Kalimantan Gold-Jelai Forestry Permit Issued
10 November 2011 - 7:00AM
Marketwired Canada
Kalimantan Gold Corporation Limited (the "Company" or "KGC") (TSX VENTURE:KLG)
is pleased to announce the Minister of Forestry has granted PT Jelai Cahaya
Minerals a "borrow to use" exploration permit for its 100%-owned, Jelai Gold
project in north eastern Kalimantan. The permit authorizes the Company to
conduct exploration activities over the Mewet and 10 other of the 12 Jelai Gold
prospects, comprising 4,675 hectares of the 5,000 hectare IUP and is valid for
two years. This fulfills the outstanding condition for the Company's Joint
Venture agreement to take effect with Tigers Realm Minerals Pty Ltd ("Tigers
Realm").
As announced on February 15, 2011, pursuant to an option agreement Tigers Realm
has the right to earn up to a 70% interest in the Jelai Gold project by meeting
certain project expenditure obligations and completing a bankable feasibility
study by June 2, 2015, the expiry of the IUP. Tigers Realm's proposed drill
program expenditure is US$2m over the first 18 months with approximately 8,000m
of drilling at the Mewet Prospect planned.
With the forestry permitting process now complete, camp construction will follow
allowing exploration mapping and sampling to start in early December. A drill
contractor has been selected and Tigers Realm expects to be drilling by
mid-December. "Securing the forestry permit is a significant step for KGC and
the Jelai project and this demonstrates KGC's understanding and ability to work
within the Indonesian regulatory environment. It also demonstrates that
Indonesia's new mining and forestry regulations work. KGC and Tigers Realm are
excited to commence exploration at the Jelai Gold Project," said Faldi Ismail
the KGC CEO.
The Mewet prospect is the Company's flagship gold project. It has a total of 126
shallow diamond drill holes totaling approximately 14,000 meters. Grid soils,
surface mapping and drilling confirmed more than 6km combined strike length of
low sulphidation, vein-style, epithermal, gold-silver mineralization, comprising
the Mewet, Sembawang, Lipan and Nyabi veins. Previously, shallow drill holes
targeted the central areas of the Mewet, Sembawang and Lipan Veins, with high
grade mineralized shoots intersected at each, shown in Table 1.
Table 1: Significant drilling intercepts.
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Hole From To Interval Au g/t Ag g/t Vein
-------------------------------------------------------------------------
-------------------------------------------------------------------------
JM018 115 119.5 4.5 6.4 8 Mewet
-------------------------------------------------------------------------
JM019 185.1 191.2 6.1 5.7 15 Mewet
-------------------------------------------------------------------------
JCM 13 32 36.75 4.75 10.43 14 Sembawang South
-------------------------------------------------------------------------
JCM 26 42 47.2 5.2 5.6 3 Sembawang Central
-------------------------------------------------------------------------
JCM 27 12.5 18.45 5.95 2.15 4 Sembawang Central
-------------------------------------------------------------------------
JCM 38 21.9 27.3 5.4 11.74 5 Lipan
-------------------------------------------------------------------------
JCM 50 26.5 34.55 8.05 4.52 3 Lipan
-------------------------------------------------------------------------
JCM 67 121 130.5 9.5 7.08 10 Mewet
-------------------------------------------------------------------------
JCM 69 22.7 28.7 6 15.84 81 Mewet
-------------------------------------------------------------------------
JCM 76 14.1 27 12.9 2.23 6 Mewet
-------------------------------------------------------------------------
JCM 81 34.3 41.2 6.9 24.7 23 Mewet
-------------------------------------------------------------------------
JCM 92 21 25 4 13.27 19 Sembawang South
-------------------------------------------------------------------------
Interpretation of mineral textures in veins and comparison with models for
low-sulphidation epithermal systems indicates the current level of exposure is
near the top of the precious metal zone. Limited fan style drilling confirms the
Mewet vein becomes thicker at depth and that mineralization extends over at
least 200 meters vertically.
As part of Tigers Realm due diligence, the investigative geologic team collected
representative skeleton drill core samples (10cm in length) from mineralized
intervals of selected holes. Assay results confirmed high grade gold and silver
mineralization, and assay results are shown in Table 2. Six of the samples
collected from drill core at the Mewet property were prepared and stained in
Australia, to test for adularia. Results indicate that adularia is a common
component of crustiform banded veins at Mewet and is associated with high grade
gold mineralization (Figure 1).
