Intrepid Mines Limited: Tujuh Bukit Indonesia Hole GTD-163 Intercepts 589.5 Metres at 0.57 G/T Gold, 0.65% Copper & 122 PPM Molybdenum
BEST RESULT TO DATE- INCLUDING 150M AT 0.73 G/T GOLD, 1.00% COPPER, AND 315 PPM MOLYBDENUM
- HOLE FINISHED IN MINERALISATION
- OPENS THE PORPHYRY SYSTEM TO THE NE FOR FURTHER DRILLING
- INAUGURAL PORPHYRY RESOURCE DUE END OF SEPTEMBER
BRISBANE, AUSTRALIA -- (Marketwire) -- 09/14/10 -- Intrepid Mines Limited (TSX: IAU) (ASX: IAU) (the 'Company')is pleased to report that diamond drill hole GTD-10-163, located on the north eastern edge of the main Tumpangpitu Prospect at the Tujuh Bukit Project on East Java in Indonesia, has intersected additional significant copper, gold and molybdenum in a zone of high sulphidation overprinting porphyry mineralisation.
'The results from this hole show that we have not yet defined the boundaries, both laterally and vertically, of the mineralisation', said Intrepid CEO, Brad Gordon. 'This is the best result to date from the project and adds further excitement to this significant emerging project'.
Hole GTD-10-163 was drilled on the north eastern edge of the main Tumpangpitu porphyry area (see plan below), towards, and at depth below the Zone A oxide mineralisation. The intercept is 300 metres away from hole GTD-135 which intersected 627m @ 0.45 g/t Au, 0.44% Cu and 80 ppm Mo.
The final three holes, GTD-162, 165 and 166 are currently in progress and results from these holes will contribute to the thirteen hole inaugural porphyry resource due for release at the end of September 2010.
Results from GTD-10-163 include:-
High sulphidation mineralisation with varying degrees of relict porphyry mineralisation.
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From To Metres Gold Silver Copper Molybdenum
(g/t) (g/t) (%) (ppm)
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70 92 22 0.46 53.7
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132 168 36 0.16 10.7
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210 234 24 0.12 0.21 5
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266 855.5 589.5 0.57 1.0 0.65 122
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(EOH)
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Including
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506 655 150 0.73 1.17 1.00 315
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To view the figure associated with this press release, please visit the following link:
http://media3.marketwire.com/docs/635949.jpg
Drill status plan: Collars of oxide holes shown in white and blue. Deep drill traces shown in black, and proposed in blue. Those holes that have been completed are shown in yellow bars, and those in progress shown in green bars. The potential porphyry zone is outlined in the yellow solid line and measures 1,200 x 1,000m.
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.
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