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MENAFN - ProactiveInvestors - Australia - 20/11/2012

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(MENAFN - ProactiveInvestors - Australia) Paramount Mining Corporation (ASX: PCP) has received results of newly acquired high resolution ground magnetic data from its Gunung Rosa Project in Indonesia which, when combined with the airborne magnetics, geological mapping and detailed core logging knowledge, indicates the presence of parallel veins and altered host rocks.

The work is being undertaken as part of the company's detailed ongoing exploration of areas away from the main Gunung Rosa Vein and mine project development site.

Of note is the high tenor of precious and base metals within sections of the main vein at Gunung Rosa where drilling has already been undertaken.

The objective of recent exploration is to delineate the extent of alteration and breccia zones that host and surround recognised mineralised veins and detect other unrecognised vein systems to the east and north of the Gunung Rosa mine area under areas of soil cover.

Mo Munshi, chairman, commented: "The newly acquired higher resolution ground magnetics are resolving much detail of parallel veins and their altered host rocks and this gives scope to model specific features in the geology at depth such as likely vein style and width under the extensive soil cover which blankets much of the area within the Exploitation IUP licence.

"The ground magnetic survey will now assist us greatly in planning sites for drill holes."

Terry Holohan, chief executive officer and managing director, added: "The delineation of geology, vein locations and type using the ground magnetics as a tool to recognise the parallel vein structures should help reduce exploration costs as well as permit additional resources to be delineated a lot faster than we had originally planned.

"This should add significantly to the potential upside that this mining project already has. This work will also ensure that the new plant and infrastructure location in the present mine development planning does not sterilise any of the new vein systems being delineated."

Next steps

The magnetics program is being supported by geological mapping of rock types and alteration and sampling of recognised veins.

Based on the positive outcomes from the 100 metre spaced survey the ground magnetic survey will now be in-filled to 25 metre spaced lines.

To further improve the present mineralisation definition objectives a 100 metre by 50 metre spaced soil geochemical sampling program is being run in conjunction with the infill ground magnetic survey.

This will assist in developing a detailed understanding of the geochemistry of the mineralisation and associated alteration zones to aid in selection of specific drill targets for testing.


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