Indochine Mining on a gold-streak in Papua New Guinea drilling
Indochine Mining (ASX: IDC) continues to intersect gold at the Mt Kare Gold/Silver Project in Papua New Guinea, which is just 15 kilometres southwest of Barrick Gold’s (NYSE: ABX) 28 million ounce Porgera gold mine.
Mt Kare hosts a growing gold resource currently containing 1.8 million ounces gold plus 20 million ounces silver, for a total JORC Resource of 28 million tonnes at 1.9g/t gold and 22.5g/t silver.
The latest highlights to flow through from the 2012 drilling program include:
- 17 metres at 5.2 grams/tonne (g/t) gold, 30 g/t silver from 27 metres, including 7 metres at 10.6g/t gold and 62g/t silver from 36 metres;
- 6 metres at 5.5 g/t gold and 95 g/t silver from 6 metres; and
- 97 metres at 1.5 g/t gold from 31.7 metres, including 4 metres at 6.7g/t gold and 30g/t silver, and 3 metres at 5.9g/t gold and 48g/t silver.
Results will continue to flow through for Indochine, with the final four holes from the 2012 drilling program expected to be released later in February.
Indochine is well-funded and had $3.3 million in cash at the end of December 2012.Bonanza Zone Drill Program; results pending Continue Reading