Kalimantan Gold Corporation Limited Bk Copper Project - Strong Copper Results Confirm And Extend Bkm
June 11 2015 - 2:01AM
UK Regulatory
TIDMKLG
Vancouver, British Columbia -- Kalimantan Gold Corporation Limited
("KLG") is pleased to announce assay results from an additional seven
holes drilled as part of an intensive resource evaluation program in
progress at its flagship Beruang Kanan copper project in Central
Kalimantan, Indonesia.
Moderate to high grade copper mineralization was reported in all seven
holes and drilling to date continues to meet or exceed expectations.
Good continuity of mineralization is being confirmed between holes and
sections within the Beruang Kanan Main ("BKM") deposit and additional
copper mineralization continues to be intersected beyond the existing
mineral resource boundaries to the west. As in the previously reported
holes the copper mineralization occurs near surface hosted in stock work
fractured and quartz veined breccia, and as open space fill.
In total 15 holes for 1196.1 meters have been completed to date and two
holes are currently in progress.
RESULTS
Final assays have now been received for an additional 537 meters in 7
drill holes. A drill hole location plan and a table of full assay
results for these additional seven drill holes are provided in Figure 1
and Table 1 respectively.
Holes BKM32450-03 (75.2m end of hole ("EOH")), BKM32450-04 (65.4m EOH)
and BKM32450-05 (65.4m EOH) were all drilled as infill holes on section
line BKM32450. BKM32450-03 intersected a cumulative 26m interval (3
individual sections) of highly elevated copper mineralization in
centimeter to meter scale quartz veins within a strongly silicified and
brecciated host rock. BKM32450-04 intersected a cumulative 7.2m interval
(2 individual intersections) of moderate and highly elevated copper
mineralization in centimeter to meter scale quartz - pyrite veins and
BKM32450 intersected high grade near surface copper in brecciated and
silicified volcanoclastic rocks with significant chalcocite
mineralization reported. Better assay intervals received from each of
the above three holes respectively include:
5.0 meters at 2.05% Cu (from 48.0 meters depth)
5.2 meters at 1.21% Cu (from 58.0 meters depth)
17.0 meters at 1.61% Cu (from 12.0 meters depth)
-- Including 7.0 meters at 2.06% Cu (from 20.0 meters)
Holes BKM31750-03 (75.0m EOH), BKM31750-04 (75.3m EOH), BKM31750-05
(90.3m EOH) and BKM31750-06 (90.4m EOH) were collared to expand the BKM
deposit beyond its current western limits on section line BKM31750. The
covellite-chalcocite copper mineralization in each hole appears to be
considerably more pervasive within the host rock than in other parts of
the deposit.
BKM31750-03 intersected stockwork and vein hosted copper mineralization
throughout most of hole
Better intercepts from BKM31750-03 include:
64.0 meters at 0.74% Cu, (from 8.0 meters depth)
-- Including 5 meters at 1.60% Cu (from 8.0 meters)
-- Including 8 meters at 1.16% Cu (from 15.0 meters)
Hole BKM31750-04 intersected a cumulative 41.3m interval (4 individual
intersections) of moderate grade copper mineralization in centimeter to
meter scale quartz veins and bottomed in copper mineralization with the
final 1.3 meters assaying 0.67% Cu. BKM31750-05 and BKM31750-06
respectively intersected 15.0m interval of near surface copper
mineralization in centimeter to meter scale quartz veins and, a
cumulative 19.5m interval (4 individual intersections) of moderate and
high grade copper mineralization in centimeter to meter scale quartz
veins.
These three holes extend copper mineralization for a further 150 meters
beyond the current western limits of the BKM Resource on the southern
part of the deposit. Better intercepts include:
BKM31750-04:
17.0 meters at 0.98% Cu, (from 39.0 meters depth)
10.3 meters at 0.74% Cu, (from 65.0 meters depth)
BKM31750-05:
15.0 meters at 1.02% Cu, (from 17.0 meters depth)
BKM31750-06:
10.0 meters at 0.81% Cu, (from 75.0 meters depth)
-- Including 7 meters at 1.02% Cu (from 78.0 meters)
Drilling planned for the BKM deposit in 2015 is designed to increase
Resource confidence and expand the size of the deposit. An update of the
Resource Estimate is planned for Q3 2015. The first eleven holes have
confirmed continuity of mineralization on each section line drilled and
the BKM31750 section drill holes indicate copper mineralization is
potentially more pervasive in the southern part of the BKM deposit than
previously recognized.
