Kalimantan Gold Files NI43-101 Report for Jelai Project
November 27 2013 - 2:00AM
Business Wire
Kalimantan Gold Corporation Limited ("KLG" or the “Company”) is
pleased to announce the filing of a NI43-101 Technical Report which
confirms the potential for a gold mineral resource to be defined
and ultimately developed at KLG’s 100% held Jelai Gold Project
(“Jelai” or the “Project”) in North Kalimantan, Indonesia. The
report, titled “NI43-101 Technical Report on the Jelai Gold
Project, North Kalimantan, Indonesia”, was prepared by Dr. Steve
Garwin and Dr. Noel White, a world authority on epithermal gold
systems.
As set out in the Technical Report, the Project consists of
low‐sulfidation epithermal gold‐silver mineralization hosted by the
northerly‐striking and steeply west‐dipping, Mewet, Sembawang,
Lipan and Nyabi vein systems. Ore‐shoots are formed in these veins
where intersected by secondary veins that strike northeasterly and
dip steeply towards the northwest. Some of the ore‐shoots are open
at depth. A total of 140 diamond drill‐holes for a total of 16,813
m have been completed in three drill‐campaigns from 1997 to
2012.
Mewet Vein
- Shows the most promise with a > 400
m long by 200 m high zone at > 1 g/t Au.
- Best gold result to date is 6.9 m at
24.7 g/t (down‐hole length).
- Vein true‐width averages about 3 m,
with local widths that range up to 10 m.
Sembawang Vein
- The Sembawang vein contains two
ore‐shoots that are 200 m long by 75 m high at > 1 g/t Au.
- Best gold results are 1.2 m at 17.3 g/t
Au and 4 m at 13.3 g/t Au (down‐hole lengths).
- Vein true‐width averages about 2 m and
ranges up to 6 m.
Lipan Vein
- The Lipan vein contains one major
ore‐shoot that is 100 m long by 50 m high at > 1 g/t Au.
- The best gold assay is 1.4 m at 15.4
g/t Au (down‐hole length).
- The true width of the vein averages
about 2 m, with local widths that range up to 6 m.
Eight drill targets are proposed by the authors for partially‐
to completely‐concealed high‐grade vein segments. These targets are
delineated by the intersection of northerly‐ and
northeasterly‐trending lineaments drawn to coincide with known
vein‐trends, intrusive contacts, breaks in topographic slope and
magnetic gradients. The targets typically, but do not always,
coincide spatially with anomalous gold and arsenic in soil and
surface rock‐chip samples.
Recommendations of the Technical report
- The Technical report authors recommend
that the Company should complete gold resource calculations for
Mewet, Sembawang and Lipan vein systems that are NI 43‐101
compliant. If the grade‐tonnage characteristics of the gold
resources justify, then a scoping study for development and mining
should be initiated.
- It is the authors’ opinion that the
location of the veins and the relationship to local topography
favor open‐pit mining of the Sembawang and Lipan veins and
under‐ground exploitation of the Mewet vein.
- Assuming a favorable outcome to the
economic studies, the authors recommend that future exploration
should focus on expanding ore‐shoots in the three known vein
systems.
- A total of nine diamond drill‐holes for
2000 m are recommended to test the depth‐potential of existing
ore‐shoots in major vein systems. The eight targets with the
potential to host concealed vein segments should be drill‐tested by
inclined diamond holes to depths of about 150 m beneath surface.
The initial drill program should include a minimum of three holes
in each of the targets for a total of 24 holes and 3200 m.
- The Company should consider the use of
CSAMT (Controlled Source Audio‐frequency Magneto‐Tellurics) to
better define vein structures and assist with drill targeting over
the main vein systems in the Mewet drill area (1800 m by 1200
m).
- The exploration of Batikebang –
Mangkulit epithermal vein prospects should be advanced by infill
grid soil‐sampling to cover an aggregate strike‐length of about 2
km using a composite sample technique.
- Soil samples should be collected from
the B‐ or C‐horizons about every 8 m along lines spaced 50 m apart
using a compositing technique. A total of 500 soil samples are
recommended over an aggregate area of 2000 m by 300 m. The soil
samples should be analyzed using the multi‐element ICP assay
technique. Anomalous results should be followed‐up with
hand‐trenching and drilling to depths of up to 150 m beneath
surface.
- The potential of epithermal
vein‐breccia bodies in the Mipi, Inyang and Dokot prospects should
be investigated. Geological mapping (about 1:2000 scale) and
geochemical rock sampling is recommended over the areas of existing
gold‐arsenic soil anomalies. Anomalous results should be
followed‐up by hand‐trenching and drilling, if warranted.
“The Company is seeking a partner to continue exploration on the
Jelai project and this Technical Report confirms the Project’s
potential” stated Faldi Ismail, Deputy Chairman and CEO, of the
Company.
The report, titled “NI43-101 Technical Report on the Jelai
Gold Project, North Kalimantan, Indonesia”, was prepared by Dr.
Steve Garwin and Dr. Noel White. The report is effective November
1, 2013 and has been filed on the company’s profile on
www.sedar.com on November 27, 2013 and is also available
on the Company’s web site www.kalimantan.com.
The report was prepared in accordance with the NI43-101
guidelines and it reviews the Project geology and work on the
Project undertaken to date and provides recommendations for the
next phase of exploration. It incorporates data collected during a
recent field visit by Dr. Garwin and also compiled from the
drilling and other exploration work of three different companies
that explored the Project from 1994 to 2012. In addition,
the report references previous technical reports on the Project by
other consultants.
All data, as disclosed in this press release, has been
reviewed and verified by the Company's Qualified Person for the
Jelai Project, Dr. Peter Pollard, and confirmed that it is
consistent with that provided by the independent qualified persons
who authored the Technical Report. Dr. Pollard is a Member
of the Australasian Institute of Mining and Metallurgy (Chartered
Professional). Dr Pollard acts as a technical consultant to
KLG and has sufficient experience which is relevant to the style of
mineralization and type of deposit under consideration and to the
activity he is undertaking to qualify as a Competent Person under
the JORC Code.
-Ends-
For further information please contact:
Faldi IsmailDeputy Chairman and CEO, Kalimantan
GoldMobile: +61 (0) 423 206 324Email:
faldi.ismail@kalimantan.com
Gerald CheyneDirector Corporate DevelopmentTelephone: +44
(0) 2077311806Mobile: +44 (0) 7717473168Email:
gerald.cheyne@kalimantan.com
VSA Capital LimitedKatrina Damouni/ Peter
DamouniTelephone: +44 20 3005 5005/ +44 20 3005
5007Email: pdamouni@vsacapital.com
KLG's Nominated AdviserRFC Ambrian LimitedStuart
LaingTelephone: +61 8 9480 2506Email:
stuart.laing@rfcambrian.com
About Kalimantan Gold
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 two exploration projects in
Kalimantan: the Jelai epithermal gold project in East Kalimantan
and the KSK Contract of Work in Central Kalimantan with potential
for multiple porphyry copper and gold prospects. For further
information please visit www.kalimantan.com
To view the image for Kalimantan Gold Jelai and KSK Contract
please click on the link below:
http://www.usetdas.com/pr/kalimantanimage_001.jpg
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.
Kalimantan GoldFaldi IsmailDeputy Chairman and CEOMobile:
+61 (0) 423 206 324faldi.ismail@kalimantan.comorGerald
CheyneDirector Corporate DevelopmentTelephone: +44 (0)
2077311806Mobile: +44 (0)
7717473168gerald.cheyne@kalimantan.comorVSA Capital
LimitedKatrina Damouni/ Peter DamouniTelephone: +44 20 3005
5005/ +44 20 3005 5007pdamouni@vsacapital.comorKLG's Nominated
AdviserRFC Ambrian LimitedStuart LaingTelephone: +61 8 9480
2506stuart.laing@rfcambrian.com