Goldminex Resources has almost completed a 4000 metre drill program at its Liamu project in Papua New Guinea, with results confirming the site’s potential for a significant copper-gold porphyry system.
Five of the project’s 11 prospects over a 35sqkm area have been drilled in this latest program, highlights of which include low-grade copper mineralization over a 151 metre interval, with intersections of 59 metres @ 0.16% copper and 24 metres @ 0.21% copper.
The program is part of Goldminex’s aim of discovering a 2 million gold ounce or greater deposit within the Liamu tenement. The project is 120km east of Port Moresby where the company’s initial exploration work defined an intrusive complex hosting several prospects.
Liamu is covered by the company’s 2011 farm-in agreement with Vale SA which will allow Vale to earn a 51% interest by spending $20 million across seven of Goldminex’s tenements in the Owen Stanley Ranges.
The company’s chief executive officer Sandy Moyle says the drill rig used in the program remains at the site to continue drilling pending further results of ongoing mapping, geochemistry, petrography and spectrographic studies.
“The deep, widely-spaced drill program has advanced the understanding of the dimensions and depth potential for large porphyry copper-gold and gold mineralized systems. Drilling has partially tested five of the 11 prospects (Movei, Nesei, Unebu, Iyiowi and Maoba) and is being carried out by a sub-contractor using a CS1000 heli-supported rig,” he says.