Hey Guys
The latest drilling assays have identified significant mineralisation at Mt Kare which are expected to be similar to previous results drilling in the same area, which are listed below. :)
IndoCHine has three drill rigs currently drilling out Mt Kare at the minute. They are duplicating previous bonanza gold grade drilling conducted by Buffalo Gold and Madison Minerals!
One of them is a large diameter drill rig, which is focussing on the metallurgy of the previous drilling results, required to complete the Pre Feasibility Study.
The previous drilling results showed bonanza grades of gold with an average gold grade of 27 grams per tonne down 87metres! To get a better understanding of this, we are talking about a building that is 35 storey building!
With bonanza gold grades of 15m @ 148 grams per tonne and 117 grams per tonne of silver and 1.5metres of 1450 grams per tonne of gold and 580 grams of tonne of silver!
Since we have very large grade of silver, as well as gold, the silver is sold off to further reduce any cost to mine the gold, allowing for an even greater profit margin.
All these numbers are being calculated for the PFS.
My favourite part of the announcement is the section below…….
Look at the diagram above!
These are very very high grade results and very shallow in the ground! The MET drill holes that IDC has just completed only go down 49m to a max of 163metres!
They have a 2.1million ounce gold resource which is near the top of the mountain, the question is, how deep does the gold mineralisation go, since most of the gold mines in PNG go down over 1km!
At current record gold prices of $1650/Oz or more most gold mines are profitable when grades of gold are at 0.5 grams per tonne, let alone 87metres averaging 27 grams per tonne, or 40+ times the profitable grade! And this near the top of the mountain at Mt Kare!
The beauty about IndoChine’s project is that most of the work was completed by Buffalo Gold over a period of 10 years at a cost of $60m!
IDC has converted this to the 2.1million ounce gold deposit, while they still kept the grade of gold at a high level, leaving them room to reduce it in the future and increase the resource even further.
The blue dots signify Buffalo and Madison Minerals’ drill holes, where as IDC has only had to drill 3 holes, which will yield similar bonanza gold grades as previous holes drilled.
IndoCHine has $16million in cash, their major investors paid 20c and 30c for their share parcels 12-15 months ago!
We have got in at between 12-16c, over the next few weeks, as IDC announces more and more gold found in their own drilling program, the green dots, we will see the market wake up to IndoChine’s Baby Mammoth at Mt Kare!
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