 0.88
Including 35.0 40.0 5.0 1.10
Including 45.0 51.0 6.0 1.57
BKM32450-02 8.1 10.1 2.0 0.49
BKM32450-02 31.5 39.5 8.0 0.46
BKM32450-02 49.5 51.5 2.0 2.08
Table 1: Significant drill intercepts.
Notes: Grade intercepts are calculated as a weighted average grade above
0.3% copper
Maximum internal waste of 3m
True widths are interpreted to be between 80-100% of the reported
lengths, unless otherwise stated.
Figure 1: Location map showing section lines and drill collars. Please
click on the following link to view this image.
http://fscwire.com/sites/default/files/NR/792/6813_image1.jpg
Hole ID Easting Northing RL Depth Azi Dip Status Assays
Final Assays
BKM31750-01 769102 9931750 363 75.1 270 -60 Complete Confirmed
Final Assays
BKM31750-02 769006 9931750 397 85.0 270 -60 Complete Confirmed
Final Assays
BKM32450-01 768845 9932450 423 92.4 270 -60 Complete Confirmed
Final Assays
BKM32450-02 768746 9932450 443 70.6 270 -60 Complete Confirmed
Table 2 : Drill Hole Details
Notes: Drill collars recorded using a handheld GPS device and reported
in WGS84 UTM Zone 49S; Drill hole dip and azimuth are recorded
approximately every 25 meters downhole
ON BEHALF OF THE BOARD OF DIRECTORS
Tony Manini, Deputy Chairman and CEO
For further information please contact:
-Ends-
Tony Manini
Deputy Chairman and CEO, Kalimantan Gold
Telephone: +61386441300
Email: tony.manini@kalimantan.com
VSA Capital Limited
Andrew Raca / Justin McKeegan
Telephone: +44 20 3005 5004 / +44 20 3005 5009
Email: araca@vsacapital.com
Kalimantan Gold's Nominated Adviser
RFC Ambrian Limited
Andrew Thomson / Oliver Morse
Telephone: +61 8 9480 2500
Email: andrew.thomson@rfcambrian.com / Oliver.Morse@rfcambrian.com
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Source: Kalimantan Gold Corporation Limited via Globenewswire
HUG#1921276
http://www.kalimantan.com