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Papau New Guinea
Goldminex begins drilling at Liamu
GOLDMINEX has started a 4000 metre diamond
drilling program at its flagship Liamu
Porphyry Copper-Gold Project to test highly
encouraging surface sampling results. The
drilling will continue into the first quarter of
2012 and is targeting four key prospects of
the 10 identified within Liama to date - Movei,
Nesei, Iyiowai and Unebu.
Liamu is a large porphyry copper-gold system
120km east of Port Moresby in the Owen
Stanley region of PNG. The project is a partially
covered, structurally controlled, intermediate
intrusive complex about 35sqkm in area.
Liamu straddles the Owen Stanley Fault
Zone which is a northwest trending crustalscale
plate suture and is within an area of
complex faulting known as the Awala Flexure
Zone. The exploration licence is one of the
prospects covered by the Goldminex-Vale SA
Farm-in Agreement.
The 4000 metre diamond drilling program
consists of six deep diamond drill holes focused
on geochemical, geological and geophysical
targets in the Movei, Nesei, Iyiowai, and
Unebu prospect areas. The holes will provide
an initial indication of the potential of these
prospects to host economic-grade gold-rich
porphyry style copper mineralization. The
data from these holes will also provide useful
information to vector in on mineralized centres
within this very large project area and will
form the basis of further drilling.
The drill program follows substantial geological
and geochemical exploration activities at
Liamu which has to date outlined a 15sqkm
area shedding anomalous gold and copper in
drainage samples. In addition, extensive ridge
and spur soil sampling revealed about 11sqkm
of the project area exhibiting copper and gold
anomalous geochemistry. Goldminex has to
date identified t10 prospects at Liamu - Nesei,
Movei, Tikay, Dada, Unebu and Berefana within
the 5.5km x 1.5km Berefana Region, and
Imorobi, Biafa, Bubuafu and Iyiowai to the
north and east of the Berefana Region.
Goldminex’s CEO Sandy Moyle says, “We
are excited to enter this phase of drilling which
we hope will add a third dimension to the very
encouraging surface exploration results already
returned from Liamu. Although this drilling will
only test a small portion of the targets, it will enhance
our understanding of this large mineralized
system which has the potential to host a
significant porphyry copper-gold deposit.”
Strong copper values in Waria River samples
SAMPLING carried out by Papuan Precious
Metals (PPM) on the Waria River prospect
has returned up to 10.49% copper. The company
has received geochemical results from
101 rock samples collected from Kode, Nosoboro
and Jasawa Creek during follow-up
prospecting of airborne geophysical anomalies
on the exploration licence.
The best sample was collected from float
and assayed 10.49% copper, 0.33 grams/
tonne gold and 10.0 grams/tonne silver. There
were 20% of samples that contained anomalous
copper values greater than 0.1% copper.
PPM has a farm-in agreement with Petromin
Papuan Precious Metals’ Waria River property is in PNG’s Central New Guinea Range.
(PNG) Holdings whereby PPM can earn a 50%
interest in the Waria River property by spending
Can$1.2 million by July 2012. PPM has advised
Petromin that it has met its expenditure requirements
as of September 28, 2011.
Results from Nosoboro samples include
0.8 grams/tonne gold, 5.36% copper and
6.7 grams/tonne silver; 0.09 grams/tonne
gold, 0.05% copper and 6.4 grams/tonne
silver; 6.21% copper and 23.4 grams/tonne
silver; 0.60 grams/tonne gold, 5.89% copper
and 7.6 grams/tonne silver; and 0.33
grams/tonne gold, 10.49% copper and 10
grams/tonne silver.
Best Kode results are 0.67 grams/tonne
gold, 2.13% copper and 33.9 grams/tonne
silver; 0.13 grams/tonne gold and 0.13%
copper; and 0.3% copper. Best Jasawa
Creek results are 0.46% copper and 3.2
grams/tonne silver; 0.18 grams/tonne gold,
2.11% copper and 5.6 grams/tonne silver;
and 0.33% copper.
To date, copper/gold/silver vein mineralization
has been found as outcrop and float
boulders from a 400sqkm area of Waria and
Eia River catchments centred on Tubi village.
The Waria River project is in the Central New
Guinea Range, one of the world’s premier
porphyry copper belts, and in management’s
opinion presents an outstanding opportunity
to locate gold/copper porphyry-style mineralization
similar to that of the nearby Hidden Valley
mine and the giant Wafi-Golpu deposit.
Located along what was one of the main
overland routes to the early 20th Century gold
rushes at Wau, Edie Creek and Bulolo, the
presence of abundant alluvial gold in many of
the Waria River tributaries has long been
known. However, the area has remained relatively
untouched by modern exploration.
PPM has also recently received the final
report from its commissioned Commonwealth
Scientific and Industrial Research
Organization (CSIRO) study of the Doriri
Creek nickel-palladium-platinum prospect
at its Mt Suckling project.
14 | ASIA Miner | January/February 2012