Kalimantan Gold Corp. saw it shares rocket on Tuesday morning after announces strong results from its ongoing delineation and scout drilling programs at its KSK Copper Project in Indonesia, together with plans for a substantial drilling and exploration programme at the project in 2013.
The programme has been budgeted up to $16.2m.
Drilling has so far intersected broad intervals of significant copper mineralisation, including 60.1m at 1.03% copper and 67.5m at 0.63% copper.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The preliminary resource estimate for Beruang Kanan is expected in the second quarter of the year.
The group also said that field mapping at eastern Beruang Tengah has identified strong sulphide mineralisation in outcrop, measuring 250 by 250 meters, and returned preliminary assays of up to 9.6g per tonne of gold from rock chip samples.
At the end of January, 17 out of 29 proposed holes had been completed at Beruang Kanan.
The group's share price rose 25.93% to 4.25p by 09:30.
NR
-
Christmas at Chatsworth: review of The Cavendish Hotel at BaslowMoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
-
Tycoon Truong My Lan on death row over world’s biggest bank fraudProperty tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
