Pacific Niugini in talks to acquire Papua New Guinea exploration tenement
() 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.
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