KSK Copper Project Update
July 31 2014 - 2:00AM
Business Wire
Kalimantan Gold Expects Maiden Resource
Estimatefor Beruang Kanan Prospect Soon
Kalimantan Gold Corporation Limited ("KLG") announces that it
has engaged Duncan Hackman to complete a maiden resource estimate
for its flagship Beruang Kanan Main (BKM) Prospect.
The National Instrument 43-101 (“NI 43-101”)compliant resource
report on the Beruang Kanan Main Prospect will incorporate data
from KLG’s 2012-13 Phase 1 drilling program as well as historic
drilling completed on the project during the 1998 - 2001 and the
2007 campaigns, totaling more than 19,000 meters. It is expected
that the report will be completed in the third quarter of this
year.
The BKM Prospect is located within the Beruang Kanan Project
area in KLG’s Kalimantan Surya Kencana (KSK) Contract of Work
(CoW), which covers an area of 620 square kilometers in Central
Kalimantan, Borneo. Approximately $55 million has been incurred in
exploration expenditures on the KSK CoW including 60,000 metres of
drilling. About $33 million was spent during 2012 - 2013 that
resulted in:
- over 30,000 metres of deep and
delineation drilling;
- 28,000 samples analysed;
- 4,762 line kilometers of airborne
geophysical surveys; and
- high resolution Lidar imaging over
24,363 ha.
Drilling at the BKM Prospect has confirmed a shallow dipping
zone of copper mineralization over a strike length of up to 1,100m,
is up to 450m wide and varies from 20m to 90m in thickness.
Mineralization is dominated by covellite and chalcopyrite in
sheared and altered volcaniclastic rock types and hydrothermal
breccias. Selected significant drilled intercepts at the BKM
Prospect include:
79.0m @ 0.88% Cu
60.1m @ 1.03% Cu
33.0m @ 2.28% Cu
20.4m @ 2.65% Cu
21.0m @ 1.57% Cu
To view the graphic for the BK Project Area – 4 VHMS Prospects,
please click here
Management is happy to announce that Duncan Hackman (who is the
principal of Hackman & Associates Pty Ltd) has been engaged to
complete a resource report compliant with NI 43-101 on the BKM
Prospect.
Mr. Hackman (B.App.Sc., MSc, MAIG) is an independent consulting
geologist based in Perth, Australia. He has wide international
experience in mining and mineral exploration and has completed
numerous Mineral Resource estimates on copper deposits. He is a
member of the Australian Institute of Geoscientists and an
Independent Qualified Person within the meaning of NI 43-101.
All data, as disclosed in this press release, has been
reviewed and verified by the Company's Qualified Person for the KSK
Project, Dr. Peter Pollard, who is a Member of the Australasian
Institute of Mining and Metallurgy (Chartered Professional). Dr
Pollard acts as a technical consultant to KLG and has sufficient
experience which is relevant to the style of mineralization and
type of deposit under consideration and to the activity he is
undertaking to qualify as a Competent Person under the JORC
Code and a Qualified Person within the meaning of NI
43-101.
For further information please contact:
Faldi IsmailDeputy Chairman and CEO, Kalimantan
GoldMobile: +61 (0) 423 206 324Email:
faldi.ismail@kalimantan.com
Gerald CheyneDirector Corporate DevelopmentTelephone: +44
(0) 2077311806Mobile: +44 (0) 7717473168Email:
gerald.cheyne@kalimantan.com
VSA Capital LimitedAndrew Raca / Justin
McKeeganTelephone: +44 20 3005 5004 / +44 20 3005
5009Email: araca@vsacapital.com
KLG's Nominated AdviserRFC Ambrian LimitedAndrew Thomson
/ Trinity McIntyreTelephone: +61 8 9480 2500Email:
andrew.thomson@rfcambrian.com / trinity.mcintyre@rfcambrian.com
About Kalimantan GoldKalimantan 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 two
exploration projects in Kalimantan: the Jelai epithermal gold
project in East Kalimantan and the KSK Contract of Work in Central
Kalimantan with potential for multiple porphyry copper and gold
prospects. For further information please visit
www.kalimantan.com
To view the graphic for the KGC Projects, please click here
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.
Faldi IsmailDeputy Chairman and CEO, Kalimantan
GoldMobile: +61 (0) 423 206 324Email:
faldi.ismail@kalimantan.com
Gerald CheyneDirector Corporate DevelopmentTelephone: +44
(0) 2077311806Mobile: +44 (0) 7717473168Email:
gerald.cheyne@kalimantan.com
VSA Capital LimitedAndrew Raca / Justin
McKeeganTelephone: +44 20 3005 5004 / +44 20 3005
5009Email: araca@vsacapital.com
KLG's Nominated AdviserRFC Ambrian LimitedAndrew Thomson
/ Trinity McIntyreTelephone: +61 8 9480 2500Email:
andrew.thomson@rfcambrian.com / trinity.mcintyre@rfcambrian.com