Bonanza Zone Confirmed With 21m at Over 1 Ounce/Tonne Gold
Sydney, Feb 25, 2013 AEST (ABN Newswire) - Indochine Mining Limited (
ASX:IDC) is pleased to announce that it has received assay results from six drill holes totalling 706 metres. The results are part of the Company's continuing 1,300 metre drilling program at the Mt Kare precious metals project in Papua New Guinea (PNG).
The drilling program has confirmed that the targets host bonanza type mineralisation, with the results representing the first received from the Black Zone (BZ Zone).
Indochine's Non-Executive Chairman, Ian Ross, said: "These are very encouraging drilling results and confirm the fact that there is significant unlocked value in the previously identified bonanza zones at Mt Kare."
"Importantly, these results confirm the technical findings and interpretations of our highly experienced consulting geologist, Mr. Tony Burgess, who for 10 years was the Senior Resource geologist at the nearby world-class Porgera gold mine owned by Barrick Gold."
"Particularly noteworthy is the fact that Mr. Burgess is very encouraged about the potential to discover more high grade gold, beneath the known mineralisation. This provides Indochine with further confidence that Mt. Kare is shaping up to be world-class deposit", said Mr Ross.
Indochine's Chief Executive Officer, Mr. Stephen Promnitz, added:
"The Black Zone bonanza holes have returned some excellent intersections, as well as solid intervals of 4 to 5 g/t gold mineralisation."
"Collectively, these results underpin the robust nature of the Mt Kare project. It is important to note that these results are from only one of the bonanza zone targets identified by the company", said Mr Promnitz.
The drill program has confirmed bonanza type mineralisation previously intersected in two Indochine holes. The intersections in these holes, previously reported to ASX on 4 May and 19 October 2012, included:
- 4 metres (m) at 420 g/t gold, 170 g/t silver from 67 m down hole, within 17.7 m at 100 g/t gold in drillhole 122SD12, and
- 5m at 120.1 g/t gold, 116 g/t silver from 94 m down hole in drillhole 146SD12.
Holes 180SD12 and 181SD12 were oriented to test the extent of bonanza mineralisation to the NE of hole 122SD12. Drill hole 182SD12 was designed to test extensions to the SW of the bonanza grades in 146SD12, while holes 183SD12, 184SD13 and 185SD13 targeted the zone between the two bonanza grade intersections.
Best results were:
49 m at 22.3 g/t gold, 71 g/t silver from 63 m downhole;
Incl. 21 m at 33.8 g/t gold, 64 g/t silver;
Incl. 8 m at 73 g/t gold and 75 g/t silver;
Incl. 5 m at 105 g/t gold, >100 g/t silver in Drillhole 183SD12.
21 m at 13.6 g/t gold, 144 g/t silver from 61 m downhole;
Within 29.9 m at 9.6 g/t gold, 55 g/t silver from 61 m downhole
Incl. 7 m at 35.2 g/t gold, 83 g/t silver in Drillhole 185SD12
21 m at 5.8 g/t gold, 70 g/t silver from 64 m downhole;
Incl. 8 m at 10.4 g/t gold, and 54 g/t Ag;
Incl. 1 m at 22.8 g/t gold, 26 g/t silver in Drillhole 181SD12.
Technical Background - Mt Kare Gold/Silver Project, PNG
One of the distinguishing features of the Mt Kare deposit is the presence of high grade gold zones, with high (>100 g/t) silver grades also present in the Black Zone, locally exceeding 1500 g/t silver.
Consultant geologist Tony Burgess, who spent over 10 years as the Senior Resource Geologist at the adjoining World-Class Porgera gold mine, has identified three bonanza zones at Mt Kare in Indochine and historical drilling. The definition of bonanza zone resources at Porgera was instrumental in the development of that mine and will substantially improve the already robust economics of the Mt Kare project.
The BZ is an elongate breccia pipe (Figure 1, Figure 2), developed along the contact of sandstone and limestone units in the northeast of the Mt Kare deposit. The breccia pipe is interpreted to have formed by interaction of cooler surface waters with hotter intrusivegenerated fluids migrating upward along this lithological contact.
This style of breccia is often referred to as diatreme breccia.
Mineralisation is developed within the breccia pipe as sulphide rich veins. This is a different style of mineralisation to that within the WRZ.
The mineralisation in the BZ occurs within matrix to fragment dominated breccias developed within the sandstones. In the limestone, which forms the footwall to the breccia pipe mineralisation is essentially absent, providing a readily identifiable limit to mineralisation. The breccia pipe is also offset by postmineralisation faults, with the southern limit of the breccia pipe corresponding to a fault with an interpreted relative dextral sense of movement.
Similar breccias are mapped south of the BZ (Figure 1), where they have had little or no drilling. The northeast extension of the BZ is also open for up to 150 metres between sections 10 and 11. There is also potential for development of other mineralisation zones within the breccia pipe that do not outcrop.
Initial results from the first six holes into the BZ bonanza zone target returned excellent results in two holes and solid intersections of mineralisation in the remaining four holes (Figure 2). These drill intersections confirm the continuity of grade vertically between drill holes.
The oxidation profile within the mineralised zone about 40 m thick but locally near the breccia pipe plunges to a 100m depth (as shown in 183SD13).
The long section through the BZ (Figure 3, looking towards the northwest) shows that within the mineralised zone the highest grade mineralisation (as grams x metres) is pipelike and centred on hole 183SD13. There may be other similar zones deeper within, or laterally to, the known BZ mineralisation, providing attractive "sweet spots".
Interpretation of drill core and these drilling results is underway to evaluate the plunge of mineralisation, the size of this bonanza zone and the implications for drill targeting within the Mt Kare deposit overall. It is important to note that these results are from only one of the bonanza zone targets, with drilling underway on another in the WRZ.
The pipe like structure of the high grade mineralised zone (>500 gram-metres) is shown in Figure 3 with most holes in or at the margins of this feature showing a similar pattern of mineralisation where quartz roscoelite occurs in a 3 to 5 metre band at or near the base with a thick blanket of high silver mineralisation above.
The bonanza gold grades of the quartz-roscoelite (QR) mineralisation style in the pipe like structure around hole 183SD13 suggests fluid mixing occurred around a specific elevation. Recognition of this mineralisation style in the BZ is important, as it indicates that breccia pipes and faults at Mt Kare can host this high gold style of mineralisation. The two bonanza zones identified along a major fault zone in the Western Roscoelite Zone (WRZ) are currently the focus of drilling and have the potential to host a more substantial bonanza zone.
View the Indochine Mining announcement at the link below:
http://media.abnnewswire.net/media/en/docs/ASX-IDC-722232.pdf
Contact
Indochine Mining Limited
T: +61-2-8246-7007
F: +61-2-8246-7005
WWW: www.indochinemining.com
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