Porphyry finds 1.6m ounces of gold at Tumpangpitu
Tuesday, September 11 2012 - 01:01 AM WIB
Porphyry Resource, 80 percent owned by ASX listed Intrepid Mines Limited, recently announced it has completed drilling of the Tumpangpitu oxide gold-silver deposit.
Independent consultant H&S Consultants Pty Ltd has provided an Inaugural Measured and Indicated Mineral Resource estimate of 70 million tons at 0.71g/t gold and 27g/t silver (at a 0.3g/t gold cut-off grade) containing 1.6 million ounces of gold and 60 million ounces of silver (JORC).
An additional 19 million tons at 0.75g/t gold and 21g/t silver containing 0.5 million ounces of gold and 13 million ounces of silver have been estimated in the Inferred category.
This compares to the previously reported Inferred Resource of 85 million tonnes at 0.74g/t gold and 21g/t silver on 14 December 2010, represents an approximately 5% and 33% increase in gold and silver inventory respectively.
Importantly, 24% of the resource is now classified in the Measured category and 52% in the Indicated category; the previous estimate was entirely in the Inferred resource category.
The updated Mineral Resource Estimate incorporates results from drill-holes GTD-10-168 through to GTD-12-387, which were completed between late-2010 and late June 2012, comprised an additional 175 oxide holes for approximately 27,400 meters of drilling plus the near surface oxide zone results from holes drilled to test the deeper porphyry deposit from the existing 80 by 80 meter spacing to an approximate spacing of 40 by 40 meters.
Editing by Audy Zandri