Nes: New Release and comment below:
NEWS RELEASE
BORNEO GOLD CORPORATION - INITIAL BUNUT DRILL RESULTS
TORONTO, July 29 /CNW/ - Assay results from the first 14 drill holes
representing the first 1,589 metres drilled at Bunut project in West
Kalimantan, Indonesia have not returned intercepts of economic significance.
Detailed results are attached. The Company believes that it has been drilling
on the edge of a large gold bearing intrusive system, however, those portions
of the system which may contain economic gold mineralization have not yet been
located. A number of targets remain to be tested.
The targets tested by these initial holes were selected based on free
gold in soil anomalies, IP chargeability anomalies and inferred geological
structures. Results have demonstrated that the IP chargeability anomalies can
be explained by pyrite concentrations which to date have not been consistently
gold bearing and that the free gold in soil anomalies have largely been
transported from their bedrock source.
Results to date confirm that the Bunut property hosts a large intrusive
system which has been subjected to extensive and intensive hydrothermal
alteration. The system has multiple intrusive phases and has had at least four
separate alteration events; quartz sericite alteration, quartz carbonate
alteration, clay alteration and quartz chlorite alteration. Gold occurrences
found in drill core to date have largely been restricted to narrow fractures
and are believed to have been transported along the fractures from a larger
gold bearing system. New multi-element soil geochemical data shows a strong
arsenic-antimony-gold relationship which has been confirmed by multi-element
data from drill holes. The Company interpretation of these results is that it
has been drilling on the periphery of the mineralized portions of the
hydrothermal system. The Company is using the results generated to delineate
the origin of each intrusive phase and which intrusive phases host potential
economic gold concentrations. This work will then be used to direct the
remainder of the program.
The Company is confident that the Bunut intrusive system is the source of
the Mentebah alluvials, however, exploration to date has not identified the
source of this gold within the system.
Borneo Gold Corporation's head office is located in Toronto, Canada and
the main operating office is located in Jakarta, Indonesia. The Company's
common shares trade on the Vancouver Stock Exchange under the symbol BNO.
ON BEHALF OF THE BOARD
''Francis T. Manns,'' President & CEO
COMMENT:
Do you know how much money does BNO have in their treasury?
They are working a very narrow piece of ground on the Bunut claim. Do you know how close to the edge of the Bunut they are working? My understanding of the Bunut is that it is alluvial and would likely have been transported from (?) nearby (?). This is a hilly area to my recollection and they have IPJ adjoining the Bunut cow to the north and south. Now IPJ has stated that they have?/or are about to? give up all of their claims excepting the N,E & W Mahakams (approx 150 km to the north-east of Bunut) and the LN and Sebuluh claims (approx 100 km to the west of Bunut).
What are your thoughts on this?
Best regards,
Ron E |
