So Ive been following all the news items coming out of PNG and there are some interesting developments happening which I think will pan out nicely for FNT. Tolukuma mining has gone into liquidation. Apparently they had no intention of starting the mine up again but wanted to roll it over for a huge profit. This would explain why they let the other allotments expire as they didnt want to pay to renew the licences but then realized they needed them to sweeten the pie. The deal they had in place folded and the creditors have come calling. How that effect up. Well, this means that the mining minister will be eager to get someone else in there to fire up the mine who is legitimately interested in extracting the gold. Frontiers ELA is for 130 sub-blocks surrounding the mine and has areas of high interest remaining to be drilled. This means when the new mine-owners start running short of pay-dirt they are going to come calling. We also have RIO Tinto sharing a boundary with out ELA. I could never work out why they are there. Are they interested in the plot they selected or did they want to get a foothold in the area and did they have for warning about the mine status? I have no idea but seems rather coincidental. Anyway. Still waiting on the licence for Tolukuma. Ministry is re-noun for being incredibly slow but from all I've read it looks like they have been coming down on all the corruption (about time). On other great thing at this point is Munga River has put Sinivit on hold. This may be due to the locals not supporting them (They unanimously recommended FNT and the former minister squashed our application for no reason given although there was always the suspicion of something in house as the chairman for munga river was running for local politician), or they may be money shy. Either way is great for us. They can only put it on hold for so long and the minister will cancel their application putting FNT back on top. With full support of the locals, a new minister and soon to have $6M in the bank we will be well placed to have our ELA accepted this time. Fingers crossed it goes in our favor. We will just have to weight and see what happens. If we can get it back we would soon be back into double figures as we wouldn't need to do a fund raising and with the low SP and new number of shares floated the day traders will have a field day.
Anglo are also still awaiting on their ELA for Hela Province surrounding Bugalo and have applied for Flagobip as well giving them 724 sub-blocks surrounding Bugalo. As Peter has been though most of this land and kept Bugalo we have the jewel in the crown for this area. Its only a matter of time before they come knocking. I reckon they are just waiting for approval on their ELA, IMO.
Peter S is running a Aster on Muller for Peter M which from the announcement looks like a request from on of the majors interested. This shouldnt take him long as he did it for Bugalo also. The upcoming exploration will also confirm some of these targets. Following this they will be heading back int Bugalo for some more drilling. I'm hoping to see them drop those other two long holes but will just have to wait and see. as announced last March "Bulago Drilling Now Targeting Porphyry Copper ‐ Gold"I'm sure Anglo will be happy with this as copper is their thing. No doubt Peter will want to check out some of the Skarns around Funutu creek which showed promise of good copper as well as strong copper + gold soils located to the east of hole BUL007 at Swit Kai. see announcement 11 Jan 2017 2017 Bulago Exploration to Focus on Copper & Gold Replacement.
Anyway, things look quiet but there is heaps in play. Time will tell!
This is all my opinion only. Please do your own research. Just wanted to share what I've picked up.
cheers
GDog
FNT Price at posting:
1.5¢ Sentiment: Hold Disclosure: Held
