Initial drill results at the Sulut property in northeastern Sulawesi, Indonesia, support previous resource estimates, reports Pacific Wildcat Resources (VSE).
Historic work by a major mining company outlined 12 million tonnes grading 2.09 grams gold and 4.4 grams silver per tonne. New results include: a 40-metre intersection grading 5.2 grams gold in hole 50; a 22-metre intersection grading 1.44 grams gold in hole 54; a 61-metre intersection grading 1.98 grams gold in hole 59; and a 20-metre intersection grading 1.72 grams gold in hole 62.
The resource surrounds the old Doup-Benteng gold mine, which was mined by the Dutch from 1936 to 1941. Pacific Wildcat plans additional drilling on the known deposit in an effort to expand the resource, which remains open in all directions. The company also plans to increase drill depth to 200 metres from the previous drilling limit of 80 metres. In addition to drilling, exploration this year will include reconnaissance work over the property.
Pacific Wildcat sees good potential in sediment-hosted replacement gold deposits within its property boundaries.
The company formed an association with two Indonesian groups last year, and subsequently entered into a joint venture with the mining arm of the Indonesian government to earn an 85% interest in Sulut by funding work through to the completion of a feasibility study.
Pacific Wildcat’s partners can increase their interest in the project to 52% by completing a feasibility study.
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