Goldminex sorts PNG drill targets
THE DRILL SERGEANT: Recent trenching work carried out by Goldminex Resources at its Unebu prospect in Papua New Guinea has produced encouraging rock chip copper and gold assays, the company said is typical of porphyry copper-gold deposits.
Unebu is one of the company’s eight key prospects located within areas totalling 11 square kilometres that Goldminex considers to demonstrate copper and gold anomalous soil sample geochemistry, at the Liamu project in the Owen Stanley Ranges region of PNG.
The company is currently undertaking a detailed exploration program in order to further assess the tenor of the porphyry copper-gold mineralisation and define drill targets.
Highlights from the trenching activity include:
– 55 metres at 0.56 grams per tonne gold, including 28 metres at 0.92 grams per tonne gold (open);
– 47m at 0.35 per cent copper including 28m at 0.47 per cent copper (open);
– 25m at 0.53g/t gold and 0.26 per cent copper (open); and
– 27m at 0.33g/t gold and 0.19 per cent copper (open).
The current trench work is testing the western edge of a 650m by 250m area hosting potassic alteration and mineralisation at the Unebu prospect.
Goldminex has a 4,000m diamond drilling program ready to commence in early November that will cover Unebu as well as three other key prospects.
“We are extremely pleased with the results that we have received to date from Unebu and early indications are consistent with this emerging prospect potentially hosting a substantial porphyry copper-gold deposit,” Goldminex Resources chief executive officer Sandy Moyle said in the company’s announcement to the Australian Securities Exchange.
“We are currently conducting further exploration activities at Liamu to gain a better understanding of the nature of this large system and the extent of the initial encouraging results.
“Our knowledge of Unebu and three other key targets within Liamu will be further enhanced through undertaking a 4,000 metre diamond drilling program, scheduled for early November 2011.”
Work carried out by Goldmiex to date at Unebu has identified the target 650m x 250m area hosting extensive zones of rock chip samples containing greater than 0.1g/t gold and/or greater than 0.1 per cent copper.
The company said the assay results it has received so far suggest the Unebu prospect is a porphyry system with a 2:1 gold to copper ratio with the copper-gold mineralisation having a strong association with molybdenum.
