Barisan Gold (TSX-V:BG, StockForum), a Vancouver-based firm engaged in the exploration, acquisition and development of mineral properties in Indonesia, announced today that the company had intersected 202 metres of 0.7 g/t gold, 0.4% copper and 0.01% molybdenum at their Upper Tengkereng Prospect.
The discovery was made in hole UTD-004 where drilling hit a final length of 1,465 metres and was found, just like the previous three holes, to be fully mineralized with only an 80 metre barren section at the top of the hole. Therefore, the porphyry system remains open in all directions and depth.
Assays from the first 986 metres of drilling were also received with UTD-004 showing 30 metres 1.2 g/t gold, 0.4% copper and 0.5% copper from 320 metres to 350 metres. The intercept at UTD-004 is 40 metres southwest and 300 metres shallower than the UTD-002 intercept, thus widening the potential boundaries of the high grade zone both vertically and horizontally.
UTD-004 also showed 202 metres of 0.7 g/t gold, 0.4% copper and 0.01% molybdenum from 686 metres to 886 metres. This find possibly extends the zone on an east-west and depth basis.
Barisan Gold CEO, Alex Granger commented on the discovery, “We are very pleased with the first batch of results received from hole UTD-004.”
Granger continued, “Although we were drilling away from the high grade zone identified in the last two holes, we still managed to intercept two similar high grade zones in UTD-004 to those in holes UTD-002 and UTD-003, including one zone that is 202 metre wide at the 664 metre level, the second widest high grade zone intersected in the deposit so far.”
He then summed up “The results appear to indicate that the high grade zone is going much further to the west than our geological models predicted.”
Once the de-commissioning of UTD-004 is finished, the drilling contractor will move the rig to a new drill pad completed December 24, 2013 at the end of a recently constructed 130 metre road. Hole UTD-005 will begin drilling after the two week transition between pads is completed.
Alex Granger added, “UTD-005 is an exciting hole for Barisan Gold.”
He explained further, “With completion of the permitting and construction of the new drill pad located closer to the center of the deposit, we will be able to target new highly prospective areas of the porphyry deposit that were unreachable from the previous drill pad. UTD-005 is lined up parallel to UTD-002 and will chase both the northeast extension of the UTD-002 high-grade zone at a steeper angle and the yet to be targeted contact zone between the diorite and the limestone.”
According to the news release, Barisan intends to update investors with the final assays for the 986-1,465 metre section of UTD-004 by early February with UTD-005 reaching its targeted depth mid/late March.
Barisan was in the news recently when the company's shares shot up 435% in November with no material change in operations.
Shares fell 37.31% on the news to $0.21 per share.
Currently there are 37.3m outstanding shares with a market cap of $7.8 million.