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Paramount Mining Corporation Survey Defines Potential Gold, Silver, Base Metals Veins At Gunung Rosa

Paramount Mining Corporation (ASX: PCP) has completed a magnetic survey over the Gunung Rosa Project in Indonesia which supports the potential for mesothermal gold silver base metal veins.

The helicopter borne survey was planned to help identify new exploration targets and define the alteration that hosts the main mineralised vein.

An initial review of data from the survey indicates the presence of an intrusive centre. Detailed assessment of the results is underway.

The veins, structures, breccias and intrusives that have been identified at Gunung Rosa could lead to the discovery of larger than anticipated breccia or porphyry intrusive stockwork hosted bodies of mineralisation.

In addition to the magnetic survey, Paramount is undertaking a three hole infill drilling program in the northern Cap Palu section of the mesothermal vein system. An additional hole has been proposed for the central Cisudi zone.

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 a broad width of 18.3 metres at 3.57 grams per tonne (g/t) gold, 4.22g/t silver and 0.4% copper.

Other higher grade 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 remains open along strike and at depth.

Meanwhile, about 600 kilograms of metallurgical samples of various ore types from underground have been mined and dispatched to Perth for test work.

Metallurgical and beneficiation testing will be conducted to optimise the recovery of gold and base metals to define the milling and processing plant requirements.

A field review is underway at the Gunung Rosa project to assess surface and underground conditions and determine options for mining operations. This includes the layout of mine plant and related services.

The final decision on the requirements for development and mining operations at Gunung Rosa will depend on the results from beneficiation testing.

Engineering studies are scheduled to begin in the June quarter, along with the design of a trial mining program.

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