The National- Monday, February 7, 2011
PNG mineral explorer and Australian Stock Exchange-listed Pacific Niugini has made a new gold-silver-base metal discovery in its Garaina tenement between Gulf and Morobe, a company statement said yesterday.
The mineralisation of the new discovery made during the company’s first reconnaissance programme appeared to be relatively homogeneous and related to the same intrusive event as other world class deposits such as Hidden Valley.
Hidden Valley is owned and operated by Morobe Mining Joint Ventures (MMJV), a 50:50 joint venture of Harmony Gold and Newcrest Mining Ltd.
The area has had limited modern day exploration.
Previously, a successful initial field mapping programme confirmed historical grab sample results and the discovery of outcropping mineralisation.
Gold assays up to 4.5g/t were reported in outcrop and creek float samples.
In addition to rock chip sampling, several shallow trenches were manually excavated, also returning significant results.
The initial field programme at Garaina was focused on the Kusi prospect in the central portion of exploration licence (EL) 1614.
The Kusi prospect was defined by a magnetic high with consistent gold, silver, copper, lead and zinc occurrences.
Pacific Niugini was now focusing on delineation of drill targets.
Pacific Niugini is exploring for gold and copper in PNG through its 100% held subsidiary company where it holds five exploration titles covering 3,961sqkm.