Thursday, November 13, 2008

Kingsgate identifies new gold discovery in Thailand

KINGSGATE said it has made a major new gold discovery in Thailand that has the potential to be bigger than its Chatree operation.

Kingsgate managing director Gavin Thomas said drilling results from the new Chokdee discovery, 20km north of Chatree, has returned ore-grade gold results over wide intercepts. 

“This discovery has the potential for a new Chatree-size gold system or even larger,” he said. 

Mr Thomas said the results support the company’s long-held view of a significant new gold belt in central Thailand and point to the potential for a future open cut gold mining operation. 

The best results from the drilling include an intersection of 36.5m at 2.9 grams per tonne of gold, including 5.8m at 11.7 grams per tonne of gold. 

Kingsgate said a large gold-in-soil geochemical anomaly, covering about 30sqkm, surrounds the area of the discovery, which is larger than the 23sqkm anomaly that covers the existing Chatree mine. 

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