Assays of up to 52 grams/tonne gold have been confirmed in the latest drill results from PNG Gold Corporation’s Imwauna project on Papua New Guinea’s Normanby Island.  1

Highly prospective gold grades were received from 11 diamond drill holes at the Imwauna Main Structure that are typical of low sulphidation epithermal deposits known to occur along the site.

Since January PNG Gold has drilled 45 diamond drill holes over 14,039 metres with some results announced in March. Final assays have been received for all 45 holes, however there are more assay results pending on 52 diamond drill holes for another exploration licence area.

Highlights of the latest results include 2.5 metres @ 51.21 grams/tonne gold and 124.2 grams/tonne silver from 194 metres, and 3 metres @ 3.62 grams/tonne gold and 407.17 grams/tonne silver from 60 metres.

Diamond drilling has now tested the Imwauna Main Structure to more than 250 metres below surface and demonstrates good continuity of the structure. Gold mineralization is directly related to epithermal quartz veining which varies in thickness throughout the structure. Higher-grade gold mineralization generally occurred in areas of greater quartz vein concentrations exhibiting multiple pulses of hydraulic brecciation.

The Imwauna site is about 80km northeast of Alotau, the capital of Milne Bay province, and consists of two main prospects, Imwauna and Kelas, along with numerous untested prospects.

Sehulea exploration licence is northeast of Imwauna and contains several low sulphidation epithermal gold deposits which require additional drill testing. Previous results indicate the area contains extensive lower grade gold mineralization over intersections of up to 60 metres core length with grades ranging between 1-2 grams/tonne gold. Mineralization is associated with extensive silicification, disseminated, and semi-massive pyrite, with a positive correlation between higher pyrite concentrations and gold.

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