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Quintessential Resources completes A$1.77M raising for PNG copper-gold exploration  Join our daily free Newsletter

MENAFN - ProactiveInvestors - Australia - 03/12/2012

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(MENAFN - ProactiveInvestors - Australia) Quintessential Resources (ASX: QRL) has completed its A1.77 million raising to accelerate exploration of its Bismarck copper-gold project in Papua New Guinea.

The company will start a 1,000 metre diamond drilling program at the Irak Prospect from this month and will also start exploration of the highly prospective D' Entrecasteaux Islands in Milne Bay for epithermal gold deposits.

Previous exploration at Irak had discovered an outcrop of highly mineralised skarn with peak results of 15.9% copper, 375 grams per tonne (g/t) silver, 6.17g/t gold and 247ppm molybdenum from rock outcrop grab and continuous channel samples.

This demonstrates that mineralisation is widespread and open in several directions.

Further geochemical exploration will be conducted to the west to investigate the anomalous float samples plus a likely sulphide breccia outcrop and to the south to investigate the anomalous geochemical signatures.

 






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