Barrick Gold is the biggest gold miner in the world.
Barrick are in PNG with the giant 30,000,000+oz. Porgera.
So why have Barrick taken a particular interest in Mt Kare over the last few months when just three years ago Barrick could have picked up the Mt Kare project for next to nothing (Yes, they turned their nose up at the prospect, too small they said).
The biggest gold miner in the world thought Mt Kare was a dog.
After two years of intensive work Indochine have unlocked the mystery of Mt Kare which has plagued previous owners.
The mystery relates to just how the mineralization at Mt Kare was formed, knowledge of which will reveal its ultimate prize.
Running east west about 170 meters under the center of Mt Kare (it seems likely to run the full length) is a North dipping fault which almost certainly traverses the deep pipes up through which the gold and silver bearing volcanic sourced hydrothermal fluids have travelled.
This fault lays at the base of the current proposed open pit and runs in under the Mountain.
The fault is not yet fully explored but even now indicates very high grade gold mineralization (400g/t) and, like the Zone 7 discover at Porgera, a mixing conduit for hydrothermal gold/silver bearing waters and ground water by which the super rich East-West Roscolite zones of Porgera were formed.
Barrick knows that Mt Kare, like Porgera, is highly likely to contain the very same multi-million oz. deposits of Ultra High Grade Gold under the mountain.
So, over the next months, as Indochine executes its deep drilling program down beneath the mountain into the Roscolite zones at Mt Kare, we can expect intense interest in the project from the largest gold miner in the world.
IDC Price at posting:
12.4¢ Sentiment: LT Buy Disclosure: Held