Resource in-fill and expansion drilling is complete on section line
BKM31750 and is now continuing on BKM32450. A list of drill hole details
is provided in Table 2.
Tony Manini, Kalimantan Gold's Chief Executive Officer commented:
"Kalimantan Gold is very pleased with the initial results of our 2015
resource evaluation program at BKM, which continue to meet or exceed our
expectations. All holes drilled thus far have intersected good widths of
near surface copper mineralization amenable to open pit mining. The
deposit continues to grow in size and good internal continuity is being
confirmed. Operationally the field teams are doing an exceptional job
with the program running smoothly and safely, to time and budget. We
look forward to keeping all our stakeholders fully informed as this
exciting project is advanced through the various stages of evaluation"
Table 1: Recent significant drill intercepts.
HOLE ID From To Length Copper (%) Cumulative Cu Mineralized Interval
BKM31750-03 8.0 72.0 64.0 0.74 64.0 Meters
Including 8.0 13.0 5.0 1.60
Including 15.0 23.0 8.0 1.16
BKM31750-04 3.0 8.0 5.0 0.43 38.3 Meters
BKM31750-04 22.0 26.0 4.0 0.50
BKM31750-04 34.0 36.0 2.0 0.72
BKM31750-04 39.0 56.0 17.0 0.98
BKM31750-04 65.0 75.3 10.3 0.74
BKM31750-05 17.0 32.0 15.0 1.02 15.0 Meters
BKM31750-06 9.0 14.5 5.5 0.46 19.5 Meters
BKM31750-06 26.5 28.5 2.0 0.70
BKM31750-06 32.0 34.0 2.0 0.61
BKM31750-06 75.0 85.0 10.0 0.81
Including 78.0 85.0 7.0 1.02
BKM32450-03 30.0 44.0 14.0 0.57 26.0 Meters
BKM32450-03 48.0 53.0 5.0 2.03
BKM32450-03 62.0 69.0 7.0 0.54
BKM32450-04 38.0 40.0 2.0 0.49 7.2 Meters
BKM32450-04 58.0 63.2 5.2 1.21
BKM32450-05 12.0 29.0 17.0 1.61 17.0 Meters
Including 20.0 27.0 7.0 2.06
Notes: Grade intercepts are calculated as a weighted average grade
greater than or equal to 0.3% copper.
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
To view the image for Figure 1, please click on the following link:
http://www.fscwire.com/sites/default/files/NR/792/7167_kaliimage1.png
Table 2: Recent Drill Hole Details
Hole ID Easting Northing RL Depth Azi Dip Status Assays
Final
Assays
BKM31750-03 768959 9931750 417 75.0 270 -60 Complete Confirmed
Final
Assays
BKM31750-04 768902 9931750 420 75.3 270 -60 Complete Confirmed
Final
Assays
BKM31750-05 768841 9931748 431 90.3 270 -60 Complete Confirmed
Final
Assays
BKM31750-06 768788 9931752 417 90.4 270 -60 Complete Confirmed
Assays
BKM31750-07 768707 9931745 407 90.2 270 -60 Complete Pending
Assays
BKM31750-08 768659 9931751 404 88.1 270 -60 Complete Pending
Assays
BKM31650-01 768690 9931650 458 81.9 270 -60 In-Progress Pending
BKM31650-02 768770 9931650 458 5.0 270 -60 In-Progress Drilling
Final
Assays
BKM32450-03 768704 9932450 456 75.2 270 -60 Complete Confirmed
Final
Assays
BKM32450-04 768613 9932450 485 65.4 270 -60 Complete Confirmed
Final
Assays
BKM32450-05 768563 9932450 498 65.4 270 -60 Complete Confirmed
Assays
BKM32450-06 768518 9932450 521 75.8 270 -60 Complete Pending
BKM32450-07 768470 9932450 537 21.8 270 -60 In-Progress Drilling
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
Qualified Person
Data disclosed in this press release have been reviewed and verified by
KLG's qualified person, Stephen Hughes, P. Geo, a Qualified Person
within the meaning of NI 43-101.
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: +61 3 8644 1300
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#1927737
http://www.kalimantan.com