Barisan Gold (TSX:V.BG, Stock Forum) announced impressive second tranche assay results today from hole UTD-008 at its Upper Tengkereng gold-copper porphyry discovery located in the Province of Aceh, Indonesia.
According to the news release, the company has received assay results from the first 600 metres of hole UTD-008 with the first 400 metres published in a press release dated June 23, 2014.
UTD-008 was identified as being mineralized four metres from surface and is considered the highest-grade hole drilled so far at Upper Tengkereng with an average in excess of 0.9% copper equivalent over its entire length to date.
Highlights included 0.7 g/t gold and 0.7% copper over 412 metres from 188 to 600 metres with high-grade mineralization remaining open at a depth below 600 metres with the final 32 metres of the intercept coming back with 0.9 g/t gold and 0.6% copper.
Company CEO, Alex Granger, commented, “Hole UTD-008 continues to return spectacular assays.”
He illustrated, “This 400+ metre intercept at 1.1% copper equivalent is twice the length of the previous longest intercept above 1% copper equivalent returned in the first seven holes at Upper Tengkereng.”
Then summed up, “We now have a significantly large high-grade zone that sits right at surface and remains open in all directions. Hole UTD-009 will seek to add a third dimension, on a north-south axis, to what has currently been delineated. UTD-009 has the potential to significantly grow the size of this high-grade zone.”
Barisan was in the news recently when the company announced a non-brokered private placement at the beginning of the month.
Currently there are 39.4m outstanding shares with a market cap of $5.1 million.