Intrepid Mines Limited: Tujuh Bukit Indonesia
- Drilling Extends Mineralisation Below the Area of the Recently Announced Prophyry Resource- Mineralised System Remains Open in Several Directions and Confirms Lateral Extent of Greater Than 1km
BRISBANE, AUSTRALIA -- (Marketwire) -- 11/08/10 -- Intrepid Mines Limited (TSX: IAU) (ASX: IAU) (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 (%)
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GTD-10-167 194 591.65 397.65 0.77 2.5 0.54 268
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EOH 591.65m 402 576 174 1.2 0.69 269
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between GTD-35
& 139 incl. 402 502 100 1.29 1.9 0.89 430
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incl. 434 458 34 1.81 1.8 0.96 395
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GTD-10-166 80 88 8 1.15 21 15
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EOH 1102.8m 788 1084 296 0.67 0.56 151
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incl. 960 1044 84 1.33 0.95 147
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GTD-10-165 54 74 20 0.52 8.65 8
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EOH 1000.05m 876 996 120 0.89 0.58 17
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approx same
collar as
GTD-156 &
160 incl. 878 908 30 2.38 2 1.45 2
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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
Contacts:
Intrepid Mines Limited
Brad Gordon
Chief Executive Officer
Brisbane, Australia
+61 7 3007 8011
bgordon@intrepidmines.com
Intrepid Mines Limited
Greg Taylor
Toronto, Canada
+905 337 7673 or Mobile: +416 605 5120
gtaylor@intrepidmines.com
www.intrepidmines.com