Good signs from Petromin

STATE-owned Petromin said it has struck a 364m intersection of “excellent” copper porphyry, molybdenum and gold mineralisation at its Ipi River prospect 50km north of its Tolukuma gold mine in Papua New Guinea’s Central Province.
Good signs from Petromin Good signs from Petromin Good signs from Petromin Good signs from Petromin Good signs from Petromin

This intersection started from a shallow depth of 63m. Specific grades were not mentioned in Petromin's report as assay results are pending.

Importantly, Petromin has a seasoned chief exploration geologist leading the Ipi River drilling, Dr Wilfred Lus, who previously worked for none other than Barrick Gold.

"Mineralisation in the more than 300m intersection consists primarily of disseminated and veined chalcopyrite and molybdenite overprinted by later gold-bearing carbonate base metal veins," Petromin said.

"Drilling is continuing and is expected to terminate at 500m in the potassic core or centre of the mineralised system which was interpreted from the 64-channel, 3D induced polarisation survey conducted by the company's exploration team in 2011."

Petromin managing director and chief executive officer Joshua Kalinoe said the initial results from its first drill hole confirmed computer modelling results that the Ipi River prospect was a genuine porphyry target.

"What is even more exciting is that the occurrence of multiple porphyries is not limited to the target zone but also cover an area of more than five square kilometres within the prospect," Kalinoe said.

Further drilling this year will scope out the perimeters of the porphyry system and help define other drilling targets.

The Tolukuma gold mine is restrained by lacking transport infrastructure, but exploration success at IPI River could attract more investment to better commercialise the mining opportunities in the region.

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