Kolar confirms three IP anomalies in South Kolar (5957R)
07 Novembre 2011 - 9:59AM
UK Regulatory
TIDMKGLD
RNS Number : 5957R
Kolar Gold Limited
07 November 2011
7th November 2011
Kolar Gold Limited
Kolar Gold confirms three significant IP anomalies in South
Kolar
Kolar Gold Limited ('KGL'), the Indian focused gold exploration
and development company,todayannouncesthat, it has completed 40
line km of detailed Induced Polarization ('IP') Surveys to
delineate conductive zones favourable for sulphide mineralisation
that have potential for associated gold mineralisation. The survey
was completed to assist identification of priority targets at South
Kolar for follow up trenching and drilling. Diamond drilling of the
Eastern lodes at Chigargunta is already underway and reverse
circulation (RC) drilling is scheduled to commence in November on
the Peddapartikunte, Sanganapalle and Gollapalle blocks which are
currently being trenched.
Highlights
-- 40 line km of IP Surveys completed over South Kolar licence
-- Chigargunta survey has confirmed three significant anomalies
over a strike length of 2 km corresponding to extensions of the
Chigargunta western and eastern lodes and the axial plane of an
antiformal structure in the centre
-- Chigargunta Eastern lodes are currently being diamond
drilled. Six holes targeting E2, E3, and E4 lodes have been
completed, logged and in laboratory awaiting assay results.
-- IP anomalies have been traced north of Chigargunta through
Peddarpartikunte and Sanganapalle blocks
-- IP Anomalies at Bisanatham block confirm southerly extensions
of both Bisanatham and New Bisanatham lode structures
-- Surface trenching of anomalies is currently in progress
-- RC drilling campaign of approximately 4,000m will commence
November at the Peddarpartikunte, Sanganapalle and Gollapalle
blocks.
Commenting on the results, Mr. Richard Johnson, Chief Operating
Officer of KGL, said: "The IP Survey has rapidly confirmed the
continuity of auriferous structures previously mined at the
Chigargunta and Old Bisanatham mines at the southern and northern
limits of the South Kolar licence area over the full 20km extent of
the licence area. This has generated numerous highly prospective
targets which require follow up drilling"
The Ground IP Survey, using a state of the art Scintrex IPR-12
receiver, was undertaken by Fugro on behalf of KGL. The IP data was
modeled to produce 2D inversion models and slice plans for
chargeability and resistivity for different depth intervals down to
90m. A total of 26 profiles were completed at known prospect areas
along the 20km South Kolar licence area as part of a wider regional
exploration programme including further geochemical and geophysical
exploration, trenching and drilling. The IP survey covered six key
prospect blocks: Chigargunta in the south, Peddarpartikunte,
Sanganapalle, Gollapalle, Kudithanapalle and Bisanatham in the
north.
In addition 3 sets of trenches are underway at Chigargunta E3
& E2 lodes; Peddarpartikunte situated 1km north of Chigargunta
NE & the Sanganapalle Block.
Chigargunta
Of the total IP survey, nine traverses for a total of 15 line km
were completed in the Chigargunta block. The Chigargunta block is a
large high priority target zone in the South Kolar Prospecting
Licence (GP 13) extending approximately 3km north of the
Chigargunta mine. The target zone includes the Chigargunta NE
deposit which KGL has recently drilled with high-grade gold
mineralisation encountered (as announced on 15(th) August 2011),and
which hosts an indicated resource of 13,200oz at 15.1g/t based on
historic drilling.
The IP survey models and chargeability distribution slice plans
reveal three significant anomalies over a strike of 2 km. To the
west a strong anomaly coincides with the western lodes in the mafic
rock units. On the eastern side a N-S trending strong chargeability
anomaly corresponds with the eastern lodes hosted in the felsic
units. There is also a significant anomaly in the centre that
follows the axial plane of an antiformal structure and coincides
with the Guvalagunta prospect. All these anomalies continue below
90m depth and confirm the northerly extensions of the lodes mined
at the Chigargunta mine.
These same anomalies persist at the Sanganapalle Block in both
the mafic and felsic contacts and within the felsic units
The eastern lodes in the Chigargunta block are currently being
diamond drilled where previous mapping and rock chip sampling has
confirmed surface gold mineralisation and where IP geophysics has
also confirmed sulphide-bearing structures to extend below a depth
of 90m.
An RC drill rig has been mobilised to start an additional
drilling campaign in mid-November over the newly defined anomalies
between Chigargunta and Bisanatham where surface outcrops are
limited by soil cover. Approximately 4,000m of RC drilling is
planned to be carried out in these target zones as part of the
budgeted drill programme for 2011/12.
Refer "South Kolar target areas" map attached
http://www.rns-pdf.londonstockexchange.com/rns/5957R_-2011-11-7.pdf
Qualified Persons
The summary review of geology and drilling results was conducted
by Mr Andrew J Vigar who has sufficient experience which is
relevant to the Archaean gold style of mineralisation and deposits
under consideration and to the activity which he is undertaking to
qualify as a Competent Person as defined in the 2004 Edition of the
'Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves' (Australia) and is a Qualified Person
as defined in NI43-101 (Canada). He is a Fellow of The Australasian
Institute of Mining and Metallurgy (Melbourne) and a Member of the
Society of Economic Geologists (Denver). Mr Vigar is employed by
Mining Associates Limited of Hong Kong. Mr Vigar conducted a site
visit to the Kolar Gold Projects and adjacent properties from 28
June to 2 July 2010. Mr Vigar does not have any interest (current
or past) in any of the assets covered by this report.
For further information please contact:
Kolar Gold Limited
---------------------------- -----------------------------
Nick Spencer +617 3846 0211
---------------------------- -----------------------------
Richard Johnson +617 3846 0211
---------------------------- -----------------------------
Cenkos Securities plc
---------------------------- -----------------------------
Nomad and Joint Broker
---------------------------- -----------------------------
+44 20 7397 8900/+44 131 220
Beth McKiernan/Ken Fleming 6939
---------------------------- -----------------------------
Ocean Equities Limited
---------------------------- -----------------------------
Joint Broker
---------------------------- -----------------------------
Will Slack +44 20 7786 4370
---------------------------- -----------------------------
Tavistock Communications
---------------------------- -----------------------------
Ed Portman/Paul Youens +44 20 7920 3150
---------------------------- -----------------------------
About Kolar Gold Limited
Kolar Gold Ltd (KGL) is an Indian gold exploration and
development company, listed on AIM London (KGLD), that has an
experienced international board and strong local partners. KGL has
rights to explore and develop one prospecting licence and 13
further licence applications in the Kolar Gold Belt, an 80
kilometre long Archaean Greenstone Belt, in Southern India. The
Kolar Gold Belt is one of the most prospective underdeveloped
Archaean Greenstone Belts in the world and is regarded by Mr Andrew
J Vigar of Mining Associates Limited, the Competent Person, as
comparable to the Archaean Greenstone Belts of South Africa, Canada
and Western Australia which have similar geology, structure and
style of mineralisation. This project area includes 32 known
mineralised prospects and covers 568 square kilometres in the
southern states of Andhra Pradesh, Karnataka and Tamil Nadu. KGL
commenced exploration on the first Prospecting Licence in South
Kolar in February 2011. KGL is also jointly pursuing, with the mine
employee unions, the acquisition and revival of the neighbouring
historic Kolar Gold Fields which has produced 25 million ounces of
gold at 15.9 grams per tonne over 120 years until closure in
2001.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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