Kalimantan Gold Corporation Limited (TSX-V:KLG) (LSE:KLG) is
pleased to announce the latest drill and assay results from holes
drilled at the Beruang Kanan, Mamuring, Low Zone and Bukit Dea
projects together with the commencement of an airborne magnetic and
gravity gradiometer survey.
HIGHLIGHTS:
- High grade copper at Beruang Kanan.
Definition drilling continues to intersect significant copper
mineralization at the Beruang Kanan Prospect, including:
- BK057-01 returned 60.50 meters @ 0.65%
Cu, from 7.7 meters
- Including 22.5 meters @ 1.27% Cu,
from 7.7 meters
- BK058-01 returned 64.9 meters @ 1.24%
Cu, from 2.30 meters
- Including 33 meters @ 2.29% Cu, from
11.7 meters
- Including 9 meters @ 7.35% Cu, from
11.7 meters
BK058 @ 107.70m showing high grade chalcopyrite mineralization:
http://www.usetdas.com/pr/BK058a.jpg
BK58 @20m semi-massive chalcopyrite and covellite
mineralization: http://www.usetdas.com/pr/BK058b.jpg
- Deep drilling is ongoing at the
Tumbang Huoi and Baroi prospects
- Commencement of a 5000 km airborne
gravity gradiometer and magnetic survey
Beruang Kanan
Two of the recently completed Beruang Kanan holes (BK057 &
BK058) focused on the area where BK5 was drilled, an historic KLG
drill hole. BK5 intersected a zone of chalcopyrite-dominated copper
mineralization previously reported at 102m @ 0.62% Cu (from 3m
depth) and including 63m @ 0.75% Cu. The recently completed BK057
& BK058 holes also intersected near-surface copper
mineralization defining a zone of shallow dipping (15 degrees)
copper mineralization extending for at least 220m east of BK5, and
open in all directions. Final assay results completed for the
definition drilling at Beruang Kanan since our announcement on 10
June 2013 are tabled below.
Beruang Kanan Prospect (based on a 0.1% cutoff)
Hole ID Azimuth/ From
To Length Cu
Comments Dip (m) (m) (m)
(%) BK051-01 270/-60 NSA NSA NSA NSA
Breccia andvein
hostedcoppermineralization(VHMS-Style)
BK052-01 270/-60 87.2 108.2 21 0.23 Including 270/-60 93.2 102.5
9.3 0.30 BK053-01 270/-60 NSA NSA NSA NSA BK054-01 270/-60 36 97 61
0.26 Including 45 58.5 13.5 0.55 BK055-01 270/-60 82.9 122
39.1 0.25 BK055-01 270/-60 194.4 197.4 3 2.09 BK056-01 270/-60 NSA
NSA NSA NSA
BK057-01 270/-60 7.7 68.2
60.5
0.65 Including 7.7 30.2
22.5 1.27
BK057-01 270/-60 153.2 165.2 12 0.31
BK058-01 270/-60 2.3
67.2
64.9 1.24 Including 11.7 32.7
21
3.42 Including 11.7 20.7
9 7.35
BK058-01 270/-60 103.2 133.3 30.1 0.41 Hole locations are indicated
on the map further below. True thicknesses of intercepts cannot be
determined.
*NSA – no significant assays
This extension of the copper sulfide mineralization at Beruang
Kanan supports the current exploration model of the Beruang Kanan
prospect as a VHMS system. Detailed drilling indicates that the
semi-massive, vein- and breccia-hosted, disseminated and stockwork
VHMS-style copper mineralization has a strike length of at least
900m (N-S dimension), is laterally extensive for 100m to 235m and
is up to 80m thick.
The extension of mineralization intersected in BK5, located on a
E-W section 250m south of the area of detailed drilling, indicates
that copper mineralization continues to the south of the area of
detailed drilling.
Beruang Kanan Drill Program:
http://www.usetdas.com/pr/beruangkanan.jpg
Mamuring
A deep diamond drill hole (MRD02-01) at Mamuring prospect
intersected deep-seated gold mineralization associated with late
quartz – pyrite veins. Significant assays are tabled below:
Mamuring Deep Drilling (based on a 0.1g/t cutoff)
Hole ID Azimuth/
Dip
From(m) To(m)
Length(m) Au(g/t) Comments
MRD02-01 55/-55 868.7 1162
293.3 0.40
Goldmineralization
inquartz-sulfideveins
including 55/-55 916.7 925.7 9.0 0.86 including 55/-55 940.7 964.7
24.0 0.44 including 55/-55 976.7 979.7 3.0 6.01 including 55/-55
1018.7 1042.7 24.0 0.89 including 55/-55 1070 1073 3.0 5.14
True thicknesses of intercepts cannot be determined.
Low Zone
At Low Zone, two 600 meter holes (LZ01-01 and LZ02-0) targeting
IP and soil geochemical anomalies respectively have been completed.
Both holes intercepted abundant pyrite mineralization hosted within
a sequence of interbedded volcanic and sedimentary rocks. No
significant copper or gold assays to report.
Bukit Dea
A single drill hole completed at the Bukit Dea prospect returned
narrow zones of elevated gold geochemistry. KLG is currently
evaluating surface data and drilling results to determine if the
hole actually pierced the zone of high-grade gold mineralization
that was defined by surface rock chip sampling.
Baroi & Tumbang Huoi
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
meters is in progress, meanwhile at Tumbang Huoi one deep hole and
one shallow hole have been completed, with results pending.
Looking Ahead:
The drilling program at KSK CoW will be suspended after the
current drill holes are completed. Currently a Bell Geospace DC3
aircraft is conducting an airborne gravity gradiometer and magnetic
survey. The survey will cover the entire KSK CoW and will be flown
at 200 meter line spacings, with 100 meter in-fill lines over KLG’s
priority prospects. The survey is expected to take 4-6 weeks to
complete and results will be used to optimize drill plans and
identify additional exploration targets.
The 3D inversion modeling of airborne gravity and magnetic data
is expected to assist in defining the Beruang Kanan VHMS-system
and, combined with recent drilling results, will help KLG refine
and focus the future drilling program.
During this period field mapping and sampling programs 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.
In addition, a Resistivity / IP survey (using a down-hole radial
electrode array) will be conducted in several of the deep holes at
Beruang Kanan and Beruang Tengah.
Over the next several months we will focus on re-logging
campaigns of drill core in the framework of our expanded
understanding of the district geology that was derived from the
past 15 months of intensive effort. This pause in drilling activity
will allow KLG’s 16 geologists time to evaluate the down hole IP
survey and gravity survey results. Once the new data is processed
it will allow KLG to refocus the next phase of exploration efforts
in the CoW.
Our 2013 exploration program budget of $16.2m announced in the
Feb 19, 2013 press release will be maintained or exceeded.
Faldi Ismail, KLG’s Chief Operating Officer stated: "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. We need this breather to properly analyze 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 mineralization to the north, south and
west.”
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 and non executive
chairman 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.
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 LimitedKatrina Damouni/ Peter
DamouniTelephone: +44 20 3005 5005/ +44 20 3005
5007Email: pdamouni@vsacapital.com
KLG's Nominated AdviserRFC Ambrian LimitedStuart
LaingTelephone: +61 8 9480 2506Email:
stuart.laing@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
http://www.usetdas.com/pr/jeliaproject.jpg
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.
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