The current PNG mineral portfolio consists of a number of prospective copper and gold projects. Many prospects have received little modern exploration attention. Prospects range from early stage porphyry and epithermal systems through to a 460,000oz JORC compliant inferred gold resource with additional exploration potential.

BALLYGOWAN LIMITED

FERGUSSON ISLAND

 

EL2546 – Gameta

The Gameta Prospect is in the NE of Fergusson Island. Epithermal style gold mineralisation is hosted within and surrounding bounding faults of a metamorphic core complex. A total of 195 RC drill holes (10,179.5m) and 33 diamond drill holes (4,181.4m) have been completed at Gameta resulting in a JORC Compliant Inferred Minerals Resources estimate of 460,000 oz Au at a cut-off grade of 0.5g/t Au. There is potential for increasing the resource which remains open both down dip and along strike.

 EL 2572 – Oredi Creek 

Located in southern Fergusson Island, the primary prospect is Oredi Creek. Gold mineralisation and associated widespread epithermal alteration is focused along the Oredi Fault Zone. Three drill holes have been completed with the best intercept being 70m @ 0.5g/t Au from a silicified ultramafic unit. Petrographical studies suggest the large structural zone is a target for bonanza-style epithermal gold mineralisation.

In addition, there are four known drainage anomalies that require follow up and assessment; Seliselina, part of Pagalolo, Mambomabona, and Gomwabila.

BALLYGOWAN

NEW BRITAIN

 

 

EL2408 – Sikut

Located in East New Britain, this license has three primary prospects;

  • Warangoi Porphyry Copper-Gold Prospect: Recent exploration has confirmed float and chip samples containing up to 10.8% Cu & 11.2g/t Au within a 6km2 diorite intrusion. Drill targets were identified in the 1980’s but have yet to be drilled.
  • Maragorik Gold Prospects: This cluster of three high sulphidation gold prospects has returned trenching grades of up to 21m @ 2.1g/t Au. Limited drilling in the early 1990’s failed to locate an inferred high-grade feeder zone but intercepted anomalous Au + Cu + Ag in multiple drill holes.
  • Sikut Gold Prospect: The Sikut structure is a 4km zone of hydrothermal alteration immediately along strike of the Wild Dog vein hosted gold deposit. Early exploration success at the Wild Dog deposit resulted in the Sikut Structure receiving little historic exploration attention.

EL2407 – Takis

Located in East New Britain, the Doiline and Langinoa gold + copper skarn prospects contain a number of encouraging trenching results including; 18m @ 15.6g/t Au, 8m @ 1.65g/t Au, 21m @ 0.75% Cu and 19m @ 0.28% Cu. Soil sampling and mapping at both of these undrilled prospects suggest mineralisation likely continues under cover sediments. Recent processing and interpretation of aeromagnetic and radiometric data have revealed several additional exploration targets.

BALLYGOWAN

NEW IRELAND

 

EL2547 – Legusulum

Located in Central New Ireland, the primary prospect is the Legusulum Porphyry. A 1971 drill program of 13 holes was designed to test the anomalous Cu area, adjoining leached cap and strongly altered pyritic quartz diorite of the Legusulum Porphyry. The holes averaged around 0.2% Cu, with low Au and Ag. Follow up drilling in 1974 was less successful. Significant developments in the understanding of porphyry copper systems since the 1970’s that suggests higher grade of mineralisation is likely to occur about 1 km east of the previous drilling campaign.




HARDROCK LIMITED

EL 2603 – HOTMIN 

Located in the northwest of PNG, the license covers an area of 332.1km2. The license, adjacent to the giant Frieda River Project, has three main targets; Skirasia, Foya, and Mountain Gate. Drilling has already been undertaken at two prospects;

  • Skirasia Prospect: 13 drill holes has been completed within the prospect. Intersections from the best three holes include; 96m @ 0.89g/t Au, 54m @t 1.83g/t Au and 109m @ 1.53g/t Au.
  • Foya Prospect: 10 drill holes have been completed within the prospect. Intersections from the five best holes include; 77m @ 1.19g/t Au, 164m @ 1.23g/t Au, 24m @ 1.61g/t Au, 2m @ 37g/t Au and 10m @ 1.00g/t Au.
  • Mountain Gate Prospect: This prospect has the best surface Au & Cu rock chip and soil anomalies but remains undrilled.

Several other drainage anomalies also occur within the license.

ELA 2623 – MAY RIVER 

The Application, surrounding EL 2603 in the northwest of PNG covers an area of 1,277km2. The application was based on the presence of eight historical drainage anomalies of visible gold in pan concentrates. Altered and mineralised float reported in some of the anomalous drainages yielded grades up to 0.98g/t Au & 0.67g/t Au.




CROKE LIMITED

 

EL 2583 – YAWAWA

Located in the Morobe area, the license covers part of a belt of mineralisation between the Hidden Valley mine and the giant Wafi – Golpu project. The license contains 3 main prospect areas; Nauwala Banda, Minawa & Merrie Creek.

  • Nauwala Banda Prospect: This epithermal Au-Ag prospect occurs as E-W trending quartz-carbonate-pyrite veins hosting grades up to 4.81g/t Au in. Other assays from rock outcrops the area include; 3.1g/t Au & 32.9g/t Ag, 1.4g/t Au & 2.1g/t Ag and 1.1g/t Au & 17.4g/t Ag.
  • Minawa Prospect: This porphyry Cu-Au target contains elevated Au, Cu ± multi-element from rock chips over a broad area. Trenches, located just north of a strong 450x200m ovoid aeromagnetic anomaly, yielded 2m@ 0.69g/t Au, 8m @ 0.33g/t Au & 22m @ 0.75g/t Au. Higher grade assays to 0.8% Cu and 58g/t Au occur in structures to 3m wide located about 900m NW of the trenches. Host rocks include meta-sediments, granodiorite and potassic altered diorite.
  • Merrie Creek Prospect: This prospect is centred on the old Merrie Creek mine and lies along strike from the Otibanda, Ekuti and Minawa prospects. Mineralisation, similar to that observed at the Ekoato Prospect, occurs as massive arsenopyrite-pyrite-chalcopyrite hosted in a foliated, banded meta-sediment rock float. Rock chip assays from the area returned 3.7g/t Au and 0.59g/t Au.