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Papau New Guinea
High-grade gold assays from Imwauna
HIGH-GRADE gold assay results have been
returned from 31 recently completed diamond
drill holes at PNG Gold Corporation’s
Imwauna project on Normanby Island. The
holes tested a 600 metre strike length of the
deposit and a vertical range of 50 metres to
150 metres below surface.
The drilling was designed to provide additional
information in the northern and central
part of the deposit at shallow depths where
there were gaps in the historic drilling and at
depth, between 100 metres and 150 metres
below surface, to verify the continuation of
the mineralized vein system.
The results re-affirm the high grade nature of
the deposit. The mineralized zone graded 3.0
grams/tonne or more in 65% of the holes while
11 holes, or 35%, intersected zones assaying
greater than 10.0 grams/tonne. There is no
strong correlation observed between grade
and thickness, although the thickest zones all
grade between 5 and 15 grams/tonne.
Highlights are: 7.4 metres @ 13.11
grams/tonne gold and 14.42 grams/tonne silver,
including 3.1 metres @ 24.6 grams/tonne
gold and 24.93 grams/tonne silver; 6.3 metres
@ 8.16 grams/tonne gold and 32.93 grams/
tonne silver; 4.3 metres @ 6.67 grams/tonne
gold and 11.11 grams/tonne silver; 5.1 metres
@ 5.38 grams/tonne gold and 9.17 grams/
tonne silver; 1.4 metres @ 15.6 grams/tonne
gold and 10.6 grams/tonne silver; and 1.1 metres
@ 16.66 grams/tonne gold and 23.85
grams/tonne silver, including 0.4 metres @ 42.5
grams/tonne gold and 43 grams/tonne silver.
PNG Gold’s president and CEO Dick Whittington
says, “These results significantly enlarge
our knowledge of the Imwauna vein
system both in terms of grade and geological
interpretation. We continue to be excited
about the property and are looking forward
to the results of our ongoing drilling with great
interest as we look to put out an NI 43-101
resource in the second quarter of 2012.”
Two drills are working on the Imwauna project
and were expected to drill test the promising
Kela’s vein system late in 2011 or early in
2012, while a third rig has been deployed to
the Sehulea property, 10km to the northeast of
Imwauna. A minimum of four holes totalling
1000 metres are planned to evaluate a very
strong, 1.2km-long, chargeability anomaly outlined
by a 3D IP survey completed last August
During the fourth quarter of 2011 PNG Gold
met the exploration expenditure requirements
under its option agreement with New Guinea
Drilling success at Kavursuki zone
Gold and notified that company of its desire
to exercise its option to acquire the remaining
interest it does not already own in the Imwauna
and Sehulea properties. Since then
New Guinea Gold and PNG Gold Corporation
have entered into a letter of intent with
respect to a potential acquisition of the former
by PNG Gold.
Drilling at PNG Gold’s Imwauna project on Normanby Island.
DIAMOND drilling at New Guinea Gold’s Sinivit
project has demonstrated a continuous
zone of more than 200 metres strike length
of potentially economic gold mineralization in
the southern section of Kavursuki vein system.
The company has completed two
more diamond holes in the Kavursuki zone,
which is on strike with the Sinivit Mine and
1.5km to 2km to the north.
Best results from one hole are: 1.8 metres
from 11.9 metres @ 11.35 grams/tonne gold;
4.5 metres from 21.8 metres @ 1.96 grams/
tonne, including 1.2 metres from 22.9 metres
@ 3.51 grams/tonne; and 2.7 metres from
27.3 metres @ 2.16 grams/tonne, including 1.6
metres from 28.4 metres @ 2.93 grams/tonne.
Best results from the other hole are: 1.1
metres from 32.7 metres @ 1.48
grams/tonne; 1.1 metres from 34.8 metres
@ 2.67 grams/tonne; 12.4 metres from 37
metres @ 2.87 grams/tonne, including 1.0
metre from 38 metres @ 12.05
grams/tonne; and 1.0 metre from 50.15
metres @ 4.62 grams/tonne.
Drill core is logged and split, all by saw, on
site with crushed half core being dispatched
to, and assayed by accredited laboratory
ALS-Chemex in Townsville, Australia.
Thirty duplicate samples re-split from remaining
crushed samples from a selection of Kavursuki
diamond drill holes from the last 12
months have been sent for gold assay at ALS
Townsville. In addition, pulps from this duplicate
assaying were sent to Genalysis Townsville
to further check gold assay.
New Guinea Gold is a Toronto Venture Exchange-listed
junior explorer and miner in
Papua New Guinea, with direct and indirect interests
in eight gold and two porphyry coppergold-molybdenum
properties. With 90,000-
plus metres of drilling completed, extensive
gold or copper-gold-molybdenum mineralization
has been discovered at all the properties.
New Guinea Gold and PNG Gold Corporation
have entered into a letter of intent with
respect to a potential acquisition of New Guinea
Gold by PNG Gold. Management believes
the transaction, if consummated, will
provide a platform for growth for shareholders
of each company.
In a joint statement the companies said the
transaction will provide New Guinea Gold
shareholders an immediate premium to New
Guinea Gold’s recent stock price, and afford
a secure and expedient development path for
New Guinea Gold’s production and exploration
licences on New Britain Island in PNG.
PNG Gold’s shareholders will benefit by the
acquisition and recapitalization of the Sinivit
Mine. Recapitalization will enable the mine to
significantly improve operational performance
while PNG Gold’s management also intends to
implement an expanded exploration program.
16 | ASIA Miner | January/February 2012