To view Figure 1, click on the following link:
http://media3.marketwire.com/docs/k119.pdf
The combination of vein textures and mineral-textural zonation and apparent
overlapping of zones is promising that stacking and overprinting of various
zones has occurred, and such a process can increase the total metal endowment of
the vein, particularly in shoots. The metal ratios with approximately equal Au:
Ag also support the concept observed in other epithermal systems that the
mineralization encountered in Mewet occurs in the upper to middle part of the
precious metals zone (observations also made by previous geologists, e.g.
Worsley, 1999). Based on these data, Tigers Realm geologists interpret high
grade shoots may have developed for at least 200 meters below the current depth
of drilling, within parts of the Mewet vein system.
Table 2: Assay results from skeleton core samples collected by Tigers Realm.
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Hole From To Interval TR Au g/t TR Ag g/t Sample Type Vein
----------------------------------------------------------------------------
----------------------------------------------------------------------------
JCM 01 21.55 24.7 3.15 5.21 3.2 DC-10cm Lipan Central
----------------------------------------------------------------------------
JCM 12 32.4 36 3.6 3.51 2.1 DC-10cm Sembawang
South
----------------------------------------------------------------------------
JCM 14 35 36.5 1.5 11.9 22.3 DC-10cm Sembawang
South
----------------------------------------------------------------------------
JCM 25 14 15.5 1.5 1.53 3.2 DC-10cm Sembawang
Central
----------------------------------------------------------------------------
JCM 26 43.4 47.2 3.8 5.87 2.8 DC-10cm Sembawang
Central
----------------------------------------------------------------------------
JCM 27 15.45 18.5 3.05 1.75 4.1 DC-10cm Sembawang
Central
----------------------------------------------------------------------------
JCM 38 21.95 27.35 5.4 2.86 3.1 DC-10cm Lipan South
----------------------------------------------------------------------------
JCM 67 24.85 127.1 102.25 3.22 9.7 DC-10cm Mewet Central
----------------------------------------------------------------------------
JCM 69 24.2 27.5 3.3 10.6 43.9 DC-10cm Mewet South
----------------------------------------------------------------------------
JCM 69 52 54.85 2.85 2.94 18.7 DC-10cm Mewet South
----------------------------------------------------------------------------
JCM 72 49.4 52.9 3.5 2.12 2 DC-10cm Sembawang
Central
----------------------------------------------------------------------------
JCM 81 39.8 41.2 1.4 116 69.4 DC-10cm Mewet South
----------------------------------------------------------------------------
JCM 84 81.45 82.05 0.6 9.1 59 DC-10cm Mewet South
----------------------------------------------------------------------------
JCM 89 21.9 23.25 1.35 2.95 33.9 DC-10cm Mewet North
----------------------------------------------------------------------------
JCM 92 21 25 4 28.2 42.1 DC-10cm Sembawang
South
----------------------------------------------------------------------------
The Qualified Person responsible for the technical content and verification in
this press release is Dr. Peter Pollard, the Company's Qualified Person.
About Kalimantan Gold
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
two exploration projects in Kalimantan: the Jelai epithermal gold project in
East Kalimantan (which is optioned to Tigers Realm Minerals) and the KSK
Contract of Work in Central Kalimantan with multiple porphyry copper and gold
prospects (which is optioned to a wholly owned subsidiary of Freeport-McMoRan
Exploration Corporation). For further information please visit
www.kalimantan.com.
To view the map accompanying this press release, click on the following link:
http://media3.marketwire.com/docs/k119b.pdf
About Tigers Realm Minerals (Jelai Gold Prospect)
Tigers Realm Minerals is an Australian based, privately owned resources company.
From its head office in Melbourne, Tigers operates globally with a core focus on
gold, copper and coal. Tigers vision is to build a world class resources
business by identifying, acquiring and investing in high quality minerals and
energy opportunities and providing the necessary management, technical and
financial support required to fully explore, evaluate and develop these assets
to their full potential. The Tigers team of resource industry professionals has
a reputation for delivering exceptional investment returns, most notably through
the transformation of junior mineral explorer Oxiana Resources into an ASX 100
company capitalised at over $6 billion between 2000 and 2008. Tigers is
currently building and exploring gold and coal portfolios in the Asian region,
exploring for coal in South America and assessing a range of additional gold,
copper and coal opportunities globally. For further information on Tigers please
visit www.tigersrm.com.au
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.
(TSXV:KLG)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
(TSXV:KLG)
Historical Stock Chart
Von Jun 2023 bis Jun 2024
