The Pagl Prospect is located 35 Km northeast of Mt Hagen with road access to the project boundary. It is a new discovery of porphyry-style mineralisation located in the New Guinea Mobile Belt. This belt hosts several large copper-gold deposits such as Grasberg, Frieda River, Ok Tedi and Wafi-Golpu.

Recent sampling and trenching has discovered significant mineralisation at surface. For example, one trench returned 52m @ 0.30 g/t Au, 0.155 % Cu including 10m @ 0.447 g/t Au, 0.361 % Cu and 12m @ 0.616 g/t Au, 0.158 % Cu. Grab samples assay up to 0.8g/t gold, 1.5% copper , 29ppm molybdenum and 5g/t silver. Most stream sediment samples (8 out of 10) returned >500ppb gold.

The setting is a porphyry intrusion. The alteration assemblage includes skarn, silica breccia, potassic and phyllic styles.

pagl_Discovery

Local prospectors at the Pagl discovery outcrop

I have been engaged by the owner, Regional Resources PNG Ltd, to identify a partner to continue exploration of the project. The owner would prefer an earn-in joint venture, including drilling. However, other arrangement would be considered.

Please contact me for further information.

 

21 July 2015 Commodities