KALIMANTAN GOLD
Kalimantan Gold Corporation Ltd (KGC) is an AIM and TSX-listed junior exploration company focused on exploration in Kalimantan, Indonesia where it has been active for a number of years. The company is exploring for gold and copper in two distinct areas of Kalimantan and is also seeking to acquire a number of coal prospects in the region.
In East Kalimantan, KGC is currently undertaking a 4,000 metre drill programme at its 100%-owned Jelai gold prospect and results to date indicate the potential for a major epithermal gold deposit. This has been confirmed by the economic geologist Dr Peter Pollard in an independent report on the project and the company expects to announce an inferred resource for Jelai in the next few months.
In Central Kalimantan KGC’s Contract of Work (CoW) has multiple copper porphyry prospects which, according to Dr Pollard, still have considerable untested potential. A number of companies have expressed interest in reviewing the KSK data with a view to signing a co-operation agreement.
In addition to its exploration work, KGC supports development in the villages surrounding its project areas through a Foundation, YTS. Villages are encouraged by YTS to plan for the future with the help of a Village Development Fund, the aim being to facilitate self help wherever possible.
Kalimantan Gold intercepts More High-Grade Gold at Jelai Gold Project
Ongoing resource definition drilling from the Jelai Gold Project in Indonesia continued to suggest the project has the potential to be a high grade gold-silver mine. Today Kalimantan Gold, which has interests in Gold, Copper and Coal project in Kalimantan, Indonesia, announced results from a further four drill holes.
Highlights included an impressive 6 metres grading 15.84 grams per tonne gold and 81 grams per tonne silver from the Mewet Vein. This included a bonanza intercept of 0.75 metres grading 62 grams per tonne gold and 256 grams per tonne silver.
Kalimantan Gold has completed almost 6,500 metres of diamond drilling at Jelai in the last year, and is planning to announce a maiden resource estimate before the end of 2008. The company is currently drilling ahead with a dual strategy; two rigs are focusing on shallow targets while two further rigs test for mineralisation at depth. The company is currently focused on the Mewet and Central Sembawang Veins.
Rahman Connelly, CEO commented, "This aggressive step-out and infill drilling not only confirms the strength and continuity of gold mineralization along trend in the Mewet vein but extends the drill indicated strike length by 130 meters. The Mewet gold vein system remains open to the north, south and at depth. The latest drill results have returned some exceptionally high grades, notably hole number JCM-69, which included gold assays up to 0.75 m @ 62.3 g/t Au and 256 g/t Ag."
Shares in Kalimantan Gold leapt 19% on the positive drill results.
Other KALIMANTAN GOLD articles
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11/11/08 Kalimantan Gold gets encouraging initial resource estimate from Jelai gold project vein
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12/05/08 Kalimantan Gold – Audio Interview Transcript
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03/12/07 Developing a pipeline of projects
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25/07/07 Kalimantan Gold: Report from the front line.
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24/07/07 Report from the front line.
Other KALIMANTAN GOLD news
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17/11/08 Kalimantan Gold signs option on coal opportunity in Indonesia
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10/10/08 Kalimantan Gold consolidates copper-gold porphyry project
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28/07/08 Kalimantan Gold expects maiden resource estimate for Jelai Gold Project by October
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13/06/08 Kalimantan Gold completes CDN1.1 million placing
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19/05/08 Kalimantan Gold plans to top up its coffers
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15/04/08 Kalimantan Gold commences deep drilling at Jelai Gold
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25/03/08 Kalimantan Gold adds to senior management
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26/02/08 Kalimantan Gold director snaps up shares
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28/01/08 Kalimantan Gold still sees untested potential