Golden Valley mining venture

Golden Valley mining venture

ADELAIDE (Reuter): Mineral explorer Golden Valley Mines NL said it had entered into an exploration joint venture at the Bukit Hijau porphyry copper-gold project in East Java in Indonesia.

Under the terms of the agreement, Golden Valley has a three month option to assess the project which upon exercise will entitle the company to 51 percent of production.

Upon expenditure of A$10 million, Golden Valley would become entitled to 75 percent of the production.

The company said replacement and lower grade disseminated mineralization over an area of about 1.5 km by 1.2 km had returned values of 20.9 percent copper from nine outcrop samples and 0.7 percent copper from 24 outcrop samples.

Golden Valley said limited gold and silver assays of 4.0 grams of gold per ton and 2,496 g/t silver per ton had been obtained as well as molybdenum to over 500 parts per million.