Thursday, 22 August 2013

Kailimantan Gold hails Beruang Kanan results; will pause to assess data

Kalimantan Gold (LON:KLG, CVE:KLG) said definition drilling continues to intersect significant copper mineralisation at the Beruang Kanan prospect.
In an update on its KSK copper project, Kalimantan said highlights from the drilling at Beruang Kanan included hole BK057-01, which returned 60.5 metres at 0.65% copper (Cu), including 22.5 metres (m) at 1.27% Cu; and hole BK058-01, which returned 64.9 metres at 1.24% Cu, including 33 metres at 2.29% Cu and nine metres at 7.35%.
The extension of the copper sulphide mineralisation at Beruang Kanan supports the current exploration model of the Beruang Kanan prospect as a volcanic hosted massive sulphide (VHMS) system, Kalimantan said.
Detailed drilling indicates that the semi-massive, vein- and breccia-hosted, disseminated and stock-work VHMS-style copper mineralisation has a strike length of at least 900 metres (north to south), is laterally extensive for 100m to 235m and is up to 80m thick.
Kalimantan added that the extension of mineralisation intersected in BK5, an historic Kalimantan drill hole, located on an east-west section 250m south of the area of detailed drilling, indicates that copper mineralisation continues to the south of the area of detailed drilling.
At the Mamuring prospect, a deep diamond drill hole (MRD02-01) intersected deep-seated gold mineralisation associated with late quartz – pyrite veins.
Significant assay results from Mamuring included: 293m at 0.40 grams per tonne (g/t) gold (Au); nine metres at 0.86 g/t Au; 24m at 0.44 g/t Au; three metres at 6.01 g/t Au; 24m at 0.89 g/t Au; and three metres at 5.14 g/t Au.
A single drill hole completed at the Bukit Dea prospect returned narrow zones of elevated gold geochemistry. Kalimantan is currently evaluating surface data and drilling results to determine if the hole actually pierced the zone of high-grade gold mineralisation that was defined by surface rock chip sampling.
Finally, drilling is now well underway at the Baroi and Tumbang Huoi prospects. At Baroi one deep hole (BRD01-01) and one shallow hole (BB08-01) have been completed. Drill hole BF51-01, targeting 600 metres, is in progress, while at Tumbang Huoi one deep hole and one shallow hole have been completed, with results pending.
Kalimantan said the drilling programme at the KSK contract of work (CoW) will be suspended after the current drill holes are completed.
An airborne gradiometer and magnetic survey, covering the entire KSW CoW, is currently being conducted, and is expected to take four to six weeks to complete.
During this period field mapping and sampling programmes will continue at Mansur, Baroi and Tumbang Huoi prospects, and the senior geology team will also focus on compilation and evaluation of the enormous amount of data collected over the past 15 months.
Over the next several months the company will focus on re-logging campaigns of drill core in the framework of its expanded understanding of the district geology that was derived from the past 15 months of intensive effort.
The company said its exploration budget for 2013 of US$16.2mln will be maintained or even exceeded.
"We are extremely pleased with the BK057 and BK058 drill results, which confirm the presence of additional copper zones at the Beruang Kanan project area,” said Faldi Ismail.
“We need this breather to properly analyse and interpret the enormous data set we have collected over the past 15 months to ensure every hole we drill is well placed. The next phase of drilling, in addition to our other main porphyry target areas, will include focusing on expanding the BK5 zone at Beruang Kanan and will continue to extend the broader zone of disseminated and vein hosted copper mineralisation to the north, south and west,” he added.

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