Augustus Minerals has successfully applied for Exploration Licence ELA2955 in the Kira Koiari District, Central Province, Papua New Guinea, following a site visit in late October. The tenement is located 40 kilometres southeast along strike from the Tolokuma gold mine and 35 km north of Port Moresby.
“We are very pleased to have been invited into the Hira Koiari District by the local landowners and presents Augustus with a rare and unique opportunity to conduct true frontier exploration in an area synonymous with Giant orebodies,” Augustus Minerals CEO James Warren said.
“The application area has had little to no modern exploration activity and we’re excited to be the first company to be allowed to explore the region over such a large area. It is an extremely exciting time for Augustus shareholders as we progress our Mt Kare application whilst continuing to seek out and advance exceptional world class projects in the Land of the Giants.”
ELA2955 covers an area of 1,906 km2 and is located in the New Guinea Metallogenic Belt, a 2,300-km mineralised corridor running along the central spine and northern foothills of the island of New Guinea. Many large deposits of gold (and copper) occur in the metallogenic belt, which is regarded as one of the most prospective gold-copper metallogenic provinces in the world.
In the Tolokuma-Saki-Mt Tafa area, all the known gold deposits are high level fissure veins formed in a classic epithermal-porphyry environment, mainly classified as low sulphidation style epithermal systems.
Separately, Augustus Minerals, through the purchase of ACM Contract Mining PNG Ltd (ACM PNG), has acquired ELA2446 that covers the Mt Kare gold project.
Source: Augustus Minerals