Thursday, 13th November 2008 (289 views)

Kingsgate Consolidated has revealed that it has made a major new gold discovery in Thailand.

Known as Chokdee, the new discovery is located in the central Thai gold belt, just 20km north of the firm's existing Chatree gold mine.

Gavin Thomas, Kingsgate managing director, said: "Ore-grade gold results over wide intercepts in this early drilling stage, supports the company's long-held view of a significant new gold belt in central Thailand."

Mr Thomas suggested that the Chokdee gold discovery could be of a similar size to Chatree or even bigger, with large geochemical and geophysical anomalies detected and drilling has revealed an intersection of 36.5m of 2.9 grams per tonne of gold.

According to the mining company, its Chatree gold mine has grown from an initial total resource of just under one million ounces of gold to nearly five million ounces since mining started at the site.

Based in Sydney, Kingsgate is a gold mining and exploration company that trades on the Australian Stock Exchange.

 

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