Harmony Gold Mining Company Limited has advised the continuing exploration success at its 100% held Kili Teke prospect in the Hela province in Papua New Guinea (PNG).
A maiden Mineral Resource estimate for Kili Teke was declared and announced in November 2015, comprising 128 million tonnes at 0.4 % copper and 0.3 g/t Au (506,000 tonnes copper, 1.2 million ounces Au)1. The deposit contains two main areas of higher-grade quartz stockwork related mineralisation. Drilling completed since the release (10 holes / 6,820m) has focussed on potential to expand these zones along strike and down dip, with very encouraging results
- New zones of near surface, stockwork related copper-gold mineralisation developing within the current footprint:
KTDD027: 584.4m @ 0.52% Cu, 0.35 g/t Au from 4.6m
Including 287.4m @ 0.56% Cu, 0.44 g/t Au from 4.6m (on section below
- Depth extensions of porphyry related quartz vein stockwork mineralisation confirmed in latest drilling:
KTDD022: 206m @ 0.59% Cu, 0.42 g/t Au from 482m
KTDD025: 376m @ 0.47% Cu, 0.29 g/t Au from 495m
- Results also include high-grade massive sulphide chalcopyrite-bornite skarn mineralisation intersected at depth:
KTDD025: 7.8m @ 12.98% Cu, 11.45 g/t Au from 920.2m
Harmony’s chief executive officer, Peter Steenkamp, commented: “It is a rare phenomenon, in this day and age, to drill a 584 meter borehole and achieve grades averaging over 0.5 percent copper and 0.35 grams per tonne gold from surface. Massive sulphide lodes averaging 13% copper and 11.4 grams per tonne gold are even rarer – which is what we are seeing from our Kili Teke drill results.”
Drilling at the prospect continues with 2 drill rigs. A revised mineral resource estimate incorporating the latest drill results is planned for the September 2016 quarter.
“The latest drilling results support our belief that Kili Teke has the potential to develop into a major new porphyry copper-gold system. Developing a portfolio of world class copper-gold assets in PNG – replacing ounces at a discovery cost of less than US$10 per gold equivalent ounce – creates excellent long term value for our shareholders,” Peter added.