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- Intrepid Mines Limited (TSX:IAU - News; ASX:IAU - News; the
"Company") is pleased to report that assay results from three
recently completed drill holes at the Tumpangpitu
Prospect at the Tujuh Bukit Project on East Java in
Indonesia have shown additional high grade intervals of copper and gold mineralisation, extending the depth potential of the
porphyry resource area.
"The results from these holes show that the Tumpangpitu
system extends below the recent maiden resource estimate area and delivers on
our commitment to grow our deposit. It is clear that we have yet to define
the system's limits in several directions but with four rigs turning in the
main porphyry system, we are actively testing the zones to the west,
southeast, northeast and at depth. Importantly, the new drilling confirms our
current understanding of the mineralization system," said Intrepid CEO,
Brad Gordon.
Holes GTD-165 and 166 were drilled near to the SE boundary of the area
of the recent porphyry copper-gold maiden resource estimate (500 million tonnes at 0.5 g/t gold and 0.4% copper). Both holes
returned grades superior to the current resource average. GTD-165 returned
120m at 0.89 g/t gold and 0.58% copper; GTD-166 returned 296m at 0.67 g/t
gold, 0.56% copper. These intercepts suggest that the better mineralised zones are deeper to the SE. This
interpretation is also partially due to the presence of a weakly mineralised diatreme breccia body occurring in the upper intervals of the
holes. Neither of these intercepts was available for inclusion in the recent
resource estimate.
The third recently completed hole, GTD-10-167, was drilled between
holes GTD-35 and GTD- 139 to better define the geometry of the high grade
zone. The intercept in hole GTD-167 of 398m at
0.77g/t gold and 0.54% copper, including 100m at 1.29g/t Au and 0.89% Cu,
supports the inverted arcuate geometry interpreted
for the high grade zone. Hole GTD-35 intersected 630m at 0.45g/t Au and 0.44%
Cu including 108m at 0.95g/t Au and 0.9% Cu. Hole GTD-139 intersected 374m at
1.03g/t Au and 0.5% Cu including 106m at 2.78g/t Au and 1.24% Cu. Hole
GTD-169 is in progress and is targeting the high grade zone mineralisation to the southwest.
Results from holes GTD-10-165, 166 and 167 include:
High sulphidation mineralisation
with varying degrees of relict porphyry mineralisation.
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Hole ID
From
To
Interval Au
(g/t) Ag (g/t) Cu (%) Mo (%)
---------------------------------------------------------------------------
GTD-10-167
194 591.65 397.65 0.77 2.5 0.54 268
---------------------------------------------------------------------------
EOH 591.65m
402
576
174
1.2
0.69 269
---------------------------------------------------------------------------
between GTD-35
& 139
incl. 402
502
100
1.29
1.9 0.89 430
---------------------------------------------------------------------------
incl. 434
458
34
1.81
1.8 0.96 395
---------------------------------------------------------------------------
---------------------------------------------------------------------------
GTD-10-166
80
88
8
1.15 21
15
---------------------------------------------------------------------------
EOH 1102.8m
788 1084 296 0.67
0.56 151
---------------------------------------------------------------------------
incl. 960
1044
84
1.33
0.95 147
---------------------------------------------------------------------------
---------------------------------------------------------------------------
GTD-10-165
54
74
20
0.52
8.65 8
---------------------------------------------------------------------------
EOH 1000.05m
876
996
120
0.89
0.58 17
---------------------------------------------------------------------------
approx same
collar as
GTD-156 &
160
incl. 878
908
30
2.38 2 1.45 2
---------------------------------------------------------------------------
At the time of the resource estimate, holes GTD-165 and 166 were still
in progress so partial data only was included in the resource estimate block
model. Data was included from hole GTD-165 from 0 metres to 598.7 metres. The
main intercept in this hole was from 876 metres to
996 metres. The hole ended at 1,000.05 metres in weak mineralisation.
Data was included in the resource estimate from hole
GTD-166 from 0 metres to 500 metres.
The main intercept in this hole was from 788 metres
to 1,084 metres. The hole ended at 1,102.8 metres in weak mineralisation.
To view the maps associated with this release, please visit: http://media3.marketwire.com/docs/iau-maps.pdf.
