Kalimantan Gold declared that the Forestry Permit has been issued for its PT Kalimantan Surya Kencana sixth generation Contract of Work copper porphyry property.
Equipment can now be assembled at once and drilling will commence shortly. The copper porphyry property lies in central Kalimantan, Indonesia.
On April 19, 2011, Kalimantan Gold entered into a joint venture deal with Freeport-McMoRan’s wholly owned subsidiary related to the copper porphyry project. As per the terms of the deal, Freeport can receive about 75% interest in the project by providing funds for a feasibility study. Furthermore, the phase one Forestry Permit covers a total area of 7,422 ha of the copper porphyry property. The holder will have the rights to perform complete mineral exploration work within the permitted region. The Forestry Permit will enable the company to start its pending exploration campaign. Field crews will begin camp construction shortly.
The starting phase of the forestry permitting procedure will enable Kalimantan Gold to conduct resource definition drilling at Beruang Kanan, drill testing of major prospects at Beruang Kanan and Beruang Tengah, and bringing other important prospects to the drilling stage along with further follow-up work. The company intends to secure permitting for the remaining potential regions, including a high priority target, Tambang Huoi.
The goal of the reconnaissance program is to drill test the deeper porphyry copper targets, which were discovered by Kalimantan Gold on the copper porphyry property. Inversion modeling had discovered a number of bulk magnetic bodies beneath wide surface geochemical anomalies and present drill holes, wherein copper mineralization existed. The Beruang Tengah, Tambang Huoi and Beruang Kanan prospects are the three highest priority targets discovered.
Beruang Kanan’s prior drilling results comprised intersections of 167 m at 0.59% copper from 4.5 ms; 79 m at 0.89% copper from 6.5 m; and 102 m at 0.62% copper from 3 m. More details on identified targets and the inversion modeling are available on the company’s website.
Source: http://www.kalimantan.com/