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GOLDMINEX RESOURCES LIMITED

ASX: GMX

The data on Australian Shares.com is intended as a guide only and is compiled from information in the public domain. Data on this website should not be used to make an investment or trading decision.

Description

Goldminex Resources Limited is an Australian listed exploration company with a significant tenement portfolio within the Owen Stanley Ranges and Sepik Province in Papua New Guinea (PNG). Exploration is focused on large-scale gold, copper and nickel deposits in an environment with some of the most prospective and underexplored geology in the world. Our mission is to add value to stakeholders through the discovery of large scale Gold, Copper and Nickel porphyry/magmatic resources.

Goldminex's exploration strategy is both a focused and cost effective approach which has been refined from our past experience in the field. We apply a combination of conventional and technical methods to efficiently prioritise, evaluate and explore our tenements. This is complimented through the development of a detailed data set which is utilised to continually assess, refine and rank our exploration activities. We have engaged the best people with local knowledge to drive a quality exploration program.

Our commitment is to maintain high standards in respect to workplace health and safety, community health programs and environmental management. We work with the PNG communities where we operate by providing employment, training and assistance.

Liamu Project (EL 1606)

The Liamu Project covers a 35km2 intrusive and volcanic complex and is located at the junction of two major structural lineaments with anomalous gold geochemistry. It covers a large portion of a volcanic intrusive centre located along the Keveri Fault system. The Keveri Fault is interpreted as dilational in this zone, providing an ideal space for the emplacement of alkaline intrusive including, diorite, lenziodial, tonalite intruded by feldspar porphyry and mafic volcanics. Historically the southern and central zones of Liamu have supported small scale alluvial gold mining. Other circular features observed surrounding the Liamu structure will be assessed for gold and copper mineralisation potential.

The collection of panned concentrate, -80# and BLEG samples in addition to rock float samples from drainages has proven to be an excellent exploration tool for rapidly covering large areas .

In 2010 Goldminex commenced an intense mapping, soil and rock chip sampling and drainage geochemistry sampling program over the central altered portion of the Liamu project area which has revealed further excellent gold and base metal results. The central 15km2 area exhibits widespread propylitic alteration with areas of argillic and sericitic altered, highly fractured and faulted intrusives hosting numerous high-grade gold and base metal mineralised shears. These shears commonly shed pannable gold within drainages. Peripheral to this area rock chip samples have revealed zones of elevated Zn-Cu-Pb-Ag, typical or porphyry systems.

Wavera Project (EL 1576)

The Wavera porphyry complex is an ovoid shaped multi-phase intrusive centre, clearly defined as an electromagnetic low with dimensions of 3km long by 2km wide in the regional VTEM survey conducted in 2008. The porphyry complex is dominated by intermediate and felsic intrusives with zones of strong NE trending fracturing, argillic alteration with >1% disseminated sulphides within a more extensive propylitic alteration halo. Limonite staining on fractures is common.

Reconnaissance exploration drainage sampling conducted to date has revealed several panned concentrates returning greater than 10ppm Au and up to 296ppm Au, indicating several drainage catchments are shedding gold. Rock float samples from the porphyry also returned gold anomalous assay results of greater than 1g/t Au. Follow-up of these reconnaissance anomalies is planned in addition to detailed mapping and sampling where warranted.

To the northeast of Wavera, mapping at Iyewe in December 2009 located narrow nickel sulphide veining within a 2 3m wide fault. The veins are located <1km upstream from the site of the 2009 drilling at Iyewe Creek. Further investigation of this area will be after Q2 2010.

Bonua Project (EL 1576)

Bonua is a structural flexure identified from satellite imagery and interpreted as a dilational fault jog environment with potential to host gold mineralisation. A review of the historic PNG exploration database confirms gold anomalism from a number of drainages in the area all of which warrant further investigation. The elevated gold in drainage geochemistry supports the mineralisation potential of porphyries within this area. A regional drainage sampling program is planned and landowner access negotiations are currently underway.

Gewoia Project (EL 1607)

The Gewoia Project comprises a near-circular structural feature covering approximately 90 km2 and is underlain primarily by the Pliocene Sisara Volcanics, in a large basin floored by Quaternary sediments. It is flanked to the SW by Cretaceous rocks of the Papuan Ultramafic Belt. A major volcanic zone including a 30km diameter caldera and the active Mt Lamington volcano is located to the NW of the project area. Geomorphologically the Gewoia region may be interpreted as a volcanic complex consisting of an outer crater wall, an inner smaller crater and three resurgent domes.

A brief exploration program in Q4 2009 targeted structural and lithological areas selected on the basis of historic gold anomalous geochemical results and internal data. This partially completed program was terminated by the onset of the wet season limiting access. Base metal sulphide mineralisation was observed in structural settings within andesitic volcanic, usually associated with argillic alteration.

Only a small portion of the Gewoia area has been covered to date and areas of alteration and mineralisation warrant follow-up. A wider reaching program is planned in this very large area with an emphasis on investigating any indications of silicification and argillic alteration.

Awari Project (EL 1420)

The Awari Exploration License covers an area of 240km2 located in the Sepik Province, 45km northeast of the multi-million ounce Porgera Gold Mine, on the Porgera Transfer Structure. Since the Exploration License was granted in December 2008, Goldminex has acquired and processed data from previous exploration carried out in the area. Limited diamond drilling by Kennecott Exploration had returned 7.7m@11.4g/t Au. Trenching at Anomaly Hill, within the Awari Prospect, by previous explorers returned encouraging results including 5m at 38.5g/t Au.

Mine For

Nickel, Copper, Gold

Location of operation(s)

Papua New Guinea

Address

Level 1, Professional Chambers, 120 Collins Street
MELBOURNE, VIC, AUSTRALIA

Phone

+61 3 9663 3534

Email

Website


Last Updated

18/01/2011

 

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.