Taruga Minerals has entered into a 12-month option with Exploration & Management Consultants Pty Ltd and Metal Mining PNG Pty Ltd to acquire two projects in Papua New Guinea: the East Normanby gold project on Normanby Island, and the Kol Mountain copper-gold project on New Britain Island.
East Normanby covers a tenement package spanning 491 square kilometres across eastern Normanby Island (EL2590, ELA2830, ELA2831) and features the Weioko gold deposit, where 67 drill holes have been completed for a total of 5,792 metres.
The Kol Mountain copper-gold porphyry complex, which includes the Esis and Bukuam copper-gold porphyry and the Kapea Shear gold targets, covers 123 km2 across one granted permit (EL2513) where 37 historic holes have been drilled for a total of 8,620 m, and includes earlier exploration by BHP, Rio Tinto and Ok Tedi.
“We are delighted to have secured this transformational opportunity in PNG for Taruga shareholders, with high-impact work to be undertaken over the coming months. Weioko is an advanced exploration gold deposit with numerous satellite prospects, which will be the immediate target for future drilling and exploration,” said Chairman Paul Cronin.
“The Kol Mountain project covers multiple copper porphyry and skarn prospects with significant historical exploration by BHP and Rio Tinto, and we look forward to applying modern geophysics to their earlier work and advancing the prospects.”
Taruga has engaged Discovery Capital as its corporate advisor and lead manager on a $1.5 million placement, with directors committing to $600,000. Further, PNG-focused geologist and vendor Peter McNeil has been hired as a consultant to assist with the transition of in-country activities and exploration moving forward.
Source: Taruga Minerals