Indochine flags resource upgrade

INDOCHINE Mining will upgrade its Mt Kare project resources in Papua New Guinea as a result of its ongoing bonanza drilling hunt with a 5m intersection grading 105 grams per tonne gold unveiled last month.
Indochine flags resource upgrade Indochine flags resource upgrade Indochine flags resource upgrade Indochine flags resource upgrade Indochine flags resource upgrade

The explorer said it was using the results of its 2012 drilling, plus the more recent drilling of its targeted bonanza zones, to improve Mt Kare's geological model.

"This will lead to an improved resource model for the deposit and, together with the increased drilling density, will result in a significant upgrade of material from the inferred to the indicated and measured categories," Indochine said.

"The improved geological model will also assist in targeting step-out drilling to expand the current Mt Kare resource."

Indochine chief executive officer Stephen Promnitz said the metallurgical test work on the 2012 drill core is underway to optimise the project process route and assist in mine scheduling.

"With the project at the bankable feasibility stage, there will be an ongoing release of drill results from the Bonanza drilling programme, which will strengthen the project economics even further," he said.

"The oxide evaluation programme and step‐out exploration drilling will also make the project larger, and much more attractive to investors."

Drilling of the target bonanza zones remains underway. Indochine's best result so far is a 17.7m intersection at 100.3gpt gold.

Last year Indochine was aiming to lodge a mining licence application with the PNG government by late 2013.

The project is located 15km southwest of Barrick Gold's significant Porgera mine in Enga province.

loader
  • NEW: Digital version of PNG Report magazine - View here
  • Porgera: Barrick-PNG talks go on - Read more
  • Follow the companies investing in the PNG market - Read more