Indochine is building a major Asia/Pacific mining house, developing and discovering gold/silver projects with rapid growth potential.
Papua New Guinea
Indochine's flagship 2.1 million ounce (JORC compliant) Mt Kare gold/silver resource is 100% owned and held through its wholly owned PNG subsidiary, Summit Development Limited.
The deposit lies 15 kilometres from the giant Porgera gold mine which contains 28 million ounces of gold (including a total of 17 million ounces of gold mined to date). Porgera has been producing gold for 21 years and currently produces approximately 500,000 ounces of gold per year, at an average grade of 3.2 g/t.
Indochine's shareholders approved the acquisition of Mt Kare at a general meeting on 1 June, 2011. Past exploration included 365 drill holes ($60 million of past exploration expenditure). A JORC resource of 28 million tonnes @ 1.9 g/t gold (1.8 million ounces) was announced in December 2011. The project pre-feasibility study was completed in September 2012, supporting the commencement of a BFS in 2013. Drilling for metallurgical studies commenced in November 2011 and was completed in August 2012.
To advance the project Indochine established an experienced project team of mainly local PNG geologists, headed by George Niumataiwalu, with a proven record of successful project development in PNG. Niumataiwalu previously took the Hidden Valley gold/silver deposit from a resource stage through development, permitting and a landowner agreement in 2 years.
Geologically the deposit shares many similarities with the 28 million ounce Porgera gold mine - including the same host rocks, similar structure and ore zones and the same age of mineralisation. This is a very important indicator of the potential to greatly increase the contained gold at Mt Kare, something Indochine is working hard to unlock with ongoing exploration
Local landowners have expressed a strong desire to see the Mt Kare project developed. An ethnographic study has been completed over the project area and is an important step to a landowner agreement and development of the project.