BK Copper Project - Positive Start to 2015 Drill Program
ACCESS Newswire
VANCOUVER, BC / ACCESSWIRE / May 8, 2015 / Kalimantan Gold Corporation Limited ("KLG” or the "Company") is pleased to report that drilling of the first four holes at Beruang Kanan Main ("BKM") deposit has been completed. The rigs are positioned on section lines BKM32450 and BKM31750 and progressing westward to complete these lines before moving south to infill and extend target areas.
In all four holes drilled to date, and particularly BKM32450-01 and BKM31750-02, visual copper mineralization comprising chalcocite, covellite and digenite were observed in logging. Three distinct intervals of stockwork and fracture controlled mineralization were reported in BMK32450-01, including a zone of strong near-surface chalcocite mineralization. A broad interval of stockwork and fracture controlled pervasive copper mineralization was logged in BKM31750-02, reinforcing evidence from field mapping that mineralization at the southern end of the BKM deposit is thickening and more pervasive.
Completed holes have been logged, sampled and sent for analysis at PT Intertek Utama Services Laboratory located in Jakarta. The Company expects to release assay results for these first four holes next week.
Drilling continues on both lines where at least seven holes are planned on line BKM32450 and ten holes on line BKM31750.
Drill production has been impressive to date with each rig drilling up to 35 meters per day and individual holes taking 2-3 days to complete.
KLG is planning to rapidly advance the BKM deposit through to scoping study stage over the course of 2015. An extensive program of resource infill and expansion drilling, metallurgical test work and mining studies is planned, subject to positive results and the availability of ongoing funding. Several nearby prospects, Beruang Kanan South "BKS", Beruang Kanan West "BKW" and Beruang Kanan Polymetallic "BKZ" have potential for additional mineralization and will be scout drill tested.
The Beruang Kanan Project
- Initial Inferred Mineral Resource of 47 million tonnes averaging 0.6% Cu or 621,700,000 pounds of copper (reporting cut 0.2% Cu) including 12 million tonnes averaging 1% copper (reporting cut 0.7% Cu) (see September 26, 2014 press release).
- Mineral Resource estimate is for the BK Main deposit only and is based on assays from 74 diamond drill core holes drilled between 1998 - 2007 and 2012 - 2013.
- The Mineral Resource is contained predominately within a shallow dipping deposit that extends from near surface to a depth of approximately 120 meters over an area of 1100m (N-S) by 950m (E-W) and remains open in several directions. The near surface nature and geometry of the deposit is expected to be highly favorable for shallow open pit mining.
- The BK Main deposit is a part of the broader Beruang Kanan Project that also includes high priority targets for additional mineralization at the "BKS", "BKW" and "BKZ" prospects, each lying within 1.0km of BK Main.
Qualified Person
Information and data disclosed in this press release have been reviewed and verified by KLG's qualified person, Stephen Hughes, P. Geo, a Qualified Person within the meaning of NI 43-101.
About Kalimantan Gold Corporation Limited
Kalimantan Gold Corporation Limited is a junior exploration company listed on both the TSX Venture Exchange in Canada and on AIM in London. The Company has three exploration projects in Indonesia: the KSK Contract of Work in Central Kalimantan with potential for multiple copper and gold deposits; the Jelai epithermal gold project in East Kalimantan; and the recently acquired Beutong copper-gold-silver-molybdenum project in Sumatra. For further information please visit www.kalimantan.com and view our most recent company presentation.
ON BEHALF OF THE BOARD OF DIRECTORS
Tony Manini, Deputy Chairman and CEO
For further information please contact:
Tony Manini
Deputy Chairman and CEO, Kalimantan Gold Telephone: +61 3 8644 1300 Email: tony.manini@kalimantan.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
