Monday, November 21, 2011

Goldminex drills for gold at Liamu

Source: The National, Monday 21st November 2011
GOLDMINEX Resources has announced to the Australian Stock Exchange that it has begun a 4,000m diamond drilling programme at its Liamu porphyry copper-gold prospect, 120km east of Port Moresby on the Owen Stanley Ranges, to “test highly encouraging surface sampling results”.
Goldminex was advancing its exploration programme in the area in a farm-in arrangement with one of the world’s largest mining companies Vale, a Brazilian diversified mining multinational corporation and one of the largest logistics operators in Brazil.
In addition to being the second-largest mining company in the world, Vale was also the largest producer of iron ore, pellets, and second largest of nickel.
Vale also produced manganese, ferroalloys, copper, bauxite, potash, kaolin, alumina and aluminium.
In the electric energy sector, the company participates in consortia and currently operates nine hydroelectric plants.
The company is listed on stock exchanges of São Paulo, New York, Paris, Hong Kong and Madrid
Goldminex had identified ten prospects within Liamu to date and the programme would consist of six deep diamond drill holes focused on geochemical, geological and geophysical targets in the Movei, Nesei, Iyiowai, and Unebu prospect areas.
The holes will provide an initial indication of the potential of these prospects to host economic-grade, gold-rich porphyry style copper mineralisation.
Goldminex chief executive officer Sandy Moyle said: “we are excited to enter this phase of drilling, which we hope will add a third dimension to the very encouraging surface exploration results already returned from Liamu.
“Although this drilling will only test a small portion of the targets, it will enhance our understanding of this large mineralised system, which has the potential to host a significant porphyry copper-gold deposit.”
Previous surface geochemical highlights over the Liamu area included the trench results: 81.5m at 0.17% copper and 0.58 grams per tonne (g/t) gold (open) including 45m at 0.21% copper and 0.72g/t gold.
Under the farm-in agreement, Vale may earn a 51% interest in the tenements by solely funding US$20 million of project expenditure over four years.
Goldminex was currently operating the Liamu project.
After Vale earned a 51% interest, Goldminex PNG may elect to retain a 49% interest by contributing to project expenditure on a programme basis or dilute.
The ongoing drilling would continue into the March quarter of next year.
Goldminex was also involved in exploration work in the Angoram, area of East Sepik province

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