Project Portfolio
Pacific Niugini Limited (PNL) – (ASX code PNR) - wholly owned PNG subsidiary Pacific Nuigini Minerals (PNG) Ltd (“PNM”) holds 5 exploration titles covering 2142 square kilometres in Papua New Guinea.
PNM’s projects and exploration tenements are located in three provinces of Papua New Guinea. Exploration titles EL1589, EL1614 and EL1616 are located in Morobe Province. Exploration titles EL1613 and EL1615 are located in Western Highlands and Madang provinces respectively. During the 2010/2011 year, the Company has been actively exploring in all of the tenement areas. Reconnaissance exploration has resulted in the discovery of significant surface mineralisation at Garaina (EL1614), Gusap (EL1615), and Mt Hagen (EL1613).
Tenement Details
|
Tenement
|
Title
|
Km²
|
Area (blks)
|
| |
2142.1
|
619
|
|
EL 1589
|
Zenag
|
64.40
|
19
|
|
EL 1613
|
Mt Hagen
|
426.0
|
120
|
|
EL 1614
|
Garaina
|
302.7
|
88
|
|
EL 1615
|
Gusap
|
1085.0
|
317
|
|
EL 1616
|
Bulolo
|
264.0
|
75
|
PNM continues to progress activities in PNG with a clear focus on the discovery of gold and copper-gold deposits and the re-commencement of gold production from the Bulolo Gravels Project. Activities into ensuing year will be concentrated on:
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Progressing the Bulolo Gravel Project to production status;
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Advancing exploration activities at the Kusi prospect, which lies within EL1614, with the goal of defining a maiden JORC resource; and
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Further defining mineralisation at Gusap to define multiple future drill targets.
The company will also maintain a watch on acquisition opportunities for producing (or near production) assets in the Asia Pacific region which are able to be further enhanced through PNM’s skill set and operating strategy.
Morobe Province Exploration Projects
The Morobe Province, and in particular the gold towns of Wau and Bulolo are where PNG’s rich mineral history began in the 1920’s. A gold boom of many small alluvial miners soon gave way to commercial scale gravel dredging, the most significant being the Bulolo Field which in the 1930’s was one of the most prolific gold producers in the world.
Famous as the birthplace of Placer Dome (now Barrick), one of the world’s foremost gold miners and the most successful in PNG, the recorded production from gravel dredging is documented from historic records at 413.7 Million Tonnes at a recovered 0.16g/ton (0.31g/m3) Gold for the production of over 2.15 million ounces.
Modern day exploration and hard-rock have rapidly pushed the Morobe Goldfields back to prominence. Under a joint venture between Harmony Gold and Newcrest, the Hidden Valley Gold-Silver Mine is now operational and the nearby Wafi Gold and Golpu Porphyry Copper-Gold deposits have reported massive resource upgrades and each of these projects are world-class deposits in their own right.
PNM has a significant land position near these major deposits with three titles covering 631 square kilometres of the Morobe Province.