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PACIFIC NIUGINI LTD - ASX: PNR
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Description
Pacific Niugini Limited is listed on the Australian Securities Exchange (ASX:PNR) and is exploring for gold and copper in Papua New Guinea through its 100% held subsidiary company Pacific Niugini Minerals (PNG) Ltd where it holds 5 exploration titles covering 3961 square kilometres. The company is also a 47% partner in the Ruighoek Chrome Mine in South Africa.
Morobe Goldfield Projects
PNL has three projects within the Morobe Goldfield. These are EL1589-Zenag, EL1616-Bulolo and EL 1614-Guraina which are located 65km, 95km and 120km south-southwest of Lae respectively. Morobe Province is the largest and most populated province in PNG. Provincial economy is based on agriculture, however gold mining and other sectors have significant contribution to the provincial economy. The Lae Port is the busiest in the country handling large volumes of exporting and importing of goods. Lae is host to various types of businesses, including manufacturing and light metal fabrications. EL589 and EL1616 are located within the famous Morobe Goldfields mineral district. The district produced in access of 124 tonnes of gold and 70 tonnes of silver from predominantly alluvial sources. It continues to produce gold today solely from alluvial sources. Mineral exploration companies have pegged most of Morobe Goldfields and companies have continously explored the district since the 1930’s. The Hidden Valley (Harmony/Newcrest JV) gold–silver deposit is under construction with gold production schedule in 2009-10. The world-class Wafi/Golpu gold and copper-gold project located 70Km north of Hidden Valley is undergoing feasibility study. Numerous exploration projects are located within the Morobe Goldfields Mineral district.
Gusap Project
EL1615 Gusap is located in Madang Province, covering 2,171 square kilometres of Finisterre Ranges east of Gusap. The Finisterre Ranges run parallel to the Ramu – Markham Fault Zone. EL1615 is situated 50Km southeast of Madang Town and about 150km northwest of Lae. Copper and gold values (up 17% copper & 0.40 g/t gold) have been reported from a massive chalcopyrite float at head waters of the Gusap and Buru Rivers and a gossanous outcrop containing magnetite, siderite, manganese, disseminated chalcopyrite and bornite assayed (0.66% copper) at crown of Lalam river near Wangeto Village. The tenement area is largely unexplored by modern exploration methods.
Porphyry style copper and gold mineralisation was reported in rock chip (float & outcrop) from head waters of Gusap, Buru and Lalam Rivers. At headwaters of Gusap and Buru (approximate location) a massive chalcopyrite float returned 6-17% copper and 0.40 g/t gold. A gossan outcrop near Wangeto along the Lalam River reported 0.66% copper. The mineralisation is interpreted to be related to the Pliocene intrusions.
Mt Hagen Project
EL1613 is located near Mt Hagen City in the Western Highlands Province, Papua New Guinea. Mt Hagen city is PNG’s third largest city. Excellent road network exist and infrastructures and other services are easily accessible from Mt Hagen. The EL covers prospective areas of the northwest-southeast striking mineralised Bismarck Fault Zone corridor which hosts numerous copper gold and other base-metal occurrences including the copper molybdenum Yandera deposit (127MT @0.7% copper) which is being progressed to Prefeasibility Study.
Ruighoek Project
Details of the deferred sale agreement to AMCOL International Corporation
1. In February 2009 53% of the Ruighoek Project was sold to AMCOL for US$14 million and AMCOL took full operational control of the Ruighoek Project.
2. AMCOL was granted a call option to purchase the remaining 47% for US$12.4 million exercised at any time for a period of 24 months ending February 2011.
3. Pacific Niugini to be paid a monthly option fee of US$75,000/month for the first 12 months and US$150,000/month for the second 12 months.
4. Pacific Niugini was granted a put option to sell the remaining 47% to AMCOL for US$12.4 million exercisable after expiry of the 24 month call option referred to above. This put option is subject to a fee of US$300,000 payable upon exercise of the put option.
Mine For
gold, copper, nickel
Location of operation(s)
Papua New Guinea
Address
14/46 Douglas St
MILTON, QLD, Australia
Phone
(61 7) 33673996
Website
Last Updated
2/3/2011
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.
