Pacific Niugini is in preliminary discussions regarding the potential acquisition of an exploration tenement. The company has signed a confidentiality agreement in regards to the arrangement.
The tenement is near the company’s existing Garaina Gold-Copper-Molybdenum Project and, if acquired, would complement its existing projects in Papua New Guinea. Garaina is 150km southeast of the Hidden Valley mine of Harmony Gold and Newcrest Mining, and the town of Wau.
The company intends to review available data relating to the tenement before deciding whether to make an offer to acquire the tenement.
Drilling by Pacific Niugini at Garaina has returned encouraging results such as 20 metres from 107 metres @ 2.89 grams/tonne gold including 11 metres at 4.72g/t gold; 35 metres from 136 metres @ 3.04 grams/tonne including 4 metres @ 18.75 grams/tonne and 11 metres @ 8.24 grams/tonne; 7 metres from 163.6 metres @ 0.22 grams/tonne gold, 1383ppm copper, 43ppm molybdenum and 1913ppm zinc; 10 metres from 189 metres @ 0.14 grams/tonne gold, 1218ppm copper, 70ppm molybdenum, and 805ppm zinc; and 61 metres from 202 metres @ 306ppm molybdenum.