After raising $C38 million ($A36.25 million) in gross proceeds from a private placement of shares, the explorer said it wanted to announce the maiden resources of the project in the June quarter of 2012.

"Activity will include testing of the extensions along strike and at depth," PGC said.

"The property has not yet been drilled beyond a depth of 150 metres."

A prefeasibility study managed by Brisbane-based Lycopdium Minerals is already underway.

So far PGC has spent $4.5 million of the $8 million required to earn the remaining 50% of Imwauna and Sehulea projects on Normanby Island.

Formerly known as International Silver Ridge, the company acquired half of New Guinea Gold's stakes in these projects last year.

PGC views that the gold veins in the Imwauna project could support a conventional underground mine.

One significant hole has landed a 10m intersection at 18.10 grams per tonne from a depth of 99m, including 2.2m at 32.5gpt gold.