FRIEDA copper-gold project in Sandaun province has increased by 26% its resource tonnage at Horse Ivaal Trukai deposit.
With 40% of resource now in measured and indicated category, Frieda has been reaffirmed as one of the world’s top tier copper assets.
Highlands Pacific Ltd and partner Xstrata Copper announced the increase in the global resource base in the Frieda district to more than 8.1 million tonnes of contained copper and 13.3 million ounces of contained gold.
The scale and quality of the resource provides potential for a multi-decade mine.
Frieda (River) is 170km northwest of the giant Porgera gold mine in Enga province. Highlands Pacific owns 16.95%; Xstrata owns 76.30% and OMRD 6.75%.
Highlands has a free carried interest with Xstrata’s interest dependent on the delivery of a feasibility study no later than January 2012.
“The latest results confirmed Frieda River as potentially a very significant copper-gold producer in the Asia-Pacific region,” Peter Forrestal, the executive manager for project evaluation at Xstrata’s copper unit, said.