Pacific Niugini intersects further Garaina gold
THE DRILL SERGEANT: Pacific Niugini (ASX: PNR) has been excited by results received from an ongoing drilling program on the Kusi prospect, part of the company’s Garaina project in Senegal.
The Garaina project is the subject of a farm-out agreement with MGL Limited.
The drilling is following up previously announced results and has returned further high-grade assays, and has intersected, what the company described as, ‘classic porphyry style mineralisation’.
Diagram showing the location of drill holes completed to date. Source: Company announcement
Results from hole KSDD007 have indicated further gold mineralisation was intersected returning assays of:
35 metres at 3.04 grams per tonne gold from 136m, including 4m at 18.75g/t gold from 160m, and including 11m at 8.24g/t gold from 160m.
Pacific Niugini noted the high-grade results were part of a broad intersection of lower grade mineralisation which returned:
106m at 1.32g/t gold from 109m.
Hole KSDD006 also returned broad zones of low-grade gold, along with highly elevated copper, molybdenum, and zinc results, including:
17m at 0.22g/t gold, 1383ppm copper, 43ppm molybdenum, and 1913ppm zinc from 163.6m;
10m at 0.14g/t gold, 1218ppm copper, 70ppm molybdenum, and 805ppm zinc from 189m, including 4.65m of core loss; and
61m at 306ppm molybdenum from 202m, including 1.7m of core loss.
“Drill results to date are very exciting,” MGL general manager Dr Mark Lindsay said in Pacific Niugini’s announcement to the Australian Securities Exchange.
“Epithermal mineralization mapped over an area of 1500 metres by 300 metres, a multistage intrusion history with copper clearly associated with each stage, intense porphyry style alteration, and porphyry style veining all highlight the prospectively of the system and re-enforce the potential of a significant porphyry deposit nearby.
“The prospect clearly hosts a large hydrothermal system and Kusi could well be the next major mineral discovery in PNG.”
Pacific Niugini explained the current drilling program at the Kusi prospect is focusing on zones of high magnetic susceptibility adjacent to zones of magnetic destruction.
The company considers the magnetic anomalies correlate with surface geochemical results from manual trenching assays and grid based soil assays it has collected over the past three years.
The ongoing drilling will test both the magnetically enhanced and magnetically destructed anomalies within the prospect.
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