Australia's junior explorers - The ASIA Miner

Exploration Spotlight
Survey identifies new Gunung Rosa targets
SIX new targets identified by a helicopter -
borne magnetic survey at Paramount Mining’s
flagship Gunung Rosa gold-silver-base
metal project are being prepared for detailed
exploration. The survey was flown at 50
metre line spacing about 50 metr es above
the West Java province project after magnetic
data released in April demonstrated a significant
intrusive complex containing several
potentially mineralized targets.
Paramount’s chairman Mo Munshi says,
“The demonstration of an intrusive complex
and alteration gives significant new scope for
delineation of additional resources of gold,
silver and base metal mineralization similar in
style to that which we have defined to date.
More importantly, it also demonstrates mineralized
porphyry stockwork potential. This
opens up a hitherto unr ecognized and importantly
unexplored range of targets in the
licence and the potential for significantly larger
intrusive porphyry-r elated resources
amenable to exploration and exploitation.
This adds considerably to the potential value
of the project.”
The company’s managing dir ector Terry
Holohan says the survey backs up r esults
from earlier drilling at the 2475 hectar e project.
“This survey further confirms our geologist’s
initial thoughts from the drill data that
the existing gold-silver-base metal mesothermal
vein system has developed within an in-
Lion One confirms further Tuvatu potential
LION One Metals continues to confirm further
resource potential and exploration upside at the
Tuvatu Gold Project near Nadi on the island of
Viti Levu in Fiji, while pr eparing for feasibility
work and potential decision for a fast track to
production. The company expected to complete
metallurgical testing by the end of June
with results expected during the current quarter.
Lion One has confirmed the continuity of
several of the principal gold bearing veins that
comprise part of the Tuvatu deposit. Mapping
along strike confirmed the Murau West 1 and
the Murau West 3 veins continue an additional
870 and 1300 metr es respectively from
the principal Tuvatu resource area.
These lode extensions branch out with
each intersecting the northeast trending 290
Vein, 750 metres apart, about 1km west of
72 | ASIA Miner | July/August 2012
A helicopter flies over the proposed plant site during a survey at Cap Palu on Paramount’s Gunung Rosa project in West Java.
trusive complex and might be associated
with a potentially much larger gold-copper
porphyry system. Our fieldwork has also
shown us that the vein system is far more extensive
than we initially thought.”
The six targets are characterized by strong
magnetic characters with silica-magnetite
and silica-pyrite-clay alteration. These features
will be subject to more detailed scrutiny
and shallow drilling to determine the character
of the geological envir onment occurring
the resource area. Both Murau Lodes ar e
characterized by multiple phases of quartz
and/or calcite veining that host gold and associated
sulphide mineralization.
The 290 Vein consists of auriferous quartz
and/or calcite veins with pyrite and other
minor sulphide mineralization that was emplaced
in a shear zone striking 210 degr ees
north and dipping 80 degr ees southeast.
With the recent surface exploration program
extending the strike length of the vein by 800
metres, the 290 Vein has now been delineated
over a total of 1420 metr es with widths
ranging from 0.15 to 0.55 metr es. The extensions
were discovered in outcrops and
drainages adjacent to the Tuvatu exploration
camp where they cut the Cor e Shed Fault.
The 290 Vein was labelled from a rock chip
as much of the area is blanketed by thick soil.
The increased confidence in the project has
prompted Paramount to secure a controlling
stake by paying US$2 million to PT Cikondang
Kancana Prima to increase its subsidiary
PT Paramindo’s stake to 51%.
Paramount’s next step at Gunung Rosa will
be to refurbish the old operating mine and
bring it into production as quickly as possible,
while focusing on further defining a diamond
drilling program.
sample that r eturned 293.5 grams/tonne
gold over 0.15 metres.
The company has also mapped continuous
extensions of the Upper Ridge Lodes 4, 5, 6, 7,
and 8 along strike lengths up to 800 metres to
the south-southwest. These lodes, all of which
have been drilled within the curr ent resource
area, remain open at depth and along strike.
‘Branching’ or fanning of the epithermal veins
along the caldera rim is consistent with the regional
geology of the Navilawa Caldera. Samples
from newly mapped structures have been
collected for laboratory analysis.
Lion One is pleased with results from the ongoing
surface exploration pr ogram as it demonstrates
that the high grade epithermal vein
system is significantly more extensive than that
incorporated in the current resource.