PNG explorer updates Blair Price Friday, 5 October 2012
QUINTESSENTIAL Resources makes a rock sample grading 15.9% copper; Coppermoly is exploring a new tenement; Frontier Resources strikes a vast but low-grade copper-gold intersection at the Andewa project; while assay results are looming from Newcrest Mining’s drilling at Manus Island.
This rock sample graded 8.08% copper. Image courtesy of Quintessential.
Quintessential came across two new skarn outcrops during exploration of the Irak prospect of its flagship Bismarck project in PNG’s highlands.
The standout 15.9% copper rock grab sample also clocked up 2.42 grams per tonne gold, 247 parts per million molybdenum.
There was another rock sample that graded 12.9% copper and 126ppm moly plus 0.2gpt gold.
The best gold find from the preliminary exploration was 6.17gpt gold over a 1m continuous channel assay.
There were a variety of 1m assays that hit more than 2% copper, with the best yielding 5.2% copper and 559ppm moly.
Meanwhile, Coppermoly is exploring its recently awarded two-year Makmak tenement on New Britain Island.
Just 9km south of the explorer’s key Nakru tenement, the Makmak licence is near the southern coast and the underway field program will include rock, creek and soil sampling along with some mapping.
A previous standout find at the Pulding prospect was a rock sample that graded 10.7% copper and 240 parts per million molybdenum.
Assay results are expected in November. Coppermoly said the team would especially investigate a “discrete airborne geophysical magnetic anomaly”.
Over to the Andewa project in West New Britain, Frontier revealed its 12th hole landed a 377m intersection grading 0.2 grams per tonne gold and 0.13% copper from the surface.
This included a 20m interval grading 0.4gpt gold and 0.25% copper from a depth of 347m.
The last hole of the Newcrest-funded but Frontier-managed five-hole program is expected to start “forthwith”.
At the Newcrest joint venture with Triple Plate Junction on Manus Island, the outcome off the first four holes at epithermal Kisi gold prospect remain unknown due to lab delays.
Despite “unexpected large volumes” of core being tested at its designated lab, TPJ said it expected initial results shortly.
Drilling at the Arie porphyry prospect on the island is underway and despite the Kisi hold-up, TPJ expects assay results from it before year’s end.
Ends.
QRL Price at posting:
14.5¢ Sentiment: None Disclosure: Held
