(MENAFN- ProactiveInvestors - Australia) Frontier Resources (ASX: FNT) has been awarded two exploration licences on New Britain Island, Papua New Guinea that are prospective for copper and gold.
The two licences cover a total of 2,780 square kilometres and are mostly unexplored though the results that do exist are encouraging.
Targets are porphyry copper/gold and skarn related mineralisation, porphyry gold and high /low sulphidation epithermal gold deposits that could occur within the lightly explored volcanics and/or under limestone cover rocks as well as near major structural intersections that could have acted as mineralising conduits.
There is a bullseye total magnetic intensity anomaly in the northwest corner of Gasmata (EL 2057) that is located on a major structural intersection about 4 kilometres south of a copper in rock and a gold plus silver in drainage anomaly.
Rock assays outside the EL draining this region run to 1.37% copper.
Gasmata also has 12.7 grams per tonne (g/t) silver in a rock and 420 g/t silver in stream sediment.
Anomalous copper, silver and gold was noted in limited rock and stream sampling in the central northern sector of Whiteman Range (EL 2047).
An aeromagnetic survey will be flown over selected /more prospective sections of the licences in 2013 and reconnaissance will be undertaken at the Bulls Eye magnetic anomaly and the silver anomaly at Gasmata.
Aster satellite imagery interpretation is underway and will provide information and potentially 'alteration vectors' to copper and gold mineralisation.
This is targeted at securing a joint venture partner on suitable terms and conduct cost effective value adding exploration to attempt to discover copper and /or gold mineral deposits.
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