Indochine Mining (ASX:IDC) is a South East Asia/South West Pacific focused, gold-copper exploration and development company.
Indochine Mining (ASX: IDC) has returned large high grade intercepts from its Mt Kare project in Papua New Guinea, including a peak intercept of 4 metres at 420 grams per tonne (g/t) gold and 170g/t silver in a broader intercept.
Mt Kare is a 1.8 million ounce gold/silver deposit located just 15 kilometres from Barrick’s (NYSE: ABX) massive Porgera mine, one of the world’s largest gold mines that produces over 500,000 ounces of gold per year.
It shares similar geology, ore types and structures to Porgera and is located near to existing road and power infrastructure and has potential for a large open cut and underground mine, targeting 150,000 ounces/year.
The latest results from the current drill program include highlights of:
-17.7 metres at 100.3g/t gold and 134g/t silver from 59 metres which includes the peak intercept of 4 metres at 420g/t gold and 170g/t silver from 59 metres;
-27 metres at 3.1g/t gold and 4.3g/t silver from 77 metres including 7 metres at 6.5g/t gold and 7.8g/t silver from 85 metres;
-16.9 metres at 3.9g/t gold and 20g/t silver from 19.1 metres including 8 metres at 7.5g/t gold and 21g/t silver from 26 metres that in turn includes 1 metre at 50g/t gold.
Another 25 holes are pending assay.
Mt Kare is currently undergoing a pre-feasibility study that is scheduled for completion in August 2012 that will in turn lead to a bankable feasibility study and an application for mining leases.
The ongoing drilling is expected to improve both the quality and increase the current resource.
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