Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Paramount Mining Corporation: New Targets Prospective For Gold, Silver And Base Metal At Gunung Rosa

Paramount Mining Corporation (ASX: PCP) has identified six new targets at the Gunung Rosa Project following magnetic and geochemical work.

The targets were highlighted by a recent helicopter-borne magnetic survey over the project, while rock chip geochemistry of samples showed the potential of magnetic targets.

An initial review of data from the airborne survey indicated the presence of an intrusive centre.

Paramount chairman Mo Munshi said the results could reflect a porphyry alteration halo cut by late mineralised faults and intrusive breccias, with scope for the delineation of additional gold, silver and base metal mineralisation.

In addition, Munshi said it demonstrated potential for mineralised porphyry stockwork.

"This opens up a hitherto unrecognised and importantly unexplored range of targets in the licence and the potential for significantly larger intrusive porphyry-related resources amenable to exploration and exploitation," Munshi said.

"This adds considerably to the potential value of the project."

An exploration program comprising sampling and drilling is being planned to assess the newly identified target models.

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.

Proactive Investors is a market leader in the investment news space, providing ASX "Small and Mid-cap" company news, research reports, StockTube videos and One2One Investor Forums.