SYDNEY (Yosefardi) – Paramount Mining Corporation Limited (PCP) said the detailed magnetic survey on the northern strike extension of the main Gunung Rosa vein system confirms the potential for a deeper porphyry target.
Two new drill targets that may relate to deeper porphyry sources have been identified in the Legok Kadu and Mala Project areas.
Paramount had earlier released results from eight diamond drill holes completed from its second stage resource definition drilling at its high grade gold-silver-base metals mine at Gunung Rosa, Indonesia.
The diamond drilling program intercepts mineralised reef extending the strike length 100 metres to the north and remaining open to depth.
The focus in on shallow resource definition for mine development. The revised JORC 2012 compliant resource estimate from Paramount’s drilling results is expected by Q3 of 2014.