A scout drill program will be carried out by Palmer Resources (PMD-V) to test the Cikoneng gold prospect in the Cibaliung district of West Java, Indonesia.
The KP (domestic mining permit) was acquired from the state-owned mining company PT Aneka Tambang by Palmer (90%) and an Indonesian partner (10%). Under the agreement, Palmer has committed to spend US$1.6 million over the next two years in order to earn a 70% interest.
The junior has already carried out geological mapping, geochemical soil sampling and a 13.5-line-km induced-polarization survey over the prospect. The scout drill program will entail at least three holes to a maximum depth of 100 metres, to test the central portion of the prospect where local miners are exploiting a series of high-grade, colloform-banded epithermal gold veins hosted by Tertiary volcanics.
The current program also will test numerous gold showings and alteration zones elsewhere on the 16,500-ha KP, as well as follow up newly discovered stream-sediment gold anomalies.
Meanwhile, in nearby Myanmar, Palmer has lodged three exploration permit applications covering 4,200 sq. km. — two in the north and the third in the central portion of the country.
The ground was selected after an extensive research effort and conceptual modelling. The targets are volcanic and/or sediment-hosted gold and base metal mineralization along the far northern continuation of the Sunda-Banda magmatic arc of Indonesia.
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