Frontier Resources announces that the 50/50 contributing joint venture with Quintessential Resources on the island of New Britain has been terminated. The JV consisted of three exploration licences which have reverted to the original holders.
The Aria River licence has reverted to Quintessential while the Whiteman Range and Gasmata licences have reverted to Frontier. The Open Bay and Nakanai Mountains exploration licence applications were withdrawn in 2013.
Frontier retains its other seven exploration licences in PNG - Leonard Schultz, Bulago, Andewa and Mt Schrader, Central New Britain, Likuruanga, East New Britain and Sudest.
The geological and assay database returned from former joint venture partner Ok Tedi Mining is being evaluated by Frontier but no field work has been undertaken in recent months on any of its licences.
Frontier is an ASX-listed company focused on exploration in PNG with its tenements prospective for gold, copper and molybdenum in porphyry gold and epithermal gold deposits.
Frontier also has a 5% net profits interest in the Stormont Gold Project in Tasmania, Australia, where mining of ore and stripping of waste rock began in December 2013. It also has a 10% free carried interest to completion of bankable feasibility study in the adjacent Moina project.