Monday, 06 December 2021 03:25 GMT

Pacific Niugini in talks to acquire Papua New Guinea exploration tenement

(MENAFN- ProactiveInvestors)

Pacific Niugini (ASX:PNR) is in preliminary discussions and has signed a confidentiality agreement  regarding the potential acquisition of an exploration tenement in Papua New Guinea.

This is located near its existing Garaina gold-copper-molybdenum project and if acquired would complement its existing projects in the country.

The company intends to review available data relating to the tenement in connection with deciding whether to make an offer to acquire the tenement.

Garaina is located 150 kilometres southeast of the Hidden Valley Mine and Wau Town.

Drilling to date has returned results such as:

- 20 metres at 2.89 grams per tonne gold from 107 metres including 11 metres at 4.72g/t gold;
- 35 metres at 3.04g/t gold from 136 metres including 4 metres at 18.75g/t gold and 11 metres at 8.24g/t gold;
- 17 metres at 0.22g/t gold 1383ppm copper 43ppm molybdenum and 1913ppm zinc from 163.6 metres;
- 10 metres at 0.14g/t gold 1218ppm copper 70 ppm molybdenum and 805ppm zinc from 189 metres; and
- 61 metres at 306ppm molybdenum from 202 metres.


Proactive Investors Australia is the market leader in producing news articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia UK North America and Hong Kong / China.

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.