Exploration of copper and gold prospects near Papua New Guinea are paying off for Australian-based Nord Pacific (NASDAQ).
On Simberi Island, bulldozer trenching at the Sorowar prospect discovered gold-bearing zones, while drilling has extended the known oxide mineralization. A 32-metre interval averaged 3.26 grams gold per tonne, an 11-metre stretch hit 5.12 grams, and a 29-metre interval produced 4 grams.
Additional drilling, aimed at expanding the resource, will continue through the first quarter.
On the nearby island of Tatau, geochemical sampling has confirmed the presence of a large copper anomaly at Daramba. The anomaly contains several zones of mineralization grading up to 500 parts per million (ppm) copper, with spikes as high as 1,650 ppm. Bulldozer trenching, mapping, sampling and diamond drilling are planned for the first quarter.
At Tugi Tugi, north of Daramba, Nord Pacific has located a gold anomaly containing a 300-by-200-metre zone grading greater than 1 gram gold per tonne.
The company is preparing a feasibility study on its 40%-owned Ramu nickel-cobalt-chromite deposit in Papua New Guinea.
Meanwhile, in Australia, Nord Pacific’s 40%-owned Girilambone copper mine performed strongly in the fourth quarter.
Production topped 2.7 million lb. copper, up 15% over the same period in 1994, and cash costs dropped by 10%.
At the 50%-owned Bonnie Dundee prospect, 12 miles to the southwest, the company completed six diamond drill holes that intersected two dipping, massive sulphide bodies coincident with an electromagnetic anomaly.
The most promising intercepts include 5 metres averaging 5.64% copper, 0.48 gram gold and 11.2 grams silver per tonne, and a 12-metre interval grading 5.08% copper, 0.33 gram gold and 9.9 grams silver. Nord Pacific started a 17,000-metre drill program in January to test the zones to a depth of 700 metres.
The company is completing a final feasibility study of the Larsens East, Hartmans and North East deposits at its 50%-owned Girilambone North project, 3 miles northwest of the Girilambone mine.
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