New find of copper/gold on Bougainville for Kalia
PNG focussed gold explorer Kalia Limited has outlined an exciting new exploration target from geological reconnaissance on Bougainville, with the Teosiri prospect returning rock chip samples up to 2.76 grams per tonne gold, 4.9g/t silver, 0.32% copper, 1.22% lead and 2.4% zinc.
The company is exploring for porphyry copper mineralisation on its easternmost exploration licence on Bougainville, with the work to date indicating that the sought-after rock sequences are present.
The sampling also unearthed more anomalous assay results from the prospective Teo Veane prospect, located about 5km to the east, with 1.44g/t gold and 0.99g/t gold being returned.
Kalia has a 75% managing interest in the two Tore JV Limited exploration licences located at the northern end of Bougainville Island.
The company has now identified three separate mineralised prospects deemed to be spatially located to volcanic intrusive complexes and says that this provides some indication of the potential spread and scale of the porphyry-related systems within its land holdings.
Assay results are still pending from field reconnaissance sampling programs at the Puspa and Melilup areas.
The Melilup-Puspa geological complex is thought to host copper/gold mineralisation related to the intrusion of granites, that led to the emplacement of the volcanic epithermal-style mineralisation once the hot, circulating mineralised fluids above the granite cooled down.
According to the company, similar rocks appear to be present at the new Teosiri discovery.
Kalia Managing Director Terry Larkan said: “It is satisfying that increased access and exploration is also yielding assay results. Moreover, support for exploration by the landowners is increasing with each expedition.”
“Every time the geological team completes a site visit, they are producing interesting and positive results. The reproduction of results at Teo Veane and the location of another mineralised area at Teosiri confirms the porphyry copper style mineralisation and the spread of the new sites is giving a feel for the potential scale of a project.”
“We are also waiting for the complete results of the geophysical survey completed late last year. These are expected this month. There will be an increase the field work with expeditions into EL04, guided on the results of the geophysical analysis, as well as continued progress on the known targets on EL03”.
The company is seeking large tonnage, low-grade porphyry copper deposits in the region, with historical geophysics and geochemical data supporting Kalia’s push on Bougainville Island.
You need look no further than the mothballed Panguna Mine, as an indication of the island’s latent mineral endowment, with that deposit still retaining an exceptional 1.8 billion tonne JORC-compliant mineral resource at 0.3% copper and 0.34g/t gold, even after 17 years of mining that ceased in 1989.
Kalia also recently completed a detailed geophysical survey program over its Mt Tore JV tenements, with a full report and independent geophysical interpretation of the results expected later this month.
Recommendations from the geophysical survey will guide future exploration work on the company’s land holdings, including maiden field reconnaissance programs into the sparsely explored western area EL04.
In January, Kalia said that a preliminary review of the geophysical data identified deep seated, intrusive geological complexes and potential structural pathways for the sought after base and precious metal mineralisation on Bougainville.
The under-explored nature of this mineral rich province makes the company’s work programs intriguing and somewhat of a frontier exploration play, where anything of any size could potentially turn up.
Closing price for the last 90 trading days
Powered by Morningstar ®