The transaction has been with private company Wild Dog Resources and involves a 2166 square kilometre land position "assembled via acquisition of a variety of EL and ELAs".
This includes a 614sq km project contiguous with and south-east of K92 Mining's exploration tenements and also a 130sq km project contiguous with and north-west, just 10km from the Kainantu polymetallic mining operations.
Fosterville says that the PNG tenements complement its extensive gold land package in Australia.
Fosterville says that the total PNG land package to be acquired includes both early stage and advanced stage exploration targets with high grade epithermal vein and porphyry style mineralisation present.
"Fosterville has a substantial cash position and therefore, post-transaction, will be well positioned to advance these projects on the ground following up the substantial amount of fieldwork and development of drill targets already completed by WDR over the past two years," the company said.
It adds that team members have extensive experience operating within the south-east Asian island arc epithermal and porphyry mineralisation environments, and specifically in PNG.
"Papua New Guinea is home to multiple world class mining, development and exploration projects and the country hosts some of the most incredible geology on earth. Through the rapid growth of K92 Mining in PNG, the recent announcement regarding Wafi-Golpu moving forward and of course the ongoing corporate discussions between Newmont and Newcrest, the amazing mineral potential of PNG is becoming more widely known," said Fosterville CEO Bryan Slusarchuk.
"Many Fosterville shareholders have invested in the PNG mining sector and we are confident they will share management's enthusiasm for this acquisition.
"Wild Dog has invested substantial capital and time acquiring and advancing these assets in PNG and their hard work and strong technical execution both on the ground and corporately has put in place an excellent foundation for success," Slusarchuk said.
Wild Doc CEO Alan Martin said his company had assembled a commanding land position within the heart of one of the world's best regions for gold and copper exploration.
"Putting together these projects, developing excellent community relations and then advancing targets through fieldwork has put Wild Dog in a position to now take the next step in PNG. Through this transaction with Fosterville, we are emerging as a company with a very strong cash position to deploy on the ground and a team with a track record of success in PNG within a superb share structure," Martin said.
The full announcement appears at this address: https://bit.ly/3LfiPgD
