Paramount Mining Corporation (ASX: PCP) is focused on rapid development of the Gunung Rosa Gold Silver Base Metal Project in West Java, Indonesia, with a diamond drilling program underway.
The three hole drilling program is a follow up to the initial 13 holes drilled during the due diligence phase, all of which intersected the vein system.
Due diligence drilling intersected broad widths of high grade gold-copper mineralisation including 18.3 metres at 3.57 grams per tonne (g/t) gold, 4.22g/t silver and 0.4% copper.
Other assays from the same hole included:
- 5.5 metres at 4.12g/t gold and 0.35% copper;
- 4.4 metres at 3.12g/t gold and 0.38% copper; and
- 3.2 metres at 5.77g/t gold and 0.94% copper.
Mineralisation at Gunung Rosa, which has a historical JORC Resource of 385,000 ounces, is generally high grade and remains open along strike and at depth.
In addition to drilling, a detailed helicopter-borne aeromagnetic survey is scheduled for completion late this month.
The survey will help define new exploration targets and define the alteration that hosts the main mineralised vein.
Meanwhile, about 600 kilograms of metallurgical samples of various ore types from underground are being processed, and will be dispatched to Perth for test work.
In the June quarter this year, engineering studies will commence along with the design of a trial mining program.