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. In November 2020 Ballygowan Limited and Pacific Arc Limited was vended into a Mayur Resources JV TSX Ventures Exchange via a Reverse Takeover Transaction with a RTO target date prior end of 2020. Three PNG Gold & Copper assets remain.
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.
EL 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.