Goldminex commences PNG drilling

THE DRILL SERGEANT: Goldminex Resources has kicked off a 4,000 metre diamond drilling program at its flagship Liamu porphyry copper-gold project in Papua New Guinea.

The drilling has been designed to test encouraging surface sampling results that identified ten prospects within the Liamu project.
 
The program will target four key prospects, Movei, Nesei, Iyiowai and Unebu, and is scheduled to continue into the first quarter of 2012.

The Liamu project is a large porphyry copper-gold system located 120 kilometres east of Port Moresby in the Owen Stanley region of PNG.

 

Goldminex Owen Stanley tenements and target areas highlighting the Liamu project area. Source: Company announcement

The company said the drilling program is to consist of six deep diamond drill holes focused on geochemical, geological and geophysical targets in the Movei, Nesei, Iyiowai, and Unebu prospect areas.

The holes are hoped to provide an initial indication for the company of the potential of these prospects to host economic-grade gold-rich porphyry style copper mineralisation.

The data from these holes will also be used to hone in on mineralised centres within the project area and will form the basis of further drilling.

Goldminex has to date identified ten prospects at Liamu: Nesei, Movei, Tikay, Dada, Unebu, Berefana, situated within the 5.5km by 1.5km Berefana Region, and Imorobi, Biafa, Bubuafu and Iyiowai to the north and east of the Berefana Region.

“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,” Goldminex chief executive officer Sandy Moyle said in the company’s announcement to the Australian Securities Exchange.

“Although this drilling will only test a small portion of the targets, it will enhance our understanding of this large mineralised system which has the potential to host a significant porphyry copper-gold deposit.”