Kalimantan Gold Corporation Limited Further Re Bk Copper Project -- Positive Start To 2015 Drill Program Announcement Made Fo...
May 08 2015 - 2:03AM
UK Regulatory
TIDMKLG
VANCOUVER, British Columbia, May 8, 2015 (GLOBE NEWSWIRE) -- Kalimantan
Gold Corporation Limited ("KLG" or the "Company") is pleased to report
that drilling of the first four holes at Beruang Kanan Main ("BKM")
deposit has been completed. The rigs are positioned on section lines
BKM32450 and BKM31750 and progressing westward to complete these lines
before moving south to infill and extend target areas.
In all four holes drilled to date, and particularly BKM32450-01 and
BKM31750-02, visual copper mineralization comprising chalcocite,
covellite and digenite were observed in logging. Three distinct
intervals of stockwork and fracture controlled mineralization were
reported in BMK32450-01, including a zone of strong near-surface
chalcocite mineralization. A broad interval of stockwork and fracture
controlled pervasive copper mineralization was logged in BKM31750-02,
reinforcing evidence from field mapping that mineralization at the
southern end of the BKM deposit is thickening and more pervasive.
Completed holes have been logged, sampled and sent for analysis at PT
Intertek Utama Services Laboratory located in Jakarta. The Company
expects to release assay results for these first four holes next week.
Drilling continues on both lines where at least seven holes are planned
on line BKM32450 and ten holes on line BKM31750.
Drill production has been impressive to date with each rig drilling up
to 35 meters per day and individual holes taking 2-3 days to complete.
KLG is planning to rapidly advance the BKM deposit through to scoping
study stage over the course of 2015. An extensive program of resource
infill and expansion drilling, metallurgical test work and mining
studies is planned, subject to positive results and the availability of
ongoing funding. Several nearby prospects, Beruang Kanan South "BKS",
Beruang Kanan West "BKW" and Beruang Kanan Polymetallic "BKZ" have
potential for additional mineralization and will be scout drill tested.
The Beruang Kanan Project
-- Initial Inferred Mineral Resource of 47 million tonnes averaging 0.6% Cu
or 621,700,000 pounds of copper (reporting cut 0.2% Cu) including 12
million tonnes averaging 1% copper (reporting cut 0.7% Cu) (see September
26, 2014 press release).
-- Mineral Resource estimate is for the BK Main deposit only and is based on
assays from 74 diamond drill core holes drilled between 1998 - 2007 and
2012 - 2013.
-- The Mineral Resource is contained predominately within a shallow dipping
deposit that extends from near surface to a depth of approximately 120
meters over an area of 1100m (N-S) by 950m (E-W) and remains open in
several directions. The near surface nature and geometry of the deposit
is expected to be highly favorable for shallow open pit mining.
-- The BK Main deposit is a part of the broader Beruang Kanan Project that
also includes high priority targets for additional mineralization at the
"BKS", "BKW" and "BKZ" prospects, each lying within 1.0km of BK Main.
Qualified Person
Information and 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.
About Kalimantan Gold Corporation Limited
Kalimantan Gold Corporation Limited is a junior exploration company
listed on both the TSX Venture Exchange in Canada and on AIM in London.
The Company has three exploration projects in Indonesia: the KSK
Contract of Work in Central Kalimantan with potential for multiple
copper and gold deposits; the Jelai epithermal gold project in East
Kalimantan; and the recently acquired Beutong
copper-gold-silver-molybdenum project in Sumatra. For further
information please visit www.kalimantan.com and view our most recent
company presentation.
ON BEHALF OF THE BOARD OF DIRECTORS
Tony Manini, Deputy Chairman and CEO
For further information please contact:
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
http://www.globenewswire.com/newsroom/ctr?d=10133481&l=14&a=araca%40vsacapital.com&u=mailto%3Aaraca%40vsacapital.com
Kalimantan Gold's Nominated Adviser
RFC Ambrian Limited
Andrew Thomson / Oliver Morse
Telephone: +61 8 9480 2500
Email: andrew.thomson@rfcambrian.com
http://www.globenewswire.com/newsroom/ctr?d=10133481&l=15&a=andrew.thomson%40rfcambrian.com&u=mailto%3Aandrew.thomson%40rfcambrian.com
/ oliver.morse@rfcambrian.com
http://www.globenewswire.com/newsroom/ctr?d=10133481&l=15&a=oliver.morse%40rfcambrian.com&u=mailto%3Aoliver.morse%40rfcambrian.com
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements that are based on
the Company's current expectations and estimates. Forward-looking
statements are frequently characterized by words such as "plan",
"expect", "project", "intend", "believe", "anticipate", "estimate",
"suggest", "indicate" and other similar words or statements that certain
events or conditions "may" or "will" occur. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors that could cause actual events or results to differ materially
from estimated or anticipated events or results implied or expressed in
such forward-looking statements. Such factors include, among others: the
actual results of current exploration activities; conclusions of
economic evaluations; changes in project parameters as plans continue to
be refined; possible variations in ore grade or recovery rates;
accidents, labour disputes and other risks of the mining industry;
delays in obtaining governmental approvals or financing; and
fluctuations in metal prices. There may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. Any forward-looking statement speaks only as of the date on
which it is made and, except as may be required by applicable securities
laws, the Company disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information,
future events or results or otherwise. Forward-looking statements are
not guarantees of future performance and accordingly undue reliance
should not be put on such statements due to the inherent uncertainty
therein.
This announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Kalimantan Gold Corporation Limited via Globenewswire
HUG#1920042
http://www.kalimantan.com