PERTH (miningweekly.com) – ASX-listed Pacific Niugini was looking to increase its footprint in Papua New Guinea, with the company announcing this week that it was in preliminary discussions, and had signed confidentiality agreements, regarding the potential acquisition of an exploration tenement in the area.
The exploration tenement was located near the company’s existing Garaina project, where MGL Limited was earning up to a 70% interest in the Garaina project by spending up to $21-million on drilling and exploration works.
Pacific Niugini said that if acquired, the new exploration tenement would complement the company’s existing projects in Papua New Guinea.
Pacific Niugini was currently also in a joint venture agreement over the Nicholsons gold project, in Western Australia, where the company was targeting production of around 130 000 t/y from a small-scale underground mine.