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Business |
Marengo drilling ops begin
WITH current cash reserves of some
A$10 million (K25 million), Marenego Mining Ltd has begun the year
with diamond drilling operations at its 100% owned Yandera project
in Madang province.
Following on from a very successful 2006 programme which saw some
7000 metres drilled on the Gremi, Omora and Imbruminda zones,
Marengo has again contracted United Pacific Drilling to provide
two diamond drill rigs for this year’s drilling season.
It is anticipated that a similar depth would be completed during
the year and will initially concentrate on the Omora zone where
drilling in late 2006 intersected a broad zone of previously
unidentified gold – molybdenum mineralisation (39 metres at 3.54
g/t gold & 664 ppm molybdenum) in close proximity to the existing
copper – molybdenum mineralisation.
“Drilling will also target further extension to zones of copper –
molybdenum mineralisation located within the boundaries of a
conceptual open-pit, which forms part of a pre-feasibility study
that began in the fourth quarter of 2006,” Marengo managing
director Les Emery said.
Last October, Marengo announced an initial inferred resource of
371 million tonnes at 0.49 copper equivalent (Cu+Mo), at a 0.3% Cu
Eq cut-off.
All data from the 2006 programme has now been added to the
extensive Yandera drill database (over 40,000m) and it is
anticipated that a revised resource estimate will be released
shortly after the end of the current quarter.
 
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