Borneo Gold soars on strength of v.g.

Without reporting a single rock chip, trench or drill hole sample, Vancouver-based Borneo Gold (BNO-V) quadrupled in value during a single day of trading, closing at $10.05 on Sept. 17, with 2.2 million shares trading hands.

The Vancouver-based junior announced it had identified a prospective area that it believes is the source of alluvial gold mined from the twin river systems of Mentebah and Penungun at its 90%-held Bunut contract-of-work area in West Kalimantan, Indonesia. The property comprises 186 sq. km.

Reconnaissance work on the Monsan prospect, situated at the headwaters of the Mentebah River, has resulted in the discovery of visible gold. Described as “porous blebs, nuggets, platings and dust,” the gold occurs on fracture planes within a mineralized, sheared, feldspar-quartz-muscovite porphyry breccia intrusive containing large blocks of mudstone.

Local miners have dug two pits at Monsan and are hand-mining a sheared section with water-powered grinding machines. Borneo has commenced channel and chip sampling of the pit areas, which it considers to be representative of bonanza-type oreshoots.

While Borneo Gold does not know the extent of the mineralized area, the porphyry has been found to occur at the intersection of three major lineaments trending northeast, northwest and east-west. Using LANDSAT (satellite) imagery, the company has traced an irregular, elongated feature measuring roughly 800 by 2,000 metres.

Borneo Gold is establishing a grid over the prospect area, while, at the same time, conducting mapping and sampling work in preparation for drilling.