IAU:CA reported an initial inferred resource of 500 million tonnes at 0.4% copper and 0.5 g/t gold—2.1 million tonnes of copper, 8 million ounces gold, at a cut-off grade of 0.2% copper, for the known porphyry-copper-gold zone of Tumpangpitu area at its Tujuh Bukit Project, Indonesia. Drilling continues with five rigs at the site.
CEO Brad Gordon said: “This inaugural porphyry resource estimate firmly identifies Tujuh Bukit as potentially a world-class copper-gold project. It has already delivered beyond our expectations, and we look forward to continuing to extend the as-yet undefined boundaries of this system. It’s still early days for us, but we are aggressively advancing both the sulphide and oxide components of this exceptional project and, with $40 million in the bank, we remain well funded.”
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by Ted Niles