Gold investor acquires firm, praises PNG for potential

By NATHAN WOTI
THE Make Great Pacific Gold Company has taken over Tinga Valley Copper and Gold Corporation which has a sizable exploration licence in Papua New Guinea.
Canadian investor Bryan Slusarchuk whose previous dealings in the country includes co-founding the K92 Mining Inc in 2015.
The takeover has the potential to make MGPGC a go-to global name for those seeking exposure to copper-gold porphyry opportunities in PNG.
Through MGPGC, a publicly traded North American company, Slusarchuk’s acquisitions have an exploration licence covering 347-square kilometres.
The Tinga property has had historic surface exploration work, identifying copper and gold grades across a 2km mineralised zone, including grades such as 1.97 per cent copper and 12.7 g/t gold.
In fact, there are already known elevated copper and gold-silver grades with several large high-priority drill targets already identified over a big 2.5km x 1.5km footprint.
Slusarchuk said PNG was known as the ‘Land of Giants’ in the mining sector for good reason, as the country hosted multiple world class deposits in terms of both size and grade.
“I have a special place in my heart for PNG, and while the geology is amazing, the most exceptional asset of the country, in my view, is the people,” he said.
“Nobody has a crystal ball and exploration always comes with risk, but I sure like the huge upside potential here, I love copper and gold, and know we are well capitalised and have the right team to give it a great shot.
“I’ve been blessed with some success in PNG, but I also believe the best days are ahead, and I can’t wait to embark on the task of working hard at Tinga to unlock serious value for all stakeholders.”
Slusarchuk and colleagues struck a deal back in 2015 to acquire the Kainantu asset from Barrick Gold, which was seen as one of the top transactions of the decade.
With just US$2 million (about K7.6 million) cash up front and the promise of future payments, the team bought an asset that has since underpinned a $2 billion (about K7.5 billion) market valuation and is still growing in terms of resource and production profile.
“Of course, it was a good deal when we purchased it, but at the end of the day, it’s been great execution by K92 CEO John Lewins and the rest of the team that has truly driven value,” Slusarchuk said.