Forward-looking statements
This announcement contains certain forward-looking statements,
relating to, but not limited to Intrepid's
expectations, intentions, plans and beliefs. Forward-looking information can
often be identified by forward-looking words such as 'anticipate', 'believe',
'expect', 'goal', 'plan', 'intend', 'estimate', 'may' and 'will' or similar
words suggesting future outcomes, or other expectations, beliefs, plans,
objectives, assumptions, intentions or statements about future outcomes, or
statements about future events or performance. Forward-looking information
may include reserve and resource estimates, estimates of future production,
unit costs, costs of capital projects, and timing of commencement of
operations and is based on current expectations that involve a number of
business risks and uncertainties. Factors that could cause actual results to
differ materially from any forward-looking statement include, but are not
limited to, failure to establish estimated resources and reserves, the grade
and recovery of ore which is mined varying from estimates, capital and
operating costs varying significantly from estimates, delays in obtaining or
failures to obtain required governmental, environmental or other project
approvals, inflation, changes in exchange rates, fluctuations in commodity
prices, delays in the development of projects and other factors.
Forward-looking statements are subject to a variety of known and unknown
risks, uncertainties and other factors that could cause actual events or
results to differ materially from those expressed or implied.
Shareholders and potential investors are cautioned not to place undue
reliance on forward-looking information. By its nature, forward-looking
information involves numerous assumptions, inherent risks and uncertainties,
both general and specific, that contribute to the possibility that the
predictions, forecasts, projections and various future events will not occur.
Intrepid undertakes no obligation to update publicly or otherwise revise any
forward-looking information whether as a result of new information, future
events or other such factors which affect this information, except as
required by law.
Statements relating to gold resource estimates are expressions of
judgment, based on knowledge and experience and may require revision based on
actual production experience. Such estimates are necessarily imprecise and
depend to some extent on statistical inferences and other assumptions, such as
gold prices, cut-off grades and operating costs, which may prove to be
inaccurate.
Forestry Activities
The Indonesian Forestry Law restricts non forestry activities within
protected forests and prohibits mining using an open pit method in protected
forest areas. The Zone A, Zone B and Zone C resources fall within a protected
forest area. Intrepid's Alliance partner, PT IMN,
is working with relevant Indonesian authorities regarding a potential review
of forest land status. While similar reviews have led to the granting of
reclassifications, there is no assurance that the forestry reclassification
will take place in this instance. Forestry Status: PTIMN received an
extension of the Forestry Exploration Permit dated 7 July, 2010, which allows
for exploration activities within forestry areas.
Qualified Person
The information in this announcement that relates to exploration
results is based on information compiled by or under the supervision of
Malcolm Norris, who is a full-time employee of Intrepid Mines Limited. Mr.
Norris has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration
and to the activity which he is undertaking to qualify as a Competent Person
as defined in the 2004 Edition of the "Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves" and a
Qualified Person as defined in the Canadian National Instrument 43-101
(standards of Disclosure for Mineral Projects). Mr. Norris consents to the
inclusion in the report of the matters based on his information in the form
and context in which it appears.
The information in this announcement that relates to mineral resources
is based on information compiled by or under the supervision of Dr. Phillip
Hellman, who is an independent consultant to Intrepid Mines Limited. Dr
Hellman has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration
and to the activity which he is undertaking to qualify as an Independent
Competent Person as defined in the 2004 Edition of the "Australasian
Code for Reporting of Exploration Results, Mineral Resources and Ore
Reserves" and an Independent Qualified Person as defined in the Canadian
National Instrument 43-101 (standards of Disclosure for Mineral Projects). Dr
Hellman consents to the inclusion in the report of the matters based on his
information in the form and context in which it appears. Dr Hellman has
undertaken independent verification sampling and assaying of drill core with
a close agreement of results with those previously reported. A 40 x 40 x 15 metre block model was used for the quoted estimates.
Sample Analysis
Intrepid exercises a strict chain of sample custody in its drilling
program at Tujuh Bukit. Joint Venture personnel
remove core from the drill rig and deliver it to a project geologist who logs
the core and marks the core into two metre sample
intervals. Intrepid and Joint Venture personnel supervise the immediate
splitting, sawing and bagging of samples, and packaging of groups of samples
for dispatch to the laboratory. The remainder of the split core remains on
site.
Samples are securely packaged, batched, and then transported under
supervision to Intertek's laboratory facility in
Jakarta. At the laboratory, the samples are prepared by crushing and
pulverizing and a 30 gram charge is assayed for gold by conventional fire
assay and/or atomic absorption methods. Multi-element ICP analysis is carried
out using a multi-acid digestion process. All samples that contain silver
and/or copper, lead, and zinc values that exceed the upper detection limits
for ICP are re-analysed by conventional atomic
absorption methods to determine the absolute values of these metals.
ABN: 11 060 156 452
Contact:
Brad Gordon
Intrepid Mines Limited
Chief Executive Officer
Brisbane, Australia
+61 7 3007 8011
bgordon@intrepidmines.com